...Marketing and the Marketing Process Marketing deals with customers more than any other business functions. Marketing is managing profitable customer relationships. Marketing has a twofold goal. They are to attract new customers by promising superior value, and keep and grow current customers by delivering satisfaction. The American Marketing Association defines marketing as “The Process of planning and executing the conception, pricing, promotion, and distribution of ideas, good, and services to create exchanges that satisfy individual and organizational objective”. The Marketing process is the method of evaluating openings, choosing the proposed customer, addressing the consumer needs and wants, describing the price, product, place and promotion and addressing the marketing campaign. The marketing process takes major responsibility to control overall marketing strategy. The marketing process has 5 steps that lead to a successful advertising campaign. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the reward of having superior customer value. Now, we will explore the steps of the marketing process. Step 1 is marketers need to understand the market place and the needs and wants of customers. There are five core customer and market place concepts. Needs, wants, and demands is one. Human needs are states of felt deprivation. Human wants are the form human needs...
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...Marketing Process Essay: This page essay provides information about the Marketing Process. To begin is important to understand the meaning of Marketing. The American Marketing Association defines marketing as “The Process of planning and executing the conception, pricing, promotion, and distribution of ideas, good, and services to create exchanges that satisfy individual and organizational objective”. The Marketing process is the method of evaluating openings, choosing the proposed customer, addressing the consumer needs and wants, describing the price, product, place and promotion and addressing the marketing campaign. Marketing process takes major responsibility to control overall marketing strategy. In marketing process, you need to decide which customers you will serve in your target audience by segmenting the market and then you have to position your products to that targeted customers. Nevertheless, for ascertaining the most effective and most advantageous marketing process you should slot in marketing study, designing, ways of carrying out and assuring. The marketing process has 4 key steps that lead to a successful advertising campaign. These steps are: Analyzing marketing opportunities: The first step on the marketing process is analyze the market opportunities and availing these opportunities to satisfy the customer’s requirements to have competitive advantage. The Marketing research is an indispensable marketing tool. Researching the market allows the...
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...CHAPTER 1: INTRODUCTION A. Introduction: In the era of globalization, a major global change has occurred and the world has become so competitive that companies of all over the world are trying to get over one another by being distinctive in their field. New product development process is the leverage which eases a company to do so. Consumers are now looking for new innovative products and so they demand to find a way to develop this product more quickly and effectively. Here we are discussing this new product development process according to our company’s view in launching our new product which is ‘Solar Backpack.’ About our company: Our company is renowned for supplying green products with higher quality, style and reliability. The company established in 1998 in London and since we have been continuing our service with and great reputation. In several years we achieved the market leadership in supplying green product to the major UK retailer. Now we have our own outlet established in 2006 in London. Soon, we are going to open more outlets all over UK and our aim is to provide our service in international basis. About our product: The Solar backpack is the first product in backpack line which has an integrated solar charging system retaining all the qualities of a usual backpack. It has more features comparing with a usual backpack as it a smart, effective solar charging module, multiple pockets for electronic devices, adapters and sometimes with removable...
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...Health Services Strategic Marketing HSA 505 2016 An orthopedic group practice has decided to develop a pediatric sports medicine program. Describe at least three potential markets for this new service. There are many marketing decisions one make in their effort to build an effective program, but should always include Ability, Availability, and Price. Ability refers to skill, but also a special focus in the practice. Availability is the amount of time one has to invest in the practice and of course cost, this is contingent on the cost of service and supplies and salary one wants to receive, all three are critical to making marketing decisions. One segment of marketing is through private practice, the goal is develop enough patient-to-patient clients to ensure a profitable practice. Another marketing approach is small group practice marketing, this segment has partnerships that develop with physicians, using referral counter parts, contracts, and staff privileges at multiple hospitals and these develop into specialty orthopedic group practices. Academic practices is the focus of reaching a broad spectrum of patients through the use of radio, television, government contract, and managed care organizations, revenue may come from teaching in academic settings and consulting. The challenges to a successful practice can be escalated by overhead cost and of course liability concerns, but the over-all goal is to improve a successful practice over time by defining specific practice...
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...THE MARKETING PROCESS Introduction This document presents a response to the questions regarding the three potential markets that an orthopedic group could enter with its service of pediatric sports medicine The three markets that the orthopedic group could ender that will allow it to earn large profits is the education market, children social networking market such as the YMCA (Young Men’s Christian Association), and minor sporting teams. This paper also describes the barriers to enter and exit the internal medicine market for a physician wanting to establish a solo practice, a company offering a health club facility in the same building where employees work, and hospital wanting to develop a coronary bypass program. Lastly this paper will answer the hypothetical question on three ways to make services unique to the population of baby boomers in San Antonio, Texas. Three Potential Markets for a Pediatric Sports Medicine Program to Enter Three markets that the orthopedic group could enter with their service of pediatric sports medicine would be the Education Market (Elementary, Middle, and High School), the Children Social Networking Market such as the YMCA, and Minor League Sport Teams. According to Katherine Lee from about.com “kids between 5 and 14 years of age account for as much as 40% of all sports-related injuries”(Lee, 2003). With that fact being known, the orthopedic group could hire physicians to work with local schools to teach kids how to prevent sport related...
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...China in the Debt-Deflation Trap HONG KONG – In the wake of a global stock-market sell-off triggered by economic turmoil in China, the US Federal Reserve has just decided to postpone raising interest rates. Indeed, China is facing the huge challenge of dealing with the risk of a global debt-deflation trap. In 1933, Irving Fisher was the first to identify the dangers of over-indebtedness and deflation, demonstrating their contribution to the Great Depression in the United States. Forty years later, Charles Kindleberger applied the theory in a global context, emphasizing the problems that arise in a world lacking coordinated and consistent monetary, fiscal, and regulatory policies, as well as an international lender of last resort. In 2011, Richard Koo used Japan’s experience to highlight the risks of a prolonged balance-sheet recession, when over-stretched debtors deleverage in order to rebuild their balance sheets. The debt-deflation cycle begins with an imbalance or displacement, which fuels excessive exuberance, over-borrowing, and speculative trading, and ends in bust, with procyclical liquidation of excess capacity and debt causing price deflation, unemployment, and economic stagnation. The result can be a deep depression. In 2000, the imbalance was America’s large current-account deficit: the world’s largest economy was borrowing heavily on international capital markets, rather than lending, as one might expect. According to then-Fed Chairman Ben Bernanke, the problem was...
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...YOU WILL HAVE SOME sort of idea of what marketing is, since, after all, you are exposed to marketing in some form every day. Every time you buy or use a product, go window shopping, see an advertising hoarding, watch an advertisement, listen to friends telling you about a wonderful new product they’ve tried, or even when you surf the internet to research a market, company or product for an assignment, you are reaping the benefits (or being a victim) of marketing activities. When marketing’s outputs are so familiar, it is easy to take it for granted and to judge and define it too narrowly by what you see of it close to home. It is a mistake, however, to dismiss marketing as ‘just advertising’ or ‘just selling’ or ‘making people buy things they don’t really want’. What this book wants to show you is that marketing does, in fact, cover a very wide range of abso- lutely essential business activities that bring you the products you do want, when you want them, where you want them, but at prices you can afford, and with all the information you need to make informed and satisfying consumer choices. And that’s only what marketing does for you! Widen your thinking to include what marketing can similarly do for organisations purchasing goods and serv- ices from other organisations, and you can begin to see why it is a mistake to be too cynical about professionally practised marketing. None of this is...
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...Running Head: MARKETING 1 Marketing Student Name: Date Professor Name of Professor Developing Marketing Plan: A management plan for the marketing activities, with clear strategies and actions for the achievement of marketing objectives: The following are the steps described the management plan for the Houzit stores marketing activities: Marketing Activities: The three marketing activities those indicated the potential for the Houzit stores are: • Leading home-ware magazines • In-store advertising displays that will display featured products with other areas in Houzit’s assortment and with displays the web address line of ‘Find us at www.houzit.com’ • The company’s web page will display visual advertise on the home page and will use the PR copy in article marketing on popular article content sites Integration of organizational activities: The PR article and featured in the advertising of ‘stylish bathroom’ and ‘exotic mirrors ‘are integrated with the range of marketing, promotional and sales activities to ensure the achievement of the established marketing activities. The tagline of the products featured and advertising campaign can be helped the company’s to create image in the customers mind and attracts them that ensure it achieve the goals of the established marketing activities (Florès, 2014). Monitor progress: Houzit’s marketing team monitor process through the collects statistical, information, feedback and data from the...
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...Explanation of the various elements of the marketing process Need help? ☎ 0115 966 7955 T he elements of the marketing process are ref erred to as "a set of controllable tools that the f irm blends to produce the response it wants in the target market, so it consists of everything the f irm can do to inf luence the demand f or its product”( Kotler and Armstrong, Principles of Marketing 2004, Tenth Edition, New Jersey Pearson Education Inc.). T he Elements of Marketing or Marketing mix which is f amously known as the “4P’s of Marketing”( stated by McCarthy in 1960) which include Product, Price, Placement or Place and Promotion. When these elements of marketing are analysed with the Easyjet case study, it gives a good example as how the 4P’s help an organization scale to new heights with increased sales and customer base. T hey are; Product:- In the respective case study as Easyjet is a airline industry, its main f leet consists of Airbus A320200, Airbus A319 and Boeing 737-700. Easyjet is a budget airliner and intended to attract business customers and leisure travelers spending lesser time travelling between destinations. T he company does not provide complimentary meals or ref reshments on board to reduce costs and increase space to accommodate more customers, whereas customers can buy items on board by using Easyjet Bistro (buy on board programme). T he onboard programme also helped the airliner to increase its revenue. Easyjet has also got other value added services like Eastcars...
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...CASE #1 – The Marketing ProcessYou are to write a 5-8 page report that answers the following: 1. An orthopedic group practice has decided to develop a pediatric sports medicine program. Describe at least three potential markets for this new service. 2. Describe the possible barriers to entry and exit for a physician wanting to establish a solo practice in internal medicine. 3. Describe the possible barriers to entry and exit for a company offering a health club facility in the same building where employees work. 4. Describe the possible barriers to entry and exit for a tertiary hospital developing a coronary bypass program. 5. Assume you are hired to design a managed care organization (MCO) plan targeted to baby boomers in San Antonio, Texas, a city with a large Hispanic population. Describe at least three ways that the MCO can make this service offering unique to respond to the major demographic trends of today.The format of the report is to be as follows: * Typed, double spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format. * Type the question followed by your answer to the question. * In addition to the 5-8 pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor’s name, the course title, and the date.NOTE: You will be graded on the quality of your answers, the logic/organization of the report, your language skills, and your writing skills. | The assignment...
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...Marketing Equilibrating Process ECO/561 Laurie Gazzale February 22, 2010 Marketing Equilibrating Process The marketing equilibrium process in Direct Selling Association businesses is analyzed from two perspectives. This paper will review the perspective of the manufacturing company and the individual selling the product. Changes in supply, demand, and equilibrium are addressed. Direct selling home businesses have become more popular as the job market becomes less dependable. With the rise of unemployment and “stay-at-home moms” wanting to contribute to the household income, more families are choosing established at home businesses. One business in particular that has seen record increases is Tastefully Simple. Tastefully Simple is a member of the Direct Selling Association of which policies and procedures are put in place to protect the end user, the consumer. Since the incorporation in 1995, the company has increased from a small, two person operation in Minnesota to a nationwide at-home business consisting of more than 28,000 active consultants in the United States and Puerto Rico (2010, February). Since 1995 the price of the product has increased slightly because of the price in manufacturing costs. For instance, in 1995 the Bountiful Beer Bread had a retail price of $4.99 and just last year increased to $5.49. The increased retail price has not slowed down sales for a large part of the selling audience; however...
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...MARKETING EQUALIBRATING PROCESS Charles E. Caldwell ECO/561 Week One 20 July 2010 Lisa R. Browning University of Phoenix When one enjoys gambling, many benefits come to a casino owner. Casino owners become very innovative in their ideas to transition customers into clients. When I travel to gamble it normally takes 3 hours to get to the nearest casino arena. Because of the distance my plans are always to stay over and enjoy the gambling scenario. Because there are many like me who care to stay and enjoy their stay and hopefully win while there, casino owners have enhanced their casinos to ensure that business is consistently received. For example, Casinos have created gambling plans for their customers. One example would be if you play certain games you have the opportunity to get receive a free room or buffet dinners, this allows the customers to feel free to continue and enjoy their time. The downside to this incentive is when gamblers do not come, in this case rooms are not being occupied, food is not being eaten and money is not being made. To eliminate this casino owners have implemented timeframes as to when these rewards can be redeemed. This creates a market for equilibrium, supply and demand for the owner and their business. This benefits consumer such as myself, it allows me to spend more money while knowing that my meals and stay will be compensated based on how much or often I play at the casinos. I have begun to schedule my trips based on...
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...Abstract A market occurs where buyers and sellers meet to exchange money for goods or services. The price refers to how supply and demand interacts to set the market price for the selling of goods. The concepts of the market equilibrating process will describe and analyze how its factors determine to purchase a Chevy Volt electric automobile during this economic crisis. Market Equilibrium Process Market equilibrium is a process that allows the number of goods by suppliers to equal the number of goods of demand. Once this happens the market at that moment is in a state of equilibrium. The market equilibrium price, p, and equilibrium quantity, q, are determined by where the demand curve of the buyers, D, crosses the supply curve of the sellers, S. The horizontal line of a graph below shows each unit from zero to quantity (q) the demand curve is above the supply curve, meaning that the consumer or customer is willing to pay more to buy those units than they cost to produce. The vertical line displays the prices on the graph. If the price is below the equilibrium the demand would be greater than the supply and there is a shortage. If prices are above the equilibrium the supply would be greater than demand and there is a surplus of supplies (McConnell, 2009). Laws of Demand and Determinants The law of demand is when the price is higher than the consumer is willing to pay for the product resulting in a lower demand. There are five ceteris paribus demand determinants...
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...WK2 – Discovering Marketing Opportunities What opportunities in the marketing environment did Gannett seize in launching USA Today? How did the company learn about and respond to these opportunities? Answer the same questions for USAToday.com. By conducting research and analysis Gannett determined that there were two trends/opportunities that he could take advantage of; one was that an increasingly short attention span among a generation nurtured on television and the other was that there was a growing hunger for more information. With this information Gannet made the newspaper’s primary mission to provide more news in less time. Research suggested that this paper should target achievement-oriented men in professional and management positions who were heavy newspaper readers and frequent travelers. Unlike the other companies/competitors who targeted upper America, Gannett’s company would target middle America- young, well-educated Americans who were on the move and cared about the news and current events. Gannett listened to what the readers wanted and ensured that USA Today would market just that. With this information in hand, Gannett capitalized on it by putting together a team of news, advertising, and production personnel staff from his daily news who developed, edited, published and tested different prototypes. From those prototypes three 40-page versions were sent out to about 5,000 professional people along with a response card for feedback. Marketplace...
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...Chapter 02 The Role of IMC in the Marketing Process Multiple Choice Questions 1. (p. 39-40) Under Armour developed dynamic advertising, sponsorships of sports leagues, a creative Web site and celebrity spokespeople to promote their sports and clothing products. Under Armour is engaged in: A. integrated marketing communications B. a centralized market strategy C. a concentrated market strategy D. an undifferentiated market strategy E. lifestyle segmentation based on sports See opening vignette. 2. (p. 41) According to the marketing and promotions process model, which of the following is NOT a stage in the target marketing process? A. market identification B. promotional decisions C. market segmentation D. positioning through marketing strategies E. target market selection 3. (p. 41) The marketing promotion model includes all of the following major components EXCEPT: A. the organization's marketing strategy and analysis B. the marketing planning program development C. the target marketing process D. the marketing management hierarchy plan E. the target market 4. (p. 41) According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix B. development of a marketing strategy and analysis C. development of the promotional mix D. determination of the target market E. establishment of marketing objectives 5. (p. 42) A(n) _____ is a document that evolves from an...
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