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Elements of Marketing


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1. The Concept and Process of Marketing

Marketing is the science and art of incorporating intuition, creativity and innovation in designing new products and identifying channels for their distribution. It encompasses a fair mix of both behavioural and management science. Having a strong foundation in the field of marketing helps an individual translate his thoughts and ideas into appropriate actions, effortlessly.

Elements of the Marketing Process

The primary aim of every marketing process is to earn profits for the organization. Market research is the primary source of information used by marketers to design a marketing strategy. The results of market research help the marketers make choices about their target market segments, the products they wish to sell and the relationship they would like to build with their consumer. Although different experts have varied opinions about the elements of the marketing process, we will use the illustration below for our reference and understanding.
Elements of the Marketing Process

Figure 1
Source: Made by Student (2012)

1) Needs vs Wants:

Food, water, shelter and clothing are basic needs of any human being, necessary for survival. On the other hand, wants are created to fulfil needs. For instance, ‘I need food but I want a burger’. In this example, ‘food’ is a basic need, whereas ‘burger’ is a means to satisfy the need. The want for a burger is dependent on several factors. The socio-cultural environment around an individual plays a major role in deciding his wants.

2) Products:

The core of the marketing process is the product. It is extremely important to understand the product thoroughly before we begin with placement strategies, promotions or pricing. Other factors like packaging, warranty and after sales are an equally important aspect of the product. All products have an intangible value and

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