...Explain the various elements of the marketing process: Marketing is defined 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. Understand Markets and Customers’ Needs The company first gains full understanding of markets by researching consumer needs wants and demand: Needs: are basic human requirement such as food, air, clothing, shelter & education, etc.… There are different types of needs: (stated needs-real needs-unstated needs-delight needs-secret needs). Wants: Needs become wants when they are directed to specific objects that might satisfy the need but shaped by society culture. Demands: are wants for specific product backed by ability to pay. Target Markets, Segmentation & Positioning Differences in needs, behavior, demographics or psychographics are used to identify segments. After identifying market segments the marketer decide which present the greatest opportunities to target, which called the target market. Companies develop a marketing offering for each target market by position its product/service in the minds of target buyers as delivering some central benefits. Offering and Branding The market offering is customized to the needs of the target markets by putting forth a value proposition (a set of benefits that’s satisfying customer needs). The intangible value proposition is made by physical offering...
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...1. Yes, cause Amazon.com currently is one of the top companies when it is comparing with the world market. It’s an acceptable fact when considering about the way of doing their business and specially it is be able to maintain their business and remain still successfully in the industry for more than 10 years time. The key factor of Amazon.com to conduct a business for a long period in a successful way is, that it has established a competitive advantage throughout the business. It is important to have competitive advantage which can be simply describe as winning over the competitors by doing a unique service or a product. So Jeff Bezos able to figure out this will be a new and suits to the future trend as well as market environment which is yet to come with a rapid growth of the internet and he started to sell books which was the top selling product at that time. So he was able to start and introduce a new way of selling books with the use of new updating technology. It was a new method, profitable path for the world market which was mainly used to do business with traditional market at that time. That was a good opportunity to Amazon.com to spread their online book shop all over the world with a low transaction cost and without store cost that cannot be seen in a physical book shop that are not able to maintain more than 200,000 books physically. These facts can be highlighted which was able to push Amazon.com to peak of success. But with the time changing Bezos realized...
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...Introduction This paper explains the strategic marketing planning process illustrating the discussion with examples from the low cost airline, Easyjet. The paper proceeds in five parts. In the next section of the paper, the concept of market segmentation is described and discussed. Next, the concept is located in the overall positioning, segmentation, targeting (PST) organisational strategy. Porters’ Generic Strategy is then outlined, as a supplementary paradigm to market segmentation. The concept of the marketing mix is discussed and applied to the case study company. A brief conclusion closes the paper. Before examining the marketing process, however, it is necessary to provide an overview of the case study company. Easyjet is an airline company that has been operating in the United Kingdom since 1995 (Easyjet, 2014). Like many other low-cost carriers, the company initially modeled itself on the business model of a successful American carrier, Southwestern Airlines (Yip, 2004). That airline had experienced unprecedented success by cultivating and exploiting a low cost operating model – Easyjet sought to implement this model in the European context, launching a flight between London and Amsterdam that was half the cost of the fare at the time offered by national carrier British Airways (Sull, 1999). In the years that followed, Easyjet rapidly expanded its route network to include hubs in some of the major British cities: Glasgow, Manchester and Liverpool, and routes to...
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...The marketing mix 7 Ps of the marketing mix… …a framework for complete marketing © 2005 Clarity Marketing Ltd www.clarity-in-communication.com 1 Why is a framework for marketing important? When you are developing your marketing plan, there are many factors that need to be considered. So many, that it could be easy to miss an important element. And since all these elements are interlinked, overlooking one factor could mean that the decisions you make about the others are not fully informed. So why 7 Ps? Traditionally, the marketing mix was developed for the fast moving consumer goods sector, and there were 4 Ps: Product, Price, Promotion, and Place (or distribution). As service sectors have become more aware of marketing, this marketing mix has been developed to also include: People, Process and Physical Evidence. Even if you think you only sell a product, so the original 4 Ps will suffice, it can be useful to think how much of a service element there is to your business. Indeed, the goods-service continuum demonstrates that very few products are purely goods and very few purely service. Goods Service Tangible Intangible Most of us sell either products with a surrounding service element (for example, a customer care help-line for a software retailer) or services with a tangible element (the skill of a hair stylist is a service but tangible products are required to deliver it). So it could be wise, even for product manufacturers, to consider all 7 Ps in...
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...|Unit: |4 |Marketing Principles | | |Credit Value: | |15 credits | | |QCF Level 4 | |Unit Code: F/601/0556 | | |Assignment ref: 4/Term2/2012 | |Learning Outcomes: | | | |1 Understand the concept and process of marketing | | | |2 Be able to use the concepts of segmentation, targeting and positioning | | | |3 Understand the individual elements of the extended marketing mix | | | |4 Be able to use the marketing mix in different contexts. | | | | |Learner’s Name: | | | ...
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...| Elements of marketing Plan | | | | | Done By: Abdulla Ali Abdulla Al Sayari ID: 20131A64 Done By: Abdulla Ali Abdulla Al Sayari ID: 20131A64 Contents Introduction 2 Marketing Plan 3 The use of Marketing Plan 4 Marketing Plan Structure 5 Elements of Marketing Plan 6 Links exist between elements of a marketing plan 7 CONCLUSION 9 Introduction Marketing Plan is a document that is written about the marketing strategies and the position of the current market of business ahead with effort of marketing and the need of advertise for the next year. In this paper discussing about the Marketing plan and its elements with detail. And the use of marketing plans has been showed diplomatically. In this paper explained the common form of marketing plan The paper contains different elements of marketing plan while showing the function of each parts take place by common sources of getting the information and techniques for preparing the section. After this come assumptions of marketing plan. There are lot of misconceptions in the process of marketing plan. At last is the discussion on common misconceptions which are generally made in the process of making a marketing plan and conclusion of all these study. Marketing Plan Marketing Plan is a document that is written about the marketing strategies and the position of the current market of business ahead with effort of marketing and the need of advertise for the next year. It contains details...
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...Introduction This Journal serves the purpose of applying the Islamic perspective on contemporary marketing in terms of the elements of the marketing mix, where the aim of this study was to develop the understanding of 7P’s based on both Islamic and contemporary perspectives of marketing. Thorough discussion pertaining to the issues of this study will provide an in-depth understanding on each elements of the 7Ps. in addition, the integration of Islamic marketing and contemporary marketing can be seen as a new perspective to address the upsurge of interest towards Islamic marketing. Obviously that this discussion is built on the fact that Islam viewed commerce as a vital factor in human life as long as the process is parallel with Islamic teachings pertaining to business conduct, for that This study was concerned with the Islamic perspective of marketing and its conformity with the contemporary marketing. Summary The essence of this paper was divided into three serve all overall objective of this Journal, where began researchers in identify elements in contemporary marketing mix, and I've mentioned researchers that classification of these elements was limited to three (product, price, place and promotion), but with The presence of the sophisticated customers, evolved accordingly elements of the marketing mix to become (product, price, place, promotion, People, Process and Physical Environment). 1- Product: The product can have both tangible and intangible...
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...Task 1, Case 2 The Elements of the marketing process that can be used for the tourism industry in Tobago and even in and Trinidad and Tobago, as a whole will be explained paragraphs below. Firstly, we must look at marketing. Marketing is described in many ways, but Chartered Institute of Management definition for marketing is “a management process responsible for identifying, anticipating and satisfying customers’ requirements profitably”. In the tourism industry within Tobago, organizations need to seek the needs and fulfil the nature of the sector. Some of the measures that can be used to satisfy and anticipate these needs are: to conduct proper marketing research, such as collecting primary data which is surveys, questionnaires and observations. From the primary data it can be transmitted it into secondary data such as reports, records and statistics for analyzing the tourism sector. The elements of the marketing process are described as “a set of controllable tools that the firm blends to produce the responses it wants in target market, so it consist of everything the firm can do to influence the demand for its products” (Kotler and Armstrong, Principles of Marketing, 2004). Therefore, Tobago House of Assembly and the Tobago Hospitality Training Institute can use PESTEL Analysis, SWOT Analysis, Porter’s Five Forces and many other strategic tools to conduct and analyze the tourism sector. It is also important to consider demographics, market environment (macro environment...
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...One of the aims of any company is holding the largest portion of market share. To gain a competitive edge, the company uses marketing as a means to attract the consumer to the service which it provides. Marketing as defined by Boone and Kurtz suggest the following; "Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives” (http://iws.ohiolink.edu/moti/homedefinition.html). The American Marketing Association also released a definition of marketing which states, “Marketing is an organizational 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” (http://www.marketingpower.com/content21257.php ) While these two definitions speak of the relationship between satisfaction and the value of the customer, others take a different view in defining marketing. Investopedia.com says that marketing is “the activities of a company associated with buying and selling a product or service.” Wordnet.com adds that marketing consists of the “commercial processes involved in the promoting, selling and distributing of a product or service” These two definitions consider the processes which take place in carrying out sales. Wireless Ventures Ltd. trading as Digicel...
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...1. The Concept and Process of Marketing A combination of behavioral and management sciences with intuition, creativity, inspiration and innovation as its key components is called marketing. It involves methodical and logical methods for creating innovative products. Marketing is a science which calls for ability to recognize unexplored segments. It involves great amount of precision and transparency for implementation of ideas. Elements of the Marketing Process The main aim of any marketing strategy is to achieve maximum profits. The sellers plan marketing techniques based on a thorough investigation of the current market conditions. This investigation also provides a clarity on the type of buyers, type of the product that seller wishes to sell and the connection between the buyers and sellers. Marketing specialists carry varied ideas about elements of marketing process. Some of them are given below : Elements of the Marketing Process * Needs and Wants : A human need is a compelling force which calls for its satisfaction. Food, clothing and shelter are a man’s basic necessities of life. They are essential for a human being to survive. However, wants are more of wishes that a human longs for. Eg: Food is a need whereas burger is a want. The wants of a human being are largely based on the kind of life he leads. * Products: A product is a lifeline of any marketing process. Complete knowledge of the product is essential for deciding on factors like pricing, promotion...
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...their product at a very low price & they also come up with new plans. Place Another element of Marketing Mix is Place. Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Reliance Mobiles do not find it very difficult to find the distribution channel because they are the old players and distribute their product in India. Promotion Another one of the 4P’s is promotion. This includes all of the tools available to the marketer for ‘marketing communication’. Reliance has recently started doing heavy promotions. Physical Evidence Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. As Reliance mobile provide various rental plans. People Reliance always valued their customers. They provide a very cheap call rates affordable to the lower class. Process Process is another element of the extended marketing mix, or 7P’s.There are a number of perceptions of the concept of process within the business and marketing literature TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory • Join • Search • Browse • Saved Papers Marketing Mix Of Reliance Communications In: Business and Management Marketing Mix Of Reliance...
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...Marketing Principles Contents Introduction. 2 Task 1 3 L.O 1: Understanding the concept and process of marketing 3 A.C 1.1: Various elements of the marketing process 3 A.C 1.2: Cost and benefit of the marketing orientation of the selected organization. 4 L O 2: Using the concept of segmentation, targeting and positioning. 5 2.1: Micro and macro environmental factors that influence marketing decisions. 5 A.C 2.2: Segmentation criteria to be used for products in different markets. 6 A.C 2.3: Targeting strategy for a selected products and services. 7 A.C 2.4: How buyer behavior affects marketing activities in different buying situations. 8 A.C 2.5: New positioning strategy for a selected product and service. 9 LO 3: Understanding the individual elements in the extended marketing mix. 10 A.C 3.1: How products are developed to sustain competitive advantages. 10 A.C 3.2: How distribution is arranged to provide customer convenience. 11 A.C 3.3: How prices are set to reflect an organizations objectives and market conditions. 12 A.C 3.4: How promotional activities are integrated to achieve marketing objectives. 13 A.C 3.5: Additional elements of the extended marketing mix. 14 Task 2 15 LO 4: Using the marketing mix in different context. 15 A.C 4.1: marketing mixes for two different segments in consumer market. 15 A.C 4.2: Differences in marketing products and services to business rather than consumers. 16 A.C 4.3: How and why domestic marketing...
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...Profession * What is your reason for taking this course? * How can a course in marketing help you with your objectives? * Think of any two instances from your life when you did some kind of marketing. * Do you think that having a formal education in marketing would have made you react differently in those situations? Take note of your reply to this question and compare it with your views after you have completed the course. MKT 230 Week 1 Discussion 2 Assignment 2 Identify Product & Marketing Mix 1. Select/ identify a major consumer product and the company that makes it. Provide a brief history of them both. (Select an existing publicly owned company. View the link Public Companies for a comprehensive list of publicly traded companies.) 2. Identify/ create/ build a Marketing Mix for this product as it is today. 3. Discuss any potential ethical or social responsible issues that could arise from the marketing of this product. Your post should be written about the marketing activities of a well-known consumer product, not services (like insurance, storage, or banking), not automobiles/ jets or any other industrial product. Select a well-known consumer company/product that comes in a box/ bottle/ can/ etc. (like Corn Flakes, M&M, Hershey Kisses, Welch's Grape Jelly) to demonstrate the marketing concepts we will study. You will usually find a great deal of marketing/ business information...
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...Business, Public Administration and Technology, Department of Marketing, Strategy and Entrepreneurship, Enschede, The Netherlands. Keywords Internet marketing, Worldwide web, Online operation, Consumer behaviour, Buying behaviour The consumers” buying behavior has been always a popular marketing topic, extensively studied and debated over the last decades while no contemporary marketing textbook is complete without a chapter dedicated to this subject. The predominant approach, explaining the fundamentals of consumer behavior, describes the consumer buying process as a learning, information-processing and decision-making activity divided in several consequent steps: (1) Problem identification. (2) Information search. (3) Alternatives evaluation. (4) Purchasing decision. (5) Post-purchase behavior (Bettman, 1979; Dibb et al., 2001; Jobber, 2001; Boyd et al., 2002; Kotler, 2003; Brassington and Pettitt, 2003). A distinction is frequently made between high and low involvement purchasing, implying that in practice the actual buying activity can be less or more consistent with this model, depending on the buyer’s perceived purchasing risks. High or low degree of involvement is also a question of buyer experience; products purchased for the first time, in general, require more involvement than frequently purchased products (Boyd et al., 2002). Next to identifying the steps of the buying process and the potential role of marketing in each stage, marketers are eager to comprehend how purchasing...
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...Business, Public Administration and Technology, Department of Marketing, Strategy and Entrepreneurship, Enschede, The Netherlands. Keywords Internet marketing, Worldwide web, Online operation, Consumer behaviour, Buying behaviour The consumers” buying behavior has been always a popular marketing topic, extensively studied and debated over the last decades while no contemporary marketing textbook is complete without a chapter dedicated to this subject. The predominant approach, explaining the fundamentals of consumer behavior, describes the consumer buying process as a learning, information-processing and decision-making activity divided in several consequent steps: (1) Problem identification. (2) Information search. (3) Alternatives evaluation. (4) Purchasing decision. (5) Post-purchase behavior (Bettman, 1979; Dibb et al., 2001; Jobber, 2001; Boyd et al., 2002; Kotler, 2003; Brassington and Pettitt, 2003). A distinction is frequently made between high and low involvement purchasing, implying that in practice the actual buying activity can be less or more consistent with this model, depending on the buyer’s perceived purchasing risks. High or low degree of involvement is also a question of buyer experience; products purchased for the first time, in general, require more involvement than frequently purchased products (Boyd et al., 2002). Next to identifying the steps of the buying process and the potential role of marketing in each stage, marketers are eager to comprehend how purchasing...
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