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Introduction To Marketing Essay

1817 words - 7 pages

Marketing - The process of creating, distributing, promoting and pricing goods services and ideas to facilitate satisfying exchange relationships with customers in a dynamic environment.•Marketing is the business philosophy that centres on the needs of the buyer...•Marketing is the management process of identifying and satisfying customer needs,, (to meet the firms objectives/profitably)..•Marketing is the way in which an organisation matches its own needs and resources with the wants of its customers...•The purpose of marketing is to create and retain a customer by understanding that customers needs and therefore meeting the firms' objectives...•Marketing is the process of getting the right product (or value offer) to the right consumer at the right price at the right time...•Marketing is the process of exchange to satisfy the needs of both producer and consumer...Marketing and the 4 Variables AKA MARKETING MIX: The primary goal off a marketer is to develop and maintain the right mix off these marketing elements in order to satisfy customer needs for a general product type..They must collie's up-to-date, in-depth data about customer needs... Armed with the information based on that data, they are better able to develop a marketing mix that satisfies a specific target market...1. Product variable - A ''product'' in marketing terms is anything overfeeding to a market - ''a bundle off attributes (features, functions, benefits and uses) that exists for the purpose off exchange to satisfy both customer and organisational objectives''...Product variable also involves creating or modifying brand names and packaging, and may include decisions regarding warranty and service repairs. Even political leaders can be seen as a brand.A product can beA good - mostly tangibleA service - mostly intangibleAn idea - mostly conceptualAn event - time and place orientedAn activity - cause-basedA person - personality- or Celebrity-basedAn experience - ''a happening thing''Product variable decisions are important as they directly are involved with creating products that address the customers' needs and wants. Marketetrs must develop new products, modify existing ones and eliminate those that no longer satisfy consumers or those that yield unacceptable profit. Eg HomeStart Finance expanded its loan product assortment and offered no deposit loans to uni graduates in South Australia, ecnourgaing more people to stay in the state. This helped HomeStart's goal to achieve objective of new home starts.2. Price Variable - refers to the decisions and actions associated with establishing pricing objectives and policies and determining product prices.Value means different things to different customers - durability to one, ease of use to another, etc. Price changes are often used as a competitive tool (often because they can be made more easily than can the other marketing mix variables). Level of quality = level of price (to mostbuyers). Price changes...

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