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Marketing Concept and Tools

Marketing concepts and tools are covered in this blog, we shed light on those used in everyday marketing activities.  Marketing is a complex function. It involves the creation of value for customers and the design of an effective way to communicate that value to other people. It also includes managing cash flow, budgets, and expenditures in order to achieve this aim. Marketing is about understanding customer needs and wants, identifying competitors, and communicating effectively with potential customers. The purpose of a marketing mix is to create a successful marketing strategy by combining different elements together so that they work together as a team towards achieving one goal: to increase sales or purchase intent through better perceptions among buyers or customers.

  •  Management.
  • Research.
  • Decision Makers.
  • Decisions Quotes.
  • Making Economic Decisions.
  • Marketing MIX.
  • Strategy.
  • Research.
  • Marketing by Philip Kotler.
  • Concept.
  • Targeting.
  • Niche.
  • Plan.
  • Marketing Models.

Watch Erica Philip Kotler discussing “Marketing”

“Kotler’s textbooks serve as the basis for graduate business programs worldwide”

Scope of Marketing Management

Marketing management is part of the broader field of management, which is the process of coordinating people, activities, and resources to achieve strategic goals. The scope of marketing management is broad and includes all aspects of running an organization’s marketing function or department.

The scope of marketing research can vary considerably depending on whether it is done internally by a company or externally by an independent research agency.

Manufacturing companies that spend millions on R&D (research and development) are likely to have highly-trained in-house researchers who conduct market research internally.

On the other hand, many small businesses choose to hire outside research firms because they lack financial resources or expertise in conducting market analysis surveys themselves.

Either way though, there are a few key areas where most companies tend to focus their efforts when designing new products or services: consumer behavior trends; competitor analysis; product testing methods; advertising effectiveness tracking studies; consumer panel recruitment programs; customer satisfaction surveys; pricing analysis reports among others.

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Scope of Marketing Research

The scope of marketing research is the systematic investigation to establish facts, principles, and relationships concerning the nature of a product, service, or firm and its potential customers, competitors, and suppliers.

It is used to identify customer needs and wants, and to develop marketing strategies, plans, and programs that will satisfy these needs. Marketing research provides information about:

  • The characteristics of present or future customers.

  • The effectiveness of advertising on sales volumes; specific products sold; market share trends; sales growth patterns; etc.

  • How competing products are distributed geographically or by type (e.g., discount stores vs full-line stores)?

Scope of Marketing

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.

Marketing encompasses product development (including new product design), market research & analysis, market target identification/segmentation;

product launch/introduction; price setting; promotion strategy selection (including advertising media selection); sales force management; customer service training; after-sales follow-up procedures.

Marketer Decision Makers

  • Marketing decision-makers:

  • How do you know who they are?

  • What are their role and responsibilities?

  • How do they make decisions?

  • Decision-making process:

  • Identify the problem or opportunity you want to address (goal)

  • Develop solutions or options for addressing it (strategy)

  • Choose the best option(s) (action plan)

Marketing Decisions Quotes

  • Marketing decisions are based on the concept of decision-making. Decision-making is a process of identifying and choosing alternatives that will satisfy given objectives. These alternatives are called courses of action or courses of action for short.

    • Identify the problem (explain what you want to achieve)

    • List available solutions/alternatives (list all the possible solutions)

Business goals

Watch Seth Godin Discusses “Everything you (probably) Don’t know about Marketing”

Making Economic Decisions

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. It is defined as “a process by which individuals (or groups) obtain what they need and want through creating economic exchange value”.

Therefore an organization has to develop a marketing mix that will help it reach its customers or consumers in order to meet its objectives effectively.

Marketing mix refers to the four levels of decisions needed in order for a product or service to be successful: product management, price management, place management, and promotion management.

The tools in this section will help you understand how each tool fits into your marketing strategy for your products/services so that you can make informed decisions about their implementation over time

Marketing MIX

The marketing mix is a combination of the four Ps of marketing: product, price, promotion, and place.

The marketing mix also consists of other factors that influence the nature and extent of marketing activities. These include things such as customer service, sales force training, and motivation, advertising strategy, trade promotions program design/execution, and brand management. The marketer must consider all these elements in formulating his or her overall marketing strategy for a product or service; this includes identifying their relative importance as well as how each should be measured for effectiveness.

Marketing Concept And Tools​

Marketing Management

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

The range or scope of marketing research varies depending on whether it’s conducted by an external firm or an internal department.

Satisfying various stakeholders’ needs is another way of looking at the marketing mix — giving customers what they want at a price they’re willing to pay but also meeting the needs of other stakeholders such as suppliers and shareholders.

It’s important to note that each time you make a decision about anything in your business — whether it’s choosing who to hire for a job opening or deciding how much merchandise should be offered on sale — you’re making an economic decision based on some kind of financial analysis.

Marketing strategy

A marketing strategy is a firm’s plan of action to fulfill its marketing objectives. It is a set of decisions that are made by the firm, in other words, it’s the process of developing and implementing the marketing plan.

The objective of a company’s marketing strategy can be anything from increasing market share to increasing sales volume or even improving brand image. Marketing strategies also vary depending on whether a company has existing strengths or weaknesses as well as its current position in relation to its competitors (also called “positioning”).

In order for you to create an effective marketing strategy, you need to first define your target market and identify your main competitors before coming up with ways that will help make your product or service stand out among those offered by competing brands.

Marketing Concept And Tools​

Marketing Research

Marketing research is the process of collecting and analyzing data to help make marketing decisions. Marketing research helps marketers understand the market and the customers. It can be used to decide what products are needed, how much they should cost, how they should be promoted (if at all), and where they should be sold.

Marketing research can also be used to evaluate advertising campaigns or other promotional efforts after they have been launched.

Marketing by Philip Kotler

The marketing concept is clearly defined by Philip Kotler as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that will satisfy individual or organization objectives.”

Marketing as a concept can be applied to different industries such as retailing, manufacturing, and service industries.

Marketing Concept And Tools​

Marketing Concept

Let’s start with the basics. What is marketing? The scope of marketing includes everything that a company does to earn profits and meet its goals through the production and distribution of products, including:

  • Product design, development, price-setting, and even manufacturing

  • Marketing’s role in promoting products or services to various audiences

  • The flow of information between firms, distributors, and customers/clients (both current buyers/users as well as potential ones) about their offerings

Marketing Targeting

When you’re marketing your product or service, you must define your target market. This is the group of people that you want to use your product or service. For example, if you own a business that sells furniture and home decor, your target market might be young professionals with families who live in urban areas.

If you do not know exactly who comprises this group, then how can you possibly hope to effectively reach them?

That’s why it’s important to define marketing targeting before making decisions about how best to reach out to potential customers.

Marketing Niche

  • Define your marketing niche.

  • Marketing niche definition: The marketing niche is the market segment you are going to target with your products and services. It’s important to define how big this segment is so you can understand how much potential there is in it, and whether or not it’s worth spending time trying to break into it. For example, if you want to sell shoes online and all of the people who buy shoes online are teenagers who live in California, then that would be a tiny market with no potential for growth (because there aren’t many teenagers in California). If however, those same teenagers were buying their shoes through Facebook ads targeted at teens across the country, then it could be a very large market worth pursuing!

  • Market research examples: Tools like Google Keyword Planner allow marketers to analyze search trends related to keywords as well as geographic locations associated with various queries related to searches; this tool is useful for finding out which keywords have high demand (and therefore high competition) but also a low competition – meaning that there aren’t many people competing for top rankings on these terms yet! These types of discoveries will help marketers narrow down which topics/questions most interest their customers while also ensuring they’re getting maximum exposure by targeting relevant audiences only.”

 

Marketing plan

A marketing plan is a document that describes the marketing strategy, including the product, price, promotion, and distribution. It’s a business plan that describes the marketing strategy, including the product, price, promotion, and distribution.

marketing niche

Marketing Models

Marketing models can be used as tools to help you plan your marketing strategy. There are several different types of models, but they all explain how consumers make decisions and offer advice on how to increase sales by providing information about what customers want and need.

The marketing mix is a combination of product, price, place (distribution), and promotion that influences the perception of a company’s product in the marketplace. The model is often referred to as the “Four P’s” because they represent the four main variables that affect customer behavior:

  • Product – What you sell or provide

  • Price – How much you charge for your products

  • Place (distribution) – Where you sell your products; this may include online stores or physical locations such as retail stores, kiosks/kiosks in malls, etcetera

  • Promotion – How you advertise/market your product(s).

Conclusion

The marketing concept is a broad one, covering everything from managing your finances to understanding how customers use your products. Marketing is also a lifelong skill that you can apply in any industry or career path.

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