Marketing is a business function that involves the identification of current unfulfilled needs and wants, and moves ahead to define and measure the magnitude of these unfulfilled needs. It then determines the target market with which the organization can best serve and decides on appropriate product, services and programs to serve this market.
Marking process involves the creation of value for consumers and the building of strong relationship between the consumers and the company in turn receive value from the consumers.
Marketers have to understand their markets and costumers to formulate a marketing strategy for gaining competitive advantages.This involves designing a costumer - driven marketing strategy. The marketing mix is the frame work through which companies implement their marketing strategies. The marketing mix comprises four groups of variables known as the 4 Ps: Product, Price, Place, Promotion.
Product: Goods, services or goods and services combination that the company offers to the target market. variety quantity, Design, Brand name and Packaging are all part of the things considered when looking at products.
Price: Yeap. The costumers have to pay to obtain these goods and services. So things like discounts on purchases, payments periods, credit terms (if there will be any) is fixed under price.
Place: Activities through which companies deliver their products to the target consumers. For example: the distribution channels, sub - locations and transport, logistics, inventory, coverage etc.
Promotion: These are activities by the companies that communicates the advantages of the products to the target consumers. Advertising, Personal settings, sales promotion, public relations are considered.
The above mix can only be adequately managed when the marketer has conducted researches on the intended market, set goals and budgets and also review his position frequently in the market. Upgrades are necessary and they occur everyday, it is in the place of the marketer to find those upgrades.