MARKETING
Marketing
Marketing
is defined by the American Marketing Association as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing
Marketing practice tends to be seen as a creative industry, which includes advertising, distribution and selling.
Marketing
Marketing is influenced by many of the social sciences, particularly psychology, sociology, and economics.
Marketing
is a complete process within the business which includes:
-Finding out what the customer wants – this is called market research and involves finding out what types of products are wanted (product policy) and what prices consumers are prepared to pay.
-Helping to produce the right product at the right price.
-Persuading customers to buy it – by means of advertising and packaging.
-Getting the product to the customer in the most convenient and efficient way – distribution.
Market research
Marketing
Marketing Mix contained 4 elements: product, price, place, and promotion.
Marketing
Product
: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants.
-It involves decisions about the product’s quality, its style and design, the branding policy (what to call it and how to ensure that customers recognise the ‘brand name’), how to package it, and what guarantees to offer.
Marketing
Price
: This refers to the process of setting a price for a product, including discounts.
Marketing
Place:
This refers to the channel by which a product or service is sold.
Marketing
Promotion
: This includes advertising, sales promotion, publicity, and personal selling. Branding refers to the various methods of promoting the product, brand, or company.
Marketing
Marketing- product
Product policy
in marketing involves:
-Finding out what people want in a particular product and what they use it for.
