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    Marketing Principles Essentials
    Marketing Principles Essentials
    Marketing Principles Essentials
    Ebook123 pages1 hour

    Marketing Principles Essentials

    By James Finch

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    About this ebook

    REA’s Essentials provide quick and easy access to critical information in a variety of different fields, ranging from the most basic to the most advanced. As its name implies, these concise, comprehensive study guides summarize the essentials of the field covered. Essentials are helpful when preparing for exams, doing homework and will remain a lasting reference source for students, teachers, and professionals. Marketing Principles covers the marketing environment, market research, target markets, product planning and management, distribution systems, wholesaling and retailing, promotional strategy, pricing policies and strategies, marketing evaluation and control, marketing applications in special fields.
    LanguageEnglish
    PublisherResearch & Education Association
    Release dateJan 1, 2013
    ISBN9780738671383
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      Book preview

      Marketing Principles Essentials - James Finch

      BUSINESS

      CHAPTER 1

      THE MARKETING ENVIRONMENT

      1.1 MARKETING AND MARKETS

      Marketing is the process of planning and executing the development, pricing, promotion and distribution of goods and services to achieve organizational goals. Marketing directs the flow of products within an economy from producer to consumer by anticipating and satisfying the wants and needs of the market through the exchange process.

      A Market is made up of all the people or organizations who want or need a product and have the willingness and ability to buy.

      Products may be goods, services, ideas, places or persons.

      1.2 THE MARKETING CONCEPT

      The Marketing Concept is a customer-oriented business philosophy which stresses customer satisfaction as the key to achieving organizational goals. This philosophy maintains that all of the organization’s efforts should be focused on identifying and satisfying the wants and needs of the customer.

      1.3 MARKETING FUNCTIONS AND PROCESSES

      There are six primary Marketing Functions:

      Environmental Analysis

      Consumer Analysis

      Product Planning

      Price Planning

      Promotion Planning

      Physical Distribution (Place) Planning

      Environmental and consumer analysis are market research functions which provide the means to evaluate market potential and identify target markets. Product, Price, Promotion and Physical Distribution planning are known as the marketing mix variables.

      The Marketing Mix is the combination of four variables which comprise an organization’s marketing program: product, price, promotion and physical distribution. The manner in which these factors are combined reflects the planned strategy of the organization. Unlike environmental forces, these factors are under the control of the organization. These are often referred to as the four P’s.

      Market Segmentation is the process of dividing the total market into distinct submarkets or groups based on similarities in their wants, needs, behaviors or other characteristics.

      Market Segments are groups of customers who are similar to each other in a meaningful way and who will respond to a firm’s marketing mix similarly.

      A Target Market is one particular group of potential customers that the organization seeks to satisfy with a product. It is the market at which the firm directs a marketing mix. Different marketing mixes are developed for each target market to satisfy their specific wants and needs. Target markets may be comprised of market segments or a mass market characterized by a typical customer.

      Product Differentiation exists when a product or brand is perceived as different from its competitors on any tangible or intangible characteristic. The term also refers to the strategy in which one firm promotes the features of its product over competitors’ in the same market.

      Product Positioning refers to the decisions involved in shaping the product’s image in the customer’s mind. These images are defined relative to competing products. Consumer perceptions (not actual differences between products) are the critical issue.

      The Marketing Plan is the organization’s statement of marketing strategy and the specification of the activities required to carry out the strategy. Marketing plans identify target markets and provide general guidelines for developing the marketing mix. Additional information in the plan may include environmental analysis, market research plans, cost estimates and sales forecasts.

      The process of developing a marketing plan begins with an assessment of the situation confronting the firm. This situation analysis identifies the company’s relative strengths and weaknesses as well as the opportunities and threats posed by their marketing environment. Based on this information, marketing objectives for specific products and markets are established. The development of the marketing mix reflects the objectives set for each product/market combination.

      Marketing Objectives specify the goals of the firm in both quantitative (e.g., sales, profit, market share) and qualitative (e.g., market leadership, corporate image) terms. They reflect the role of marketing in achieving company-wide objectives. To be useful, marketing objectives must be specific, measurable and indicate the time period for which they are in effect. These goals are, in turn, translated into more detailed goals for marketing mix variables.

      1.4 ENVIRONMENTAL ANALYSIS

      The Marketing Environment is composed of two types of factors: those which the organization can control and those which they cannot control. The success of the firm in achieving its goals depends on the ability to understand the impact of uncontrollable factors and the effective management of controllable factors in response.

      External forces which impact all firms within an industry are termed Macroenvironmental Factors. These uncontrollable forces are

      Demographics or Demography,

      Economic Conditions,

      Competition,

      Social and Cultural Factors,

      Political and Legal Factors (Government), and

      Technological Factors.

      Microenvironmental Factors are external forces which impact each specific company uniquely. Although these forces are largely uncontrollable, the firm can influence these factors to a significant degree. The microenvironmental factors are

      Suppliers,

      Marketing Intermediaries, and

      The Target Market.

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