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Marketing Phenomenon

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Introduction Marketing is everything, says McKenna. It is the business aspect of doing market research about your targeted clientele and their preferences and then providing the superior customer value. It is the communicating to the customers or the market about your product or services and why the client partner or society should choose your product. According to Silk, marketing is the process by which a firm creates value for its customers, and value is created by meeting customer needs, hence, a firm must define itself not by the products it sells but the benefits customers get from it. Marketing is evolving and due to this companies shave to keep up with changing trends lest they are left behind by competitors, that is why there are earlier and contemporary approaches to marketing. There earlier approaches to marketing included mass production of a product to exploit economies of scale, product quality ensuring high quality products, focus on selling an existing product, then it came to customer focus, and currently we are on the holistic market where marketing acknowledges that everything matters in marketing of a product/service.

Marketing Theories The marketing mix theory focuses on the 7 P`s. Firstly look at Product functionality and customer expectation of its performance. Secondly the product should be available in Places easily accessible to your target market. Third P is for the Price, which does not have to be cheap, but the customer has to get value for money. Fourth P is for Promotion where the customers have to be made aware of existing products through promotions, advertising, public relations, sales, and other means. The fifth P is for People which means any business should have the right staff with right qualifications and good handling of customers.

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