Understanding Marketing and Marketing Process
Procedure by which individuals and groups get what they need and desire through creating and exchanging products and value with others is termed as marketing procedure. The marketing procedure consists of four steps: developing marketing strategies; analyzing market opportunities; planning marketing programs, which entails selecting the marketing mix (the four Ps of product, price, place, and promotion); and implementing, organizing and controlling the marketing effort. Marketing is organizational function charged with defining customer targets and best way to satisfy needs and desires profitably and competitively. As consumers and business buyers face an abundance of suppliers seeking to satisfy their every need, companies and nonprofits organizations can't survive nowadays by simply doing a good job. They have to do an excellent job if they are to remain in increasingly competitive global marketplace. Many studies have demonstrated that key to profitable performance is to know and satisfy target customers with competitively superior offers. This procedure takes place today in an increasingly technical, global and competitive environment.
Concept of markets brings one full circle to concept of marketing.
- Sellers must search for buyers, recognizes their needs, design good products and services, set prices for them, promote them, and store and deliver them.
- A modern marketing system includes all of the elements necessary to bring buyers and sellers together. This may include such activities as research, product development, communication, pricing, distribution & service.
- Each of the major actors in a marketing system adds value for the next level of the system. There is frequently critical interdependency among network members.