Marketing Principle
1.1 Explain the various elements of the marketing process
“Marketing is a business activity in which the organization, in order to satisfy the demands of the industry, decides the preferred items and/or solutions, familiarizes them with consumers, determines prices, arranges the product sales and impacts clients.” (Liu G 2011) The above definition is describing the core intention of promotion. “Marketing is the process used to find out which items or solutions may be of interest to clients, and the way to use in product sales, marketing communications and company development.” (Kotler P, et al 2009).
Situation analysis
It usually includes two sections: the company must analyze the industry to figure out its client needs, and then it must analyze itself to understand what needs it can satisfy. As such, situation analysis is often seen as an exterior environmental research and an interior research of the company’s capabilities and resources. These two studies are usually carried out according to specific models which identify the most key elements in the inner and outer contexts.
Marketing strategy
It is created from the situation analysis. This stage includes determining the areas where the company’s abilities and sources will enable it to satisfy recognized client needs better than its competitors can. Once these opportunities have been recognized, a strategic plan can be prepared, based on researching the industry, to manipulate the opportunity. As part of this, the company will need to section the industry in terms of the most profitable client sections, focus on this section with all ads, placement the item within the preferred focus on audience section, and offer a strong value undertaking to client in the focus on section.
Marketing Mix
The marketing mix includes the detailed strategic choices which are required to turn the technique into reality. These include creating and producing the item, setting the correct price, organizing submission
“Marketing is a business activity in which the organization, in order to satisfy the demands of the industry, decides the preferred items and/or solutions, familiarizes them with consumers, determines prices, arranges the product sales and impacts clients.” (Liu G 2011) The above definition is describing the core intention of promotion. “Marketing is the process used to find out which items or solutions may be of interest to clients, and the way to use in product sales, marketing communications and company development.” (Kotler P, et al 2009).
Situation analysis
It usually includes two sections: the company must analyze the industry to figure out its client needs, and then it must analyze itself to understand what needs it can satisfy. As such, situation analysis is often seen as an exterior environmental research and an interior research of the company’s capabilities and resources. These two studies are usually carried out according to specific models which identify the most key elements in the inner and outer contexts.
Marketing strategy
It is created from the situation analysis. This stage includes determining the areas where the company’s abilities and sources will enable it to satisfy recognized client needs better than its competitors can. Once these opportunities have been recognized, a strategic plan can be prepared, based on researching the industry, to manipulate the opportunity. As part of this, the company will need to section the industry in terms of the most profitable client sections, focus on this section with all ads, placement the item within the preferred focus on audience section, and offer a strong value undertaking to client in the focus on section.
Marketing Mix
The marketing mix includes the detailed strategic choices which are required to turn the technique into reality. These include creating and producing the item, setting the correct price, organizing submission