LEARNING OUTCOMES:
After studying this unit you should be able to explain:
The marketing process
The marketing function of the business
The management task in marketing
Marketing challenges that lie ahead
THE MARKETING PROCESS
LEARNING OUTCOMES:
After studying this unit you should be able to explain:
The marketing process
The marketing function of the business
The management task in marketing
Marketing challenges that lie ahead
INTRODUCTION:
Today's successful companies - large or small, for-profit or non-profit, national or
global - share a strong customer focus and strong marketing commitment. The
purpose of marketing is to create and manage lucrative client relationships.
Marketing is to acquire new consumers by offering higher value, and to keep and
increase existing customers by providing satisfaction. Marketing operates in a
dynamic global environment that can quickly make yesterday's strategies for
success redundant. In order to be successful, companies must be strongly market-
oriented.
, THE MARKETING PROCESS
Great marketing companies go to great lengths to learn and understand the
needs, wants, and demands of their customers. This understanding helps them
design satisfying market offerings so they can build valuable customer
relationships, thereby capturing customer lifetime value and greater customer
share. This leads to long-term customer value.
The marketing manager must consider the following variables when making
decisions about product offerings in order to maximize the company's profits:
The product
The distribution channel
The marketing message
The price
The organization's target market consists of consumers with needs and the
financial resources to meet those needs. The target market sacrifices money in
exchange for the organization's product offering to meet their needs. The
company must decide who to serve by dividing the market into customer
segments (market segmentation) and choosing which markets to target with its
product offering.
THE MARKETING FUNCTION OF THE BUSINESS
Marketing can be considered as a key function in any business as it contributes to
the profit and also maintains a close relationship with the customers. Marketing
needs to interact with other functional departments for maximum efficiency.
These departments include:
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