MARKETING MIX.

Jackson Aneth BAPRM 42565.

Marketing

Marketing is a widely used term to describe the communication between a company and the consumer audience that aims to increase the value of the company or its merchandise or, at its simplest, raises the profile of the company and its products in the public mind. The purpose of marketing is to induce behavioral change in the receptive audience.

The American Marketing Association most recently defined Marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

The techniques used in marketing include choosing target markets through market analysis and market segmentation, as well as understanding methods of influence on theconsumer behavior.

From a societal point of view, marketing provides the link between a society's material requirements and its economic patterns of response. This way marketing satisfies these needs and wants through the development of exchange processes and the building of long-term relationships.

In the case of nonprofit organization marketing, the aim is to deliver a message about the organization's services to the applicable audience. Governments often employ marketing to communicate messages with a social purpose, such as a public health or safety message, to citizens.


Marketing mix

The marketing mix is a business tool used in marketing and by marketers. The marketing mix, originally coined by Neil Borden, can be valuable when determining a product or brand's offer, and is often associated with the four Ps. The four Ps was proposed by professor E. Jerome McCarthy in the 1960s.

The four P's. Product is the first P representing the actual product. Pricerepresents the process of determining the value of a product. Place represents the variables of getting the product to the consumer such as distribution channels, market coverage, and movement organization. The last P stands for Promotionwhich is the process of reaching the target market and convincing them to buy the product.

The four Ps determine how marketing satisfies consumer needs. They are considered controllable marketing mix factors, meaning that they can change or be altered as needed. Habits, lifestyle, and diet are all considered to be controllable risk factors.

In the 1990s, the concept of four C's was introduced as a more customer-driven replacement of four P's.

There are two theories based on four Cs Lauterborn's four Cs.consumer, cost, communication,convenience and Shimizu's four Cs (commodity, cost, communication, channel) in the 7Cs Compass Model (Co-marketing).

Factors of influence on marketing strategies.

In addition to the controllable marketing mix factors, there are uncontrollable factors called environmental forces.

The external influences are the forces that affect the characteristics of the marketing strategies to which marketeers adapt. Amongst others they include regulatory, economic, social, political environmental, competitive, and technological.

• Regulatory, This refers to laws and legality governmental policies that may affect the way marketing can be characterized. For example, government restriction on the importation of a particular product might hinder the marketers playing in that particular field.

• Economic, Various trends in the economic business cycle, including inflation, recessions, deficit, or income level. Each of these factors can have a direct impact on marketing which may have to be re-evaluated and overhauled as a result.

• Social, The social forces refer to the structure and dynamics of individuals and groups and their behaviors, beliefs, thought patterns and lifestyles, friendships,When consumers change their needs and wants, this directly affects marketing strategies.

• Political, The socio economic conditions are closely related to the state of the governmental institutions. Depending on the governmental impact on bureaucracy, corruption, freedom of speech and other limitations or opportunities the marketing strategies will adapt to the political conditions.

• Competitive, Competition refers to the numbers of similar competitive product brands. A new competitor entering the market will directly affect the marketing strategies of the incumbent companies.

Firms offering similar services or products often achieve differentiation through marketing, positioning and branding.

• Technological, The marketing strategies often adapt to the pace of development of the consumer demand and exponential technological progression.