Marketing is a basic function of all organizations. But what does marketing consist of? I need to explain what marketing is (what does marketing consist of, what are business are trying to accomplish with marketing) by using an example from the normal operation from a company like one that franchises a chain of fast food restaurants throughout the United States.
1. What does marketing consist of, what are business are trying to accomplish with marketing) by using an example from the normal operation from a company like one that franchises a chain of fast food restaurants throughout the United States.
Marketing is about promoting your product/service for success (e.g., profit). Put simply, marketing includes any activity that lets potential customers know about your product or service, what makes it special or better than others in the marketplace, and (ideally) encourages them to buy it. Marketing includes all forms of advertising and sales, but it means much more for many businesses. http://au.smallbusiness.yahoo.com/040202/7/e3n.html
Let's expand on these ideas by looking at the example below. It discusses what marketing consists of, what are businesses are trying to accomplish with marketing, and uses an example for illustrative purposes:
This article discusses the marketing process, beginning with the most important step - researching and identifying your target market. The next steps, which include defining and developing your competitive edge, will underline the value of your product or service for this market. Market positioning, image building and branding will all emerge from this research. Other vital elements of the marketing process, including writing a marketing plan and creating a marketing budget, are explained, as well as tips and solutions on turning some of the basic business activities you're already engaged in into marketing opportunities, e.g. using business cards or stationery to their full potential. This type of marketing can be extremely effective and not necessarily expensive.
This article outlines the other elements of what is often called the marketing mix, including sales promotions, merchandising, public relations, and advertising. Finally, this chapter gives some advice on the all-important aspect of selling - often the final step in the marketing process.
Put simply, marketing includes any activity that lets potential customers know about your product or service, what makes it special or better than others in the marketplace, and (ideally) encourages them to buy it. Marketing includes all forms of advertising and sales, but it means much more for many businesses. Businesses can survive for some time with poor record keeping, insufficient finance or a lack of management skills, but they won't last without a market. You may have the best service available, but what if no one wants to buy it? A strong market for your service may exist but what if nobody knows about it or how surprisingly affordable it is? What if everyone thinks your product is the same as all the others on the market? Something must be done to make the phone ring - and that is marketing! Businesses of any size should include marketing, however simple, as a core part of their day-to-day activities.
As a small business owner wanting to market a product or service, you need to have a marketing strategy. A good strategy should define your market, outline the benefits that your product or service offers that market, establish how you will reach that market and set out a budget to achieve your goals.
But what exactly is marketing?
Marketing means different things to different people. A marketing manager will talk about distribution lines, market segmentation and product life cycles. An electrician will advertise in the local paper, put signs on the ute and get t-shirts printed with the name of the business on the back. Then you have the accountants who sponsor the local soccer team with their business name on the jerseys so that mums and dads on the sidelines might think about the company at tax return time. And guess what? This is all marketing!
How does marketing work?
Marketing supports sales and product development in a range of ways. It's based on the ability to identify, attract and satisfy customers. Of course, this all needs to be done at a price that represents value to the customer and profit to your business. So the costs of marketing must be factored into the budget and pricing. Not all elements of marketing will threaten your budget - some are business basics that are free or very affordable essentials that you will do in the course of business anyway, eg have your logo and company name on all stationery and quote slips. The good thing about marketing is that you can choose which elements work best for the product and service, as well as fitting your budget.
The aim of marketing is to have the right product or service:
At the right price
At the right place
At the right time
With the right appeal to suit your market and product
Brought to the attention or awareness of the target market.
Knowing & identifying your ...
Marketing is a basic function of all organizations. This solution explores the meaning of marketing and what marketing consists of. It also explains what business are trying to accomplish with marketing. An exmaple is provided.