What is Marketing?
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The term marketing has different definitions based on the person or source giving the definition. Marketing is a vital component in any business as it determines the success or failure, especially of new companies. A personal definition of the term marketing is “all the activities that a business entity performs to capture and retain the market share for their goods and services. Any activity that a business entity does with the aim of selling its goods or services can be considered as part of marketing. Marketing involves, the production of products, placement of the product, correctly pricing the product, and promoting the product. Marketing can also be referred as the process of setting up and executing the conception, distribution, pricing of ideas, services, goods and events to maintain the relationship between the consumer and producer.
Marketing management philosophies
There four marketing management philosophies which include sales orientation, product orientation, market orientation, and social market orientation.
- Sales Orientation
This philosophy of sales orientation is founded on the assertion that consumers buy more goods or services only if aggressive and assertive techniques are used.
- Product Orientation
This philosophy pays attention to the internal capabilities of a company rather than the needs and desires of the market place. In simple terms, this philosophy promotes the idea of “what we offer, you take.”
- Market Orientation
This philosophy is found on the idea that the economic and social justification for a company’s existence is the satisfaction of the client’s needs and wants, while meeting the objectives of the company.
- Social Marketing Orientation
This philosophy states that a company exists not only to enhance or preserve an individual’s or a society’s long term interests, but also satisfy the needs and wants of the customers while meeting organizational objectives.
Strategic marketing is a vital entity in the success of any business. Its importance can be attributed to the fact that it provides a competitive advantage in shaping not just a corporate or brand positioning, but also set the agenda for growth and innovation.
Components of situation analysis
Analysis of trends
This component of situation analysis aims to develop a statistical picture of a community or customer based on current available information. This component uses secondary data to identify trends, describe trends, and compare the customers with others in the region, state, or country.
A SWOT analysis (strength, weaknesses, opportunities, and threats) is a review of both the internal and external environment of an organization.
A focus group is a semi-structured brain storming session or interview with a small group of people (8-12) that encourage creative and flexible discussions built around a small number of questions.
Elements of market mix
The elements of market mix are sometimes referred to as the 4P’s of marketing. They include product/services, place, price, and promotion.
Product: defines what a customer wants from the product or service.
Place: it defines the exact location where the consumer will look for the product or service
Price: the price defines the value of the goods or services to the customer
Promotion: defines the place and time that a company ca n deliver it marketing message to the target market.
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- Social Marketing