Elements of marketing - 3044 Words

1.1 Elements of the marketing process. The process of marketing entails the following four elements i. The parties The consumer is typically prepared to make certain sacrifices in terms of money and effort in order to obtain an offering that satisfies his needs. The aim or aspiration of the customer is to satisfy his needs within the limits of his means(Booms Bitner 1981). Therefore the marketing officer analyses the needs and desires of the consumer and determines whether they can be met profitably .Within the marketing process this activity identifies homogeneous groups of whose individual likes are similar .These groups are referred to as market segments, and from them the organization selects one that it can serve†¦show more content†¦Market oriented businesses have a higher client retention compared to those that are product oriented (Booms Bitner 1981). Customers dealing with the business feel that the business listens to them more hence stay with the business longer. Market orientation makes it easier for an organization to enter into strategic partnerships with its clients as opposed to those clients simply remaining consumers of its goods. The strong focus a market oriented business has on its customers eventually leads the customer into becoming more and more involved in the affairs of the organization (Booms Bitner 1981). 2.1 Environmental Factors Analysis The preparation of an environmental analysis is a critical step in the comprehension as well as the appreciation of local, and international forces that affect a business(Booms Bitner 1981). By definition, an environmental analysis is the evaluation of the probable effects of external factors as well as conditions in a company’s growth and survival strategies (Brassington 2000).One of the instruments of analyzing an organization’s external environment is the PESTEL analysis. PESTEL is an abbreviation for political, environmental, economical, social, legal and technological factors. The SWOT analysis analyses the internal business environment.: PESTEL ANALYIS Social factors address social issues that concern the values, opinions, ideals and the culture ofShow MoreRelatedThe Major Elements Of Marketing856 Words   |  4 PagesThe four Ps approach to marketing has been widely regarded as the traditional approach to marketing. While the value approach concentrates on delivering value to the consumers or customers, the 4Ps approach is evidently concentrated not on customers, but on the product itself. 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Further, the marketing of such products should in addition to being conducted in the right place also utilize the most appropriate promotion. In this text, I amongst other things apply the various elements of the marketing mix to the Coca-Cola Company. The Elements of the Marketing Mix: An Overview The term marketing mix in the words of Lamb, Hair and McDaniel (2008) can be defined as a unique blend of productRead MorePepsi Elements Of Marketing Strategy814 Words   |  4 PagesPepsi Elements of Marketing Introduction PepsiCo is the second largest nationwide food and beverage industry in the world. This company has twenty-two brand names that collectively bring in billions of annual funding from the retails. Their main focus is to produce pleasingly food and beverage within the company that are valued to household names throughout the world. The marketing strategy and mix both are connected to target marketing, focusing on the company needs and wants in a large group setting