Marketing is defined as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, products and services to create exchanges that will satisfy the needs of individuals and organisations” (Oxford Dictionary of Business and Management, 2009:352). In order to truly understand marketing as a business function, we must consider its purpose as well as its objectives, which methods, tools and concepts are involved, what thoughts and ideas there are about marketing and what it contributes to a business to help an organisation be successful.
The marketing department of an organisation is arguably “the most aware of the external environment” (Capon, 2009:234) due to its concern with both the marketplace and …show more content…
Marketing is a key part of this process as well as this is when the product is exposed to the market. One of the tools that businesses may use to influence the success of their product is the Marketing Mix, made up of four P’s which “[describe] the marketing elements that could affect the way a product [performs] in the marketplace” (Capon, 2009:251). The first aspect of the Marketing Mix is the product itself. A lot of this process has already been covered through the discussion of product development, however, it must be noted that businesses need to gain as much possible profit through the sales of their product, so it must be made cheaply and focus must be placed on the advancement of the product, making small changes that keep up with demand. The second of the four P’s is price. Research of consumer buying habits and the pricing of the competitor will help an organisation select the price point for their product. Obviously, there are many things that will further influence the price such as any unique selling points (USPs), quality of the materials it is made from and how much of a niche product it is. Special offers and introductory deals are also a big factor in the price element. The penultimate of the four P’s is promotion. The ultimate aim of promotion is to sell the product through advertising it to the right customers. Advertising is a huge cost to a business, so they must select the correct channels through which to broadcast their adverts: press, television, radio, social media, etc. are the most popular methods. However, many companies will also consider sending out discount vouchers or free samples of their product to potential buyers. Correct promotion of an existing product is equally as important as when launching a new product to keep customer loyalty high, and for the organisation to remain a leader in the market. The fourth, and final P in the Marketing Mix is place. This refers to how
The marketing department of an organisation is arguably “the most aware of the external environment” (Capon, 2009:234) due to its concern with both the marketplace and …show more content…
Marketing is a key part of this process as well as this is when the product is exposed to the market. One of the tools that businesses may use to influence the success of their product is the Marketing Mix, made up of four P’s which “[describe] the marketing elements that could affect the way a product [performs] in the marketplace” (Capon, 2009:251). The first aspect of the Marketing Mix is the product itself. A lot of this process has already been covered through the discussion of product development, however, it must be noted that businesses need to gain as much possible profit through the sales of their product, so it must be made cheaply and focus must be placed on the advancement of the product, making small changes that keep up with demand. The second of the four P’s is price. Research of consumer buying habits and the pricing of the competitor will help an organisation select the price point for their product. Obviously, there are many things that will further influence the price such as any unique selling points (USPs), quality of the materials it is made from and how much of a niche product it is. Special offers and introductory deals are also a big factor in the price element. The penultimate of the four P’s is promotion. The ultimate aim of promotion is to sell the product through advertising it to the right customers. Advertising is a huge cost to a business, so they must select the correct channels through which to broadcast their adverts: press, television, radio, social media, etc. are the most popular methods. However, many companies will also consider sending out discount vouchers or free samples of their product to potential buyers. Correct promotion of an existing product is equally as important as when launching a new product to keep customer loyalty high, and for the organisation to remain a leader in the market. The fourth, and final P in the Marketing Mix is place. This refers to how