Elements of Marketing Essay Example for Free

Elements of Marketing EssayThere argon several views and explanation of selling. The most widely accepted definition is that of the American Marketing Association, the professional organization for merchandise practitioners and educators, which defines marketing as the process of planning and put to death the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectivesElements of MarketingMarketing ResearchMarketing is by definition a process of planning and executing to go out consumer necessarily. It take ins what are actual consumer wants and needs. Marketing research is the process in which collection of data by systematically helps to identify consumers needs. The Four PsThe heart of marketing strategy is the development of a response to market palace. Marketing by definition explains the concept of execution, pricing, promotion and right placement of goods, ideas and service s. To resolve to customers, a good organization develop product according to willingness of its purchaser, identify appropriate place for availableness and lowestly and promote its product to create familiarity in its customers mind. Product, Price, ship and promotions are four Ps of marketing which are use many organizations to define its marketing strategy.Product Product represents goods, services, or ideas offered by a firm. Price Price focuses on what customers are willing to pay for services. What price actually suits to consumer to buy goods? A company provides good or services and a customer willing to exchange dollars to satisfy its needs. PlacePlace represents the way or specific area in which company will distribute its goods or provide services to its customers. This decision company takes after careful and effective marketing research. PromotionThe final P represents promotion. Historically it is renowned with advertisement which is mean marketing. Promotions activit ies involve creating awareness in consumers mind to understand how they can meet their needs.Second approach is to define STPsSTP (segmentation, Targeting, Positioning) Segmentation It is execute of dividing the market according to similarities that exist among the various subgroups within the market. The similarities may be plebeian characteristics or common needs and desires. One of the main reasons for using market segmentation is to help companies to better understand the needs of a specific customer base. Mass marketing assumes that all customers are the same and will move to the same advertising.By looking at ways in which potential customer groups are diametrical from each other, the marketing message can be better targeted to the needs and wants of those people. Market segmentation strategies that meet these criteria can cover wide range of consumer characteristics. Subsets may be defined by basic demographics uniform age, race, or gender, for example. Other qualities, like educational background or income can also be used, as can location. Some of the potentially most powerful variables by which to segment a market are behavioral ones, including social class, lifestyle, and interests.