Marketing

Marketing defined by kotler, Brown, Burton, and Deans Armstrong is that. Marketing is a social and Management activity and process, whereby Individuals and organisations obtain needs and wants. They do this through by creating and exchanging value with others. (Kotler, et al., 2010)

 The American Marketing Association in 2007 defined marketing as Activity, where a set of institutions and processes create communication, and deliver and exchange value. For customers, clients,   partners at society at large.

By looking at these two different Definitions of marketing witch are in some ways the same we can see that marketing is more than just advertisements and promotions. Marketing is a set of Processes and activities by witch companies and organisations communicate their products to Customers, partners, other business and Society as a whole. They do this so they can meet the needs and wants of the end user of their goods and crate value of their products they offer.

The marketing Frame Work

The marketing frame work is made up of the 5C’s, STP, and 4P’s.

5C’s are

·         Customers -who are or who do we want

·         Company -what are our strengths and weakness? What benefits and value can we provide customers?

·         Context -what is happening now and in future of our industry?

·          Collaborators – are our suppliers and partnerships we may have.

·         Competitors- are our competition and what they are doing in the market.

STP

·         Segmentation- Customer all ant the same they have different needs and wants so they are divide in to segmentations such as male and female or age.

·         Targeting- this is where we target on a piratical segmentation to meet their needs and wants in a market.

·          Positioning-where we communicate the benefits and create value for customers.

The 4P’s

·         Product- what is the good or service we are trying to sell and how does it meet needs and wants of the market.

·         Price-what is the cost of the product or how should it be priced in the market.

·         Place-this is how will they product get to the customer and where they can buy it.

·         Promotion- how will we communicate the product with customers or market to meet their needs and wants and offer value.

After a company knows all of the marketing frame work they can develop ways to communicate and build relationships with the market and customers to meet their need and wants and crate value to sell product to them.   (Iacobucci, 2009)

Now that we have defined marketing and looked at how the marketing frame work is made we can see that marketing is all about the way a company communicates and build relationships with its customers to meet their needs and wants while creating value to sell goods and services. In coming weeks we will look at different companies, marketing ideas and theory as to how to best communicate and reach a target market and build relationships to meet the consumers’ needs and wants.

Reference List

Iacobucci, D., 2009. MM. Boulevard: Cengage Learning .

Kotler, P. et al., 2010. Marketing. 8th ed. NSW: Pearson.