Marketing Management

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Marketing: Various Concepts

Marketing

Marketing is as old as the mankind. Marketing is the most important function of a business. In the business organizations, marketing is very helpful for the generation of revenues essential for the survival and growth of the firm. Marketing has a very vast field. Marketing can be defined as a continuous process of planning and accomplishing the conception, pricing, promotion and delivery of products, services and thoughts for the formation of exchanges which can satisfy the customers and goals of the organization.

Marketing is a phenomenon brought about by the pressures of mass production and increased spending power. Marketing is a total system of interacting business activities designed to plan, promote and distribute need-satisfying products and services to existing and potential customers. Marketing is a basic phenomenon, which can not be considered as an independent function. Marketing consists of the whole business process from the point of view of the final results, i.e. from the point of view of the customer (Peter & Donnelly, 2002).

Marketing mainly concentrates on the customers. It starts with the customers and ends with the customers. The main aim of marketing is to fulfill the needs of the customers at the best and required level. No business can survive without the provision of the goods and services according to the requirement of the customers and marketing is the best tool to fulfill the customer requirements. Thus, marketing plays a significant role in successful running a business.

Concepts of Marketing Process

The marketing process is an essential component of marketing. Under marketing process, the business organization investigates the needs of the customers which were not fulfilled and tries to provide the products and services which can fulfill those needs sufficiently (The Marketing Process, 2007). The whole marketing process contains several sequential concepts. The main concepts are situation analysis, marketing strategy, marketing mix decisions and identification & control. In the initial stage of the process, the firm analyzes the whole situation carefully to find out the opportunities through which it can serve the customers in best possible way. In this process, the firms also analyze their own abilities to fulfill the customers' needs and also assess the environment in which the firm is operating. Thus, in situation analysis both internal and external factors of the business are analyzed.

The next concept of the marketing process is marketing strategy. After identifying the best opportunity to meet the needs of the customers, the business firms develops a strategic plan for pursuing the available opportunities. The business organization gets the information about the market through the effective marketing research. With this information, the firm becomes able to find out the market segment and provision of appropriate offerings according to the needs of that particular market segment. In the marketing strategy in the business firm involves segmentation, targeting the selected market, positioning the product and value propositions.

The third concept of the marketing process is marketing mix decisions. Under the marketing mix, the business organization focuses mainly on the four Ps of marketing namely product, price, place and promotion. All the business organizations aim to offer right product to the right place in the right time and also aims to promote the products. In the fourth concept, the plan becomes developed and products are launched in the market. But this is not the end concept of the marketing process as it continues in the long run.

Strategic Planning

Strategic planning is an essential management task which is concerned with the growth and future of a business enterprise. Strategic planning was evolved hand in hand with the evolution of the industrial system. Strategic planning explains to decide how to allocate resources among the possibilities of what's to be done. In other words, strategic planning can be stated as the conceptualization of basic organizational mission, objectives and goals, programs and policies to achieve those goals and all the procedures, which are helpful for the organizations to achieve organizational ends. The strategic planning mainly consist certain fundamental issues such as mission and purpose of the business, corporate ...