Elements of Marketing Essay

There argon several views and interpretation of merchandising. The most wide accepted definition is that of the Ameri sess merchandising Association, the professional organization for marketing practitioners and educators, which defines marketing as the process of planning and death penalty the conception, pricing, promotion, and distribution of ideas, heartfelts, and go to give rise exchanges that gratify individual and organizational objectivesElements of marketingmerchandising Research foodstuffing is by definition a process of planning and kill to consider consumer ineluctably. It understands what ar actual consumer wants and needs. Marketing research is the process in which accruement of data by systematically helps to send consumers needs. The Four PsThe center field of marketing strategy is the development of a response to market palace. Marketing by definition explains the concept of execution, pricing, promotion and responsibility placement of skillfuls, ideas and services. To respond to customers, a good organization develop product correspond to testamentingness of its purchaser, identify appropriate place for approachability and lastly and promote its product to create familiarity in its customers mind. product, Price, rump and promotions are 4 Ps of marketing which are usance 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 rattling 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 circumstantial area in which company will distribute its goods or provide services to its customers. This decision company takes after sure and effective marketing research. PromotionThe final P represents promotion. Historically it is renowned with advertising which is mean marketing. Promotions activities involve creating awareness in consumers mind to understand how they can meet their needs.Second approach is to define s.t.p.sSTP ( section, Targeting, Positioning) Segmentation It is attend of dividing the market according to similarities that exist among the un analogous subgroups within the market. The similarities may be parkland characteristics or common needs and desires. 1 of the main reasons for using market segmentation is to help companies to better understand the needs of a specific customer base. press marketing assumes that all customers are the like and will respond to the same advertising.By looking at ways in which potential customer groups are varied 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 compass wide range of consumer characteristics. Subsets may be defined by basic demographics like age, race, or gender, for example. Other qualities, like educational background or income can in addition be used, as can location. any(prenominal) of the potentially most powerful variables by which to segment a market are behavioral ones, including social class, lifestyle, and interests.