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Marketing

Marketing

Marketing is the process of communicating the value of a product or service to customers.

 

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Jessica Fields

Jessica Fields

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The term macro-environment denotes all forces and agencies external to the marketing firm itself. Some of these forces and agencies will be closer to the operation of the firm than others, e.g. a firm’s suppliers, agents, distributors and other distributive intermediaries and competing firms. These ‘closer’ external constituents are often collectively referred to as the firm’s proximate macro-environment to distinguish them from the wider external forces found, for example, in the legal, cultural, economic and technological sub-environments.

Article: Micro and Macro Environme...
Source: Micro and Macro Environme...

The micro marketing environment consists of certain forces that are part of an organisations marketing process, but remain external to the organisation. This micro marketing environment that surrounds organisations can be complex by nature, however the company has an element of control over how it operates within this environment. Marketing helps you to manage and make sense of this complexity.

Article: marketing, web developmen...
Source: Marketing Environment –...

The internal marketing environment includes factors that the business can directly influence. This can include:
The organisational structure; The strengths and weaknesses of a department; Financial stability and resources; Staff morale; Spare production capacity; Client base; Pricing structure; Selling channels; Staff skills.

Article: Marketing plan - how to w...
Source: Marketing plan

The marketing environment surrounds and impacts upon the organization. There are three key elements to the marketing environment which are the internal environment, the microenvironment and the macroenvironment. Why are they important? Well marketers build both internal and external relationships. Marketers aim to deliver value to satisfied customers, so we need to assess and evaluate our internal business/corporate environment and our external environment which is subdivided into micro and macro.

Article: Marketing Environment
Source: Marketing Environment

The relationship marketing process is usually defined as a series of stages, and there are many different names given to these stages, depending on the marketing perspective and the type of business. Using the relationship marketing approach, you customize programs for individual consumer groups and the stage of the process they are going through as opposed to some forms of database marketing where everybody would get virtually the same promotions, with perhaps a change in offer. The stage in the customer LifeCycle determines the marketing approach used with the customer.

Article: Marketing Stages
Source: Marketing Stages

Relationship Marketing uses the event-driven tactics of customer retention marketing, but treats marketing as a process over time rather than single unconnected events. By molding the marketing message and tactics to the LifeCycle of the customer, the Relationship Marketing approach achieves very high customer satisfaction and is highly profitable.

Article: Relationship Marketing
Source: Relationship Marketing

Four Ps of Marketing: Product, Place, Price and Promotion.

Article: Ogilvy & Mather
Source: Ogilvy & Mather

The marketing mix and the 4 Ps of marketing are often used as synonyms for each other. In fact, they are not necessarily the same thing. "Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.

Article: The Marketing Mix and 4 P...
Source: MindTools.com

The study of managerial marketing developed in the early 1950s. During this time managerial theorists defined marketing management as a process of decision making or problem-solving. This approach emerged out of the traditional sales approach and became a broadly accepted function of business stressing on the basics like product planning and developing, pricing, promoting and distributing (Webster, Jr. 1992). These fundamental functions, to supply goods to final consumers and satisfy their needs formed the marketing mix.

Article: Custom Oxbridge Essays &a...
Source: Contemporary approaches t...

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.

Article: Career Center
Source: marketing
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