Marketing
Marketing - "The right product, in the right place, at the right time, at the right price" – Adcock
There are many definitions of marketing. The better ones are focused on customer orientation and the satisfaction of customer needs. But what exactly is marketing and why is it so important in modern business? Simply put, marketing is everything you do to place your product or service in the hands of potential customers. Effective Marketing entails taking the time to discover who your potential customers are, and how to effectively reach them.
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An overview of Marketing
In the business world of today here are many different elements to marketing:
The Marketing function in a company typically covers the following responsibilities:
Marketing Research:
Marketing research involves conducting research to support marketing activities, and the statistical interpretation of data into information. The overall aim of marketing research is to provide management with relevant, accurate, reliable, valid, and current information. All marketing research needs to have well-defined aim, be thoroughly executed out and effectively disseminated.
Market segmentation:
Market segmentation divides a segment of a market into consumers who have similar needs and wants. Marketing segmentation is conducted as a follow on from Marketing Research The main reason why Market segmentation is conducted is that segmentation allows a better allocation of a company’s marketing spend. A company only possesses a certain amount of resources. So it must make choices in servicing specific groups of consumers.
Marketing Strategy
The field of marketing strategy relates to the strategy involved in the management of a given product over it's lifespan.
A company may have several products in the marketplace, across many segments and markets. A Marketing strategy helps to effectively manage such products, choosing when and where to compete with established rivals for instance. A Marketing startegy also helps to plot the lifespan and evolution of a product , from its launch and entry into the market through to the point when it is being judged to have reached the end of its' lifespan. A strategy heps to ensre that the product receives a the correct and optimal proportion amount of marketing spend throughout these stages, helping to ensure that resources are used in the most efficient and effective manner.
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