An Explanation Of Marketing And What It Means

1042 words - 4 pages

Within this essay it is going to contain an explanation of marketing and what it means.I will cover factors, which will explain marketing and also how businesses use marketing to aid their product development.Also in this essay I am going to be writing about the marketing concept, I will have a definition of the marketing concept and then how accepting the marketing concept can aid a small, medium enterprises.The American Marketing Association defines marketing as "the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods or services to create exchanges that will satisfy individual and organisational objectives".This can be simplified as the 4p's, which are: product, price, place, and promotionA business needs to identify a product or service.From extensive market research a company should be able to identify a gap in the market, or even to find out if their product/service would satisfy consumer wants or needs, from this they will be able to create a product or service.After creating a product they need to develop it to, satisfy present and future customer needs. If the company has competitors they need to develop their product/service to be that one step better and more developed, they need to do this by constantly conducting their market research.The company needs to manage their products effectively so that they can satisfy a bigger consumer range.The pricing strategy is one of the difficult areas of marketing decision making.The effect of the price of the product can effect the success of the product, if the product is to low then consumers will obtain the impression that the product is of low quality, if the product is priced to high then it will be to expensive and it will be seen to be aimed at the higher class.Therefore it is essential that producers get the price at the optimal point.The place of the product is also essential. Where the product is sold is dependant upon the pricing strategy.If the producers are going to aim their product at consumers with a low income, then they need to make their product available in shops that might not sell high branded expansive products. For example Sony would not sell their products to Kwiksave, they would sell to a company like Comet, as they are known for their high quality brands.The aim of promotion is to generate awareness and interest of the product, and to also create a desire for the customer to buy the product.Promotion of the product can be in the form of things like TV advertisement, Radio and paper advertisement, this will depend on how much the company has to spend on the promotion of their product.Some firms may be, product oriented and others sales orientated, although a firm should be market orientated to be successful in the longer term.A product orientated firm is one which believes that if it can make a good quality product at a reasonable price, then customers will buy it with minimum marketing effort by the company.The company...

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