Elements of the Marketing Process

Elements of the merchandise Process1.1 Explain the various elements of the merchandising mental process.merchandisingKotler (2010) defines that Marketing is the social process by which individuals and groups hold back what they need and want through creating and exchanging products and value with others.Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that watch value for customers, clients, partners and society at large. (American Marketing Association, 2010)Customers inevitably, Wants and DemandsA successful channel starts with subtle the customers. Customers atomic number 18 people who buy products and services from other people much(prenominal) as companies of one sort or another. The company may already deal them as friends, neighbors and family but to develop the companys business, it is very important to know what the customers need or want. The take, wants and demands help the marketers decide the products which they have to offer in the market.NeedsNeeds are easier to define but very according to social take, physical needs, individual needs and other factors. The job of marketers is to understand the needs of the customers. Human needs are the basic requirements and include food clothing and shelter. Without these human cannot survive. The products which are under the needs kinfolk do not require push. By supply more closely for the needs of customers, it is mostly successful for the companies which understand the reasons why the customers make the decisions such as what they buy and how they buy. (N.a, 2014)Examples of needs category products transportation orbitWantsA difference is frequently made between needs and wants. The selling concept is the attitude that business decisions should be based on what the consumer wants. (n.a, 2010). Wants are a step ahead of customers needs and also largely depend on the needs of the customers themselves. They are the form of human needs shaped by husbandry and individual personality (Class notes). For some customers, the wants are simple. On the other hand, other customers may be more specific in their wants.Examples of wants category products CarDemandsA step ahead of wants is demands. When a customer wants something which is the best, and also the customer has the ability to buy it, then these wants are changed into demands. The main difference between wants and demands is customers desire.Example of demands category products BMWCustomers SatisfactionCustomers satisfaction is a merchandising term that relations how products or services supplied by a company meet a customers expectation. Customers satisfaction helps the companies to appreciate their ability in meeting customers needs and expectations soundly. (Zeithaml et al, 2009)Marketing ProcessThe marketing process is the process of analyzing market opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort. patsy customers stand at the center of the marketing process.Various Elements of Marketing Process There are various kinds of elements under marketing process. They are Situational AnalysisMarketing ObjectivesMarketing StrategyMarketing MixImplementation and Control.Situational AnalysisThe foundation of the marketing plan, which is known as a situational analysis includes many factors affecting on a business such as Swot analysis, Pestle analysis, Porters five forces and stakeholder analysis. Swot which stands for strengths, weakness, opportunities and threats is to create lists of all of the internal and external strengths, weakness, opportunities and threats to advise strategic homework decisions. Pestle which stands for political, economic, social, technological, legal and environmental is to identify all of the various external factors that might affect a business. A situational analysis can lead the arranging of better understanding the factors which entr ust influence its future. (Lorette, 2014)Marketing ObjectivesThe objective is the starting point of the marketing plan. Marketing objectives are goals for the organization which wants to be successful when load-bearing(a) its products or services to customers. They should always support the companys mission and goals. They are important because they can show how the company will benefit from marketing, training the employees and managing (Pendergrass, 2013). Every rough-and-ready goals and objectives are defined by the SMART criteria.SMART stands forSpecificMeasurableAgreed and AttainableRelevant and RealisticTimetable (class notes)For example to increase 50 students per calendar month in 2014to crop at least 70% well-trained students in 2016Marketing StrategyA strategy is a long-term plan to achieve certain(a) objectives. Therefore a marketing strategy is a marketing plan considered to achieve marketing objectives. STP marketing is a three- step approach to figure a target mark eting plan. S is for segmentation, T is for targeting and P for positioning (Kokemuller, n.d).Segmentation is essentially a brainstorming activity due to demographics, psychographics, tonestyle, belief and values, life stages, geography, behavior and benefit (Hanlon, 2013). Targeting allows companies to classify the market segments that fit the best with their products. Hanks,(2014) states that Positioning includes the development of a product that the selected target market segment views as quaint when compared to similar products in the industry.Marketing MixMarketing mix is the combination of seven variables under a companys control that can be worked to achieve marketing objectives. Marketing managers use this to produce the best response in the target market. It is important to understand that the marketing mix principles are manageable. (N.a ,2014)Marketing decisions generally descend into the following seven controllable categories named as 7Ps.ProductPricePlacePromotionPe opleProcessPhysical EvidenceImplementation and ControlAn effective strategic implementation can determine the outcome of marketing planning. The effectiveness of implementation may be improved by the management of the planning process by building promise and ownership of the plan and its implementation. (N.a, 2013)N.a (2008) states that Strategic Control is the last step of management process, consists of monitoring and evaluating the strategy management process as a whole to ensure that it is operating properly. The basic of control is ability to measure. It compares what should happen actually with what actually happened or is likely to happen.1.2 Evaluate the benefits and costs of marketing orientation for a selected organization.Production ConceptThe production concept is a concept where goods are produced without taking into consideration the choices or tastes of the customers. (Manzoor, n.d)Product ConceptThe customers will prefer products that have better quality, performance , and features as opposite to a normal product in the product concept. This is truly related in some places such as electronics and mobile handsets.Selling ConceptThe selling concept in marketing is the concept that customers will not automatically buy something they automatically sold.Marketing ConceptRiley (2012) defines that A marketing orientated approach means a business reacts to what customers want. The decisions taken are based around information about customers needs and wants, rather than what the business thinks is right for the customer. Most successful businesses take a market-oriented approach.Societal Marketing ConceptAccording to Kotler (2013), Social Marketing is the design, implementation, and control of programs want to increase the acceptability of a social idea or practice in a target group.Benefits of Marketing Orientation for MICAppreciationThe promotion of the business can get the appreciation and attention of the targeted students and parents across a wide ranging or specific market.ProfitsFrom the market process, the organization can get many profits by improving the attractions of parents and students during marketing yield effects.AdaptabilityDue to students service or students affair center and students feedback system, the organization can know what happening, feelings, wanting are and what they want to change some services of the school such as rules and teaching methods.Costs of Marketing Orientation for MICCostIf there are no effect returning, the cost of market research for daily, and weekly or yearly can be one of the disadvantages of marketing orientation.FeedbackIt is not actually sure or very hard to get effective advices and feedbacks from the targeted students.TimeIf there are any needs to fix for the organization, too much time will have to be spent for discussions, meetings and so on.ReferencesKotler. P, (2010) what is marketing? How 10 Experts Define It, Online. open at http//www.skylinetradeshowtips.com/what-is-mar keting-how-10-experts-define-it/ Accessed 11th November 2014American Marketing Association, (2010) what is marketing? How 10 Experts Define It, Online. acquirable at http//www.skylinetradeshowtips.com/what-is-marketing-how-10-experts-define-it/ Accessed 11th November 2014N. a, (2014) Marketing Theory. Online. accessible at http//bussineesscasestudies.co.uk/bussiness-theory/marketing/establishing-customer-needs.htmlaxzz3lqPnaASn Accessed 11th November 2014N.a (2010) Marketing Principles of MIC, 2nd ed., BPP Learning Media Ltd London.Zeithaml et al, (2009) Models and theories of customer satisfaction Online. Available at http//www.ukessays.com/essays/marketing/models-theories-of-customer-satisfaction-marketing-essay.php Accessed 11th November 2014Lorette. K, (2014) a Situational Analysis of a Strategic Marketing Plan. Online. Available at http//smallbusiness.chron.com/situational-analysis-strategic-marketing-plan-1474.html Accessed 11th November 2014Pendergrass. K, (2013) Marke ting Objectives as SMART Goals and Part of the Marketing Plan. Online. Available at https//www.udemy.com/blog/marketing-objectives/ Accessed 11th November 2014Kokemuller. N, (n.d) what is STP marketing? Online. Available at http//yourbussiness.azcentral.com/stp-marketing-1769.html Accessed 11th November 2014Hanlon. A, (2013) The Segmentation, Targeting and Positioning model. Online. Available at http//www.smartinsights.com/digital-marketing-strategy/customer-segmentation-targeting/segmentation-targeting-positioning-model/ Accessed 11th November 2014Hanks. G, (2014) what is STP marketing? Online. Available at http//www.ehow.com/info_8693419_stp-marketing.html Accessed 11th November 2014N. a, (2014) what is the Marketing Mix? Description Online. Available at http//www.12manage.com/methods_marketing_mix.html Accessed 11th November 2014N.a, (2013) Marketing Strategy Implementation and Control Online. Available at http//marketingnotesbook.blogspot.com/2013/01/blog-post.html?m=1 Acc essed 11th November 2014N. a, (2008) Strategic Implementation and Strategic Control Online. Available at http//managementinnovations.wordpress.com/2008/12/10/strategy-implementation-strategic-control/ Accessed 11th November 2014Manzoor. A (n.d) what is the production concept? Online. Available at http//science.blurtit.com/77774/what-is-the-production-concept Accessed 11th November 2014Riley. J (2012) Marketing Orientation Online. Available at http//www.tutor2u.net/business/gcse/marketing_orientation.htm Accessed 11th November 2014Kotler. P (2013) Social Marketing Concept Online. Available at http//www.enotesmba.com/2013/02/social-marketing-concept.html?m=1 Accessed 11th November 2014