...Defining Marketing The following document will consist of defining marketing in the business world, from different perspectives. Information in regards to the importance of marketing in an organizational structure will be provided. Lastly, in order to support the information in this document, there will be three examples provided to help explain each perspective on marketing. What is marketing? From a personal perspective, marketing is the way that businesses promote and advertise their product and sales. It is done through different channels such as; radio, television, social media, and word of mouth. From the perspective of Michael Brenner, a writer for Forbes magazine; “Marketing is what you say and how you say it when you want to explain how awesome your product is and why people should buy it.” He goes on to say, “Marketing is an ad. Marketing is a brochure. Marketing is a press release. And more recently, Marketing is a Facebook page or a Twitter account.” From the point of view Adil Khonat, author of “What is marketing? A starter activity and case study” “The marketing mix has four simple parts: Product, Price, Place and Promotion. All four must be present and need to work together harmoniously in order to have a successful product or service.” He further states “However, where one aspect of the marketing mix is overlooked or the marketing mix doesn't work harmoniously, success will be more difficult to achieve.” The importance of marketing Addressing the importance...
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...Defining Marketing Deby Chan MKT 421 – Marketing Norbert Gray Jr. July 3, 2011 Defining Marketing There has been much misconception about what marketing really it only about commercials on the television or billboards that dot the highways, advertisements in the paper or salesman attempting to sell you their products. Many believe that this is marketing but marketing is much more complex than the advertising and the selling of goods and services. In fact, the above mentioned elements only form part of the whole marketing process. Marketing consists of a wide range of activities involved to ensure continuation of meeting the needs of the customers and getting appropriate value in return. MarketingPower.com defines marketing as “an organization function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders” (MarketingPower.com, 2011). Marketing process begins with an idea that a target market may want or need and satisfying with some combination of marketing variables. In order to satisfy that particular target market, one must set up a marketing mix, the mix of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market some controlled variables or marketing mix, and the most common classification of these factors is the four-factor classification called the Four Ps"-price, product, promotion...
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...John Wilson Joel Stone Courtney Lindenman 10/29/12 Exercise 4-3 Introduction The purpose of this exercise is to figure out how to structure our marketing mix variables and successfully engage in marketing tactics. First we will state our positioning statement. Secondly, we will show our objectives and tactics for each P of the marketing mix elements. Next, we will talk about how our marketing mix creates a sustainable competitive advantage. Lastly, we will talk about how our marketing tactics achieve desired marketing outcomes. Positioning Statement “We can better serve the needs of baby boomers than our competitors in terms of privacy, relationship building, access to information and simplicity.” Baby boomers have needs. We want to change our positioning statement because in retrospect our initial positioning statement did not really all of the baby boomer needs we identified. We can co-create value by helping fulfill these needs. Table 1 shows a simple table defining the needs. In short they are: Relationship Building, Simplicity, Access to Information, and Privacy/Security. (Table 1: Needs) |Needs |Definition of the need |Gender |Justification that it is a need |Source/Citation | | | |Affected | | | |Relationship |Using technology to |Both |Baby boomers...
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...Marketing Mix Paper Alyce Shelton MKT/421 December 5, 2011 Instructor: Susan Craver Marketing Mix Paper The key to business success is smart marketing. Today’s mega-businesses consistently seek to develop unique products, use multiple combinations of marketing techniques, and reach new consumer targets. Verizon Wireless currently operates the world’s largest wireless cell phone network, with customers in over 150 countries. The company has clearly demonstrated good use of the marketing mix, and will be used as an example of how the elements of this mix can benefit an organization. Marketing Mix Defined The marketing mix can be defined as the classification phrase to describe organizational choices for development of effective marketing strategies. The term was introduced in 1953 by Neil Borden, former president of the American Marketing Association (AMA). In 1960, Jerome McCarthy added specific elements to further define the marketing mix, known as the 4 P’s: product, price, place, and promotion (Investopedia, 2011). Product Although it is generally thought of the tangible, physical entity that is bought or sold, a product can also be broken down into three levels: 1. The actual product as just described 2. The core product, which is the benefit of the physical product that makes it of value to the buyer 3. The augmented product, which is the added value to the product. An example of this would be a warranty. (Marketing Teacher, 2000-2011) ...
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...Defining Marketing MKT421 – Introduction to Marketing December 19, 2011 Bryan Rice Defining Marketing Marketing is a tool used by organizations to provide interest by consumers in a product or service provided by that organization. There are several approaches utilized by organizations that prove effective while others confuse or challenge the consumers. The proper marketing mix consists of four distinct elements, which are: product, place, promotion, and price. If all four of these elements are used effectively then the organization is properly analyzing its marketing potential. What is Marketing? According to the “American Marketing Association” (2007), “marketing is 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” (para. 1). For example, a civil engineering firm will use marketing as a tool for pushing their body of work out for potential consumers to see and hopefully chose them for a particular job. In addition to their body work, however, the company also needs to provide a proposal to give to the potential client stating the price for their services, the guaranteed product, build a professional relationship with the client, and make the place of build distinguishable from other sites. Many professional services will build professional relationships with current and prospective clients before a job opportunity arises. For...
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...1. Marketing myopia is a short-sighted and inward looking approach to marketing that focuses on the needs of the company instead of defining the company and its products in terms of the customers’ needs and wants. It should be avoided as it results in the failure to see and adjust to the rapid changes in their markets. A good case study for this is Blockbuster, Redbox and Netflix. Blockbuster was on their high horse and did not pay attention to the change Redbox and Netflix sparked. As a result the two simultaneously capitalized on Blockbuster’s market share. This was Blockbuster’s fault because they did not want to adjust to the rapid change. 2. Perceived customer value is marketing and branding related concept that points out that success of a product is largely based on whether customers believe it can satisfy their needs. This emphasizes that when a company develops its brand and markets its products, customers ultimately determine how to interpret and react to marketing messages. Companies spend significant time researching the market to get a sense of how customers think and feel. 3. Market segmentation involves grouping your various customers into segments that have common needs or will respond similarly to a marketing action. Each segment will respond to a different marketing mix strategy, with each offering alternate growth and profit opportunities. After segmenting the market based on the different groups and classes, you will need to...
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...Marketing strategy and planning Introduction This learning guide was written by Sara Panter, an associate tutor at Ashridge. It is one of a series produced by the Learning Resource Centre. Each guide sets out to give you a quick summary of the main theories on a particular topic backed up by a practical commentary based on Ashridge's long experience of consulting on and teaching management issues. We hope that it whets your appetite for more information. The guide points you in the direction of other sources such as key books, articles and videos. Overview Introduction Stage one: Defining strategic marketing objectives Stage two: Determining strategic focus Stage three: Defining customer targets Stage four: Competitor analysis Stage five: Differential advantage Stage six: Marketing mix Stage seven: Implementation Stage eight: Monitoring market performance Introduction The terms marketing strategy and strategic market planning are often used interchangeably, which sometimes leads to confusion. We will use the term marketing strategy to mean the overall strategy of an organisation in relation to a particular market. In this learning guide we will explore the process of analysis and decision making which organisations go through as they define and implement their approach to that market. Marketing plans will form part of this process, in particular when it comes to implementation. Key aspects of the process are that it is cyclical, ie subject to constant review and reiteration;...
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...2.2 MARKETING STRATEGIES Marketing has assisted in building organizational profitability through defining and maintaining customer satisfaction. Its concept has aided firms to achieve success in competitive markets throughout the world. To be successful in marketing in which economic growth has leveled and there exists many competitors and new innovations a well-developed marketing strategy is required. This strategy considers an organization’s mission and vision, parameters of products and anticipated actions of competitors in the targeted markets (McGrath, 2000). Ferrell et al, 2008 postulates that one of the greatest challenges and opportunities in marketing is change and strategies which are successful today will not work tomorrow. As such Steven Stalser, 2004 suggests that a strategy is not just a singular unchanged plan but rather a continual process of assessment, re-assessment and analysis which constantly provides direction to a firm. “Strategy is the direction and scope of an organization over a long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations” (Johnson and Scholes, 2005). A marketing strategy can be defined as “A strategy that integrates an organization's marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy is set out in a...
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...MARKETING 202 NOTES CHAPTER 1 MARKETING RESEACH = systematic and objective process of generating information to aid in decision making BASIC (PURE) RESEARCH= > expands limit of knowledge or learn more about concept > not aimed at solving pragmatic problem > verify acceptability of certain theory APPLIED RESEARCH= > conducted when a decision needs to be made about specific real life problem > studies undertaken to answer specific question (our focus) SCIENTIFIC METHOD= > techniques and procedures used to recognise and understand marketing phenomena 4 STAGES OF DEVELOPING AND IMPLEMENTING MARKETING STRATEGIES: 1. Identifying and evaluating opportunities 2. Analyse market segment and select target markets 3. Planning and implementing a marketing mix that will satisfy customers’ needs and meet objectives of the organisation 4. Analysing market performance TYPES OF RESEARCH FOR PLANNING AND IMPLEMENTING MARKETING MIX: 1. Product research = to evaluate new products or adapt old products = concept testing: new product idea to judge acceptance and feasibility of concept = product testing: reveals strengths and weaknesses and performs better than competition = brand name evaluation: is name appropriate...
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...Marketing Mix MKT/421 October 28, 2013 The marketing mix is an easy concept that some businesses forget to incorporate into their strategy to make them successful. The marketing mix is as simple as putting the right product in the right place, at the right time, and at the right price. If your company or organization can create a product that a specific target audience wants and you are able to accomplish a few key items then the product will more than likely be productive. The key elements involve having the product available where the target audience frequents to purchase items. The price of the product or service must be comparable to other like items or products on the market. You must have the product or service available during a time when consumers want to purchase the item. It doesn’t matter if you have the best Christmas ornaments ever made if they are available in May. The target audience for those sales does not want to purchase that product then. Timing of the item or service is a key element for success. If you put all of the key elements into play then you’re on the path to success. The marketing mix sounds like it would be a simple concept to implement but the truth is that it takes a lot of research and hard work to accomplish this task successfully. The marketing strategy involves researching what the consumers want and also identifying where they shop for those items. As mentioned earlier part of the marketing mix is putting the item in the right place...
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...Session 2 : Foundations of strategic marketing Can you say what your strategy is? Companies that don’t have a simple and clear statement of strategy are likely to fall into the category of those that have failed to execute their strategy or those that never had one. Often many employees are frustrated that no clear strategy exists for the company. Leaders of firms assume that the initiatives described in the documentation that emerges from an annual budget or a strategic planning process will ensure competitive success; they fail to appreciate the necessity of having simple and clear strategy statement that everyone can internalize and use. A well understood statement of strategy aligns behaviour within the business: it allows everyone in the organization to make individual choices that reinforce one another. With a clear definition an executives know what they’re trying to create and implementation becomes simpler as the strategy can be communicated and easily internalised. Most executives don’t actually know what all the elements of strategy statements are, which make it impossible for them to develop one. Mike Rukstad identified three components (objective, scope and advantage) of a good strategy statement and believed that executives should be forced to be clear about them. Any strategy statement must begin with a definition of the ends that the strategy is designed to achieve; the definition of the objective should include not only an end point but also a time...
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...Introduction Various individuals consider that marketing is about advertising or sales. Conversely, marketing is everything an organization does obtain customers, and continue a relationship with them. To obtain clients business may have to do a small task that consist of correspond thank-you letters, playing golf with a potential customer, promptly returning calls, and meeting with a previous client for coffee can be part of marketing. The ultimate objective of marketing is to match a business products and services to the individual who wants and must have them, in so doing guarantee profitability. This paper will define marketing, and explain the importance of marketing with examples. Defining Marketing Marketing on a personal note is to communicate the involvement of what an Individual have gathered through a mix of basic working understanding of economics, finance, marketing, and business management classes. According to Investopedia marketing is the activities of an organization associated with purchasing, and selling a product or service. It consists of advertising, selling and delivering products to individuals’. According to e-text marketing remains the procedure is by way of organizations generate value for consumers, and building durable customer relationship to capture value from consumers in return (Armstrong, G., & Kutler, P. 2011, p.5). Importance of Marketing In today’s businesses success is in marketing without advertising, public relations...
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...marketing principles Assessment Task 2 Major group assignment (Marketing Plan) major assignment the marketing plan During this semester students will be working in teams (4-5 people) to develop a marketing plan for a product or service of one of the icon Australian brands. It will be a specific product or service rather than a company, as the company may have several products each requiring individual plans. It is product or service that is easy to research, one that has been written about regularly in marketing magazines or one that students have access to the information via a personal contact. No direct contact is allowed with organisations unless students have a prior personal or professional relationship. All research should otherwise be desk research, observation and educated guesses. Students will be developing the marketing plan in three separate stages: in the stage one students will conduct a research, make an analysis, and prepare a detailed presentation of their findings. In the stage two students will develop a specific marketing strategy and marketing mix and present them in the class. In the stage three, students will write a report. If any of the group members leave the group, the remaining group members must complete the work without any concession and compensation. - Stage 1 Market research and analysis – tutorial presentation and discussion - Stage 2 Marketing strategies and marketing mix – tutorial...
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...Summary of Key Points for Chapter 2 Chapter Objectives: 1. Explain companywide strategic planning and its four steps. 2. Discuss briefly how to design business portfolios and develop growth strategies. 3. Explain marketing’s role under strategic planning and how marketing works with its partners to create and deliver customer value. 4. Describe the elements of a customer-driven marketing strategy and mix, and the forces that influence it. 5. List the marketing management functions, including the elements of a marketing plan. COMPANYWIDE STRATEGIC PLANNING: DEFINING MARKETING’S ROLE The task of selecting an overall company strategy for long-run survival and growth is called strategic planning. Companies typically prepare annual plans, long-range plans, and strategic plans. Strategic planning is the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing market opportunities. Refer to Figure 2.1 on pg. 63, which shows the 4 steps in strategic planning. 1. Defining a Market-Oriented Mission Many organizations develop formal mission statements. A mission statement is a statement of the organization’s purpose – what it wants to accomplish in the larger environment. A clear mission statement guides people in the organization. A market-oriented mission statement defines the business in terms of satisfying basic customer needs. See Table 2.1 (pg. 64) for market-oriented vs...
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...Strategic Marketing is the way a firm effectively differentiates itself from it’s competitors by capitalising on its strengths (both current and potential) to provide consistently better value to customers than its competitors. In principle it’s that simple, but it means a lot more than getting creative with the marketing mix. Armed with a thorough understanding of the firm’s capabilities and aspirations, the customer market and the competitive landscape, the Goal of Strategic Marketing (and the job of the strategic marketer) is to maximise a firm’s positive differentiation over competitors in the eyes of its target market. It does this by answering 3 key questions; where, how and when should the business compete. In understanding this, it’s no surprise that a Strategic Marketing Plan will often lay a framework for fundamental change in the way a firm works and how it engages its markets. Business-to-Business (B2B) Marketing, like any area of management, has both strategic and operational components. While operational marketing (marketing management) is concerned with developing a suitable marketing mix to realise a set of defined business goals, Strategic Marketing on the other hand is concerned with defining what the business needs to ‘be and become’ to consistently beat the competitors by delivering consistently better value. Simply put, the Role of Strategic Marketing is to decide: 1. Which markets to compete in (where to compete). 2. What the basis of the firm’s competitive...
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