marketing mantra

8/10/2019 marketing mantra

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Elements of marketingprocess

Needsand

WantsProducts

Value andSatisfacti

on

ExchangeUtility andTransactio

n

Markets

The Concept and Process of Marketing

Marketing is that concept which can enale an indi!idual to create an idea

into reality" if it is clearly understood and applied and it is dri!en y one#sintuition" creati!ity" inspiration and inno!ation$ %f approached scienti&cally"

it can help an organi'ation to introduce new products and if skilfully done"

it can identify new marketing channels for product introduction$ Thus the

marketing concept has een explained as a marriage etween eha!ioural

and management science$

1.1. Elements of the Marketing Process

E!en though many experts ha!e di(erent !iews on the elements of

marketing process" still the o)ecti!e of the marketing acti!ities and

strategies are used to increase the pro&taility of the usiness$ *

marketing process is often dri!en y the inputs of marketing research

conducted$ Through marketing research" the marketer can identify the

target segment as well as it helps to de!elop strategies for product

o(ering and relationship uilding$ The fundamental of marketing process

is explained in the elow &gure$

Figure 1


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Source: Made by Student !"1!#

Needs and Wants: * +need, is something that one has to ha!e$ * need is a

resultant of lack of asic satisfaction and it is asolute necessary to ha!e$

-or example. food" shelter and cloths are the asic needs of an indi!idual$

%f one is depri!ed of food" he won#t sur!i!e for long$ Thus making need as

an important factor in human existence$ * marketer can#t in/uence the

needs of an indi!idual$ Wherein +want, is something that one likes to

ha!e" it is not necessary to ha!e$ The choices of wants are dependent on

many factors as well as on the societal culture$ -or example. an indi!idual

needs food for sur!i!e" ut from the choices of urger" pi''a and chicken

he might want to ha!e urger$ * marketer can in/uence the wants of an

indi!idual$

Products. Product is an important element in the marketing concept as

well as an important factor under marketing mix$ %f the product is well

known then the strategies on placement" promotion and pricing could e

formed$ Packaging also plays a role in marketing a product as it attaches

an intangile !alue to the product$

Value and Satisfaction. To get a competiti!e edge" an organi'ation has to

ac0uire customers as well as retain them$ This could only e done if a

customer percei!es !alue in the product o(ering$ *mong the choices of

di(erent rand products" a customer would choose the one with high

!alue as percei!ed y him$ +Value, is always termed as the product

o(ering ene&ts !ersus price among the other choices$ Wherein"

+Satisfaction, is termed as product performance !ersus expectation$ %f aproduct performance is par with the customer expectation" he is satis&ed$

1rgani'ation goes eyond to pro!ide !alue and satisfaction to retain

customers$

Exchange Utility and Transaction. * successful marketing is not only

limited with the needs" wants and !alues ut also a transaction of

something that is desired y oth the parties in!ol!ed in the transaction$


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The sole purpose of marketing transaction is to ring in a win2win situation

for customer as well as for the organi'ation$

Markets. The homogeneous group of people with common needs and

wants and ready to exchange utility for the needs and wants are termed

as a +market,$

The continuous /ow of product and ser!ices is re0uired for a market to

function smoothly$ %t is also important to maintain an exchange of

communication y all the parties in!ol!ed in the transaction as well as the

organi'ation should pro!ide all the information aout products to the

customers$

1.!. $ene%ts and Costs of Marketing &rientation

E!en though there are many de&nitions which explain the concept of

marketing orientation$ 3ut there are two among all which descries the

est aout it$

Market orientation is shaped y long term focus and pro&taility$ %t is a

tripod which stands on three pillars and they are customer orientation"

competitor orientation and inter2functional co2ordination$

Marketing orientation is the gathered information spread across di(erent

functional departments in an organi'ation and which shapes the

marketing intelligence on the current and future needs of a customer$

The ene&ts of marketing orientation are as followed.

Marketing orientation and sales growth are directly proportional thusmarketing oriented companies ha!e higher growth sales$

Marketing orientation is directly related to market share thus a

marketing oriented company will ha!e increase in market share$ The chances of new product success are more in a market oriented

organi'ation as the product success rate and market orientation are

correlated with each other$

E!en though it is argued that it is an expensi!e usiness to implement

marketing orientation y an organi'ation and often compared with the


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success and failure of the marketing organi'ation$ 3ut the fact is that the

ene&ts associated with implementing marketing orientation out numers

the expensi!e argument$

The cost associated with marketing orientation could e roken into.

Market 4esearch. 1rgani'ations ha!e a choice of doing in house

research or hire an agency$ 3ut in oth cases there is an expense

associated with it$ 5ost in!ol!ed in designing segmentation" targeting and positioning

strategy$ * general product is always cheaper than the customer product$ -or

customer ac0uisition and satisfaction it is mandatory to pro!ide

customised products$ The cost in!ol!ed in promotional acti!ities such as ad!ertising" sales

and promotion are also expensi!e$ The cost in!ol!ed in forming a distriution channel$

*n organi'ation is !alued on the asis of parameters like rate of e0uity"

pro&t generated and market domination$ The insights of research study

states that there are most likely chances of marketing 1rientationcompany growing" well planned and works closed y coordinating with

inter departments$

%n contrary" the non market orientation companies are the one with low

running costs and thus make it pro&tale$ 3ut the sustainaility and

continuous growth is still 0uestionale$

marketing mantra

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