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Marketing and the Marketing Mix This essay describes and explains the concepts of Marketing and the Marketing Mix MARKETING Marketing is the process of planning and executing the conception pricing promotion and distribution of ideas goods and services to create exchanges that will satisfy individual and organisational objectives Marketing is about connecting with customers serving the needs of society and accomplishing the goals of the organization Through customer satisfaction marketing creates the customer loyalty necessary to reach an organizations objectives Marketing works by creating valuable exchanges that provide utility consumer satisfaction The marketing strategy process has four steps - situation analysis targeting positioning and marketing mix decisions By blending the marketing mix product price promotion and place marketing decisions are made to support the positioning strategy A marketing strategy is a plan identifying what marketing Goals and Objectives will be pursued and how they be achieved within the time available Marketing strategies identify and specify target market and generate a practical marketing mix based on this data Basically a marketing strategy provides a big picture of what a businesss intentions are with regard to marketing THE MARKETING MIX The marketing mix is the organisations overall offer or value to the customer Traditionally the marketing mix represents in strategic terms the total concept and application of the goods or services to be marketed The basic marketing mix is often nicknamed the 4Ps product placedistribution pricing promotion these are elements in the marketers armoury - aspects that can be manipulated to keep ahead of the competition PRODUCT A product refers to the total concept that is sold The total product consists of both tangible eg raw materials features accessories and intangible eg brand name product line customer service parts In general terms product also refers to the needs-satisfying offering by a business to consumers It is therefore more than the physical thing sold by the business
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