Elements of the Marketing Process

Elements of the market accomplish1.1 Explain the sundry(a) elements of the merchandise process. merchandiseKotler (2010) defines that trade is the social process by which individuals and groups hold up what they need and want through creating and exchanging products and value with differents. merchandise is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging creviceings that impart value for customers, clients, partners and society at large. (Ameri burn merchandise Association, 2010)Customers Needs, Wants and DemandsA successful occupancy starts with hold uping the customers. Customers are raft who buy products and services from other people much(prenominal) as companies of one sort or a nonher. The caller-out whitethorn already know them as friends, neighbors and family but to develop the companys craft sector, it is really outstanding to know what the customers need or want. The needs, wants and demands help the marketplaceers decide the products which they have to offer in the market.NeedsNeeds are easier to define but very according to social needs, physical needs, individual needs and other factors. The affair of marketers is to understand the needs of the customers. Human needs are the basic requirements and intromit food clothing and shelter. Without these human fag endnot survive. The products which are under the needs house do not require push. By supplying more about 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 fellowship products transportation sectorWantsA diversion is frequently made between needs and wants. The merchandise image 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 to a fault largely depend on the needs of the customers themselves. They are the form of human needs shaped by culture 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 outperform, and also the customer has the major power 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 trade term that relations how products or services supplied by a company meet a customers expectation. Customers satisfaction helps the companies to evaluate their ability in brush customers needs and expectations effectively. (Zeithaml et al, 2009) market ProcessThe merchandising process is the process of analyzing market opportunities, selecting tar germinate m arkets, developing the market mix, and managing the marketing effort. Tar countenance customers stand at the center of the marketing process.Various Elements of marketing Process There are discordant kinds of elements under marketing process. They are Situational AnalysisMarketing ObjectivesMarketing StrategyMarketing MixImplementation and say-so.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 flipper 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 planning 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 c an lead the agreement of better understanding the factors which give 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 encouraging its products or services to customers. They should always represent 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 effective goals and objectives are defined by the SMART criteria.SMART stands forSpecificMeasurableAgreed and Attainablerelevant and RealisticTimetable (class notes)For example to improver 50 students per month in 2014to snip at least 70% well-trained students in 2016Marketing StrategyA strategy is a long-term plan to discover certain objectives. thus a marketing strategy is a marketing plan considered to achieve marketing objectives. s.t.p. marketing is a three- step approach to work up a target marketing plan. S is for constituentation, T is for targeting and P for place (Kokemuller, n.d).Segmentation is essentially a brainstorming activity due to demographics, psychographics, lifestyle, spirit and values, life stages, geography, behavior and benefit (Hanlon, 2013). Targeting allows companies to classify the market segments that fit the outstrip with their products. Hanks,(2014) states that Positioning includes the development of a product that the selected target market segment views as unique 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 fall into the following seven controllable ca tegories named as 7Ps. carrefourPricePlacePromotionPeopleProcessPhysical EvidenceImplementation and ControlAn effective strategic writ of execution 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 stand 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 be of marketing orientation for a selected organization.Production creationThe production creation is a concept where goods are produced without taking into consideration the choices or tastes of the customers. (Manzoor, n.d)Product ConceptThe custome rs will prefer products that have better quality, performance, and features as resistance to a normal product in the product concept. This is truly relate 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), sociable Marketing is the design, implementation, and control of programs seeking 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 appreciati on and attention of the targeted students and parents across a considerable 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.Adaptability collect 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 take aim such as rules and teaching methods. follows of Marketing Orientation for MICCostIf there are no effect returning, the cost of market query 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 liquidate for the organization, too much time will have to be worn out(p) for discussions, meetings and so on.ReferencesKotler. P, (2010) what is marketing? How 10 Experts Define It, Online. procurable at http//www.skylinetradeshowtips.com/what-is-marketing-how-10-experts-define-it/ Accessed eleventh November 2014American Marketing Association, (2010) what is marketing? How 10 Experts Define It, Online. addressable at http//www.skylinetradeshowtips.com/what-is-marketing-how-10-experts-define-it/ Accessed 11th November 2014N. a, (2014) Marketing Theory. Online. Available 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. 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