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Understanding the Marketing Mix

   

Added on  2020-02-24

4 Pages739 Words354 Views
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Running head: Key elements of marketing mix 1Introduction to marketingKey elements of marketing mix
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Key elements of marketing mix 2OverviewMarketing is the process to raise the interest of customers or clients towards services or products. It involves researching, monitoring, promoting and selling of the products and services. Marketers come under those professionals who are liable to carry out these activities. As per Kolter and Armstrong, (2008), marketers are responsible to build the customer value and relationship by following certain steps. In the first step, there is need to marketer to understand the market place along with the needs of customer. It has been stated by Sharp that marketers should research in the form of survey or observation to identify the opportunity in the market so that business can dictate which kind of market presenting to provide to the market and which kind of adaption will be required to remain in the competition. It is the process which is considered as the evidence based marketing. It is the market where marketers make decision on the basis of relevancy about the selling and purchase behave (Wirtz, Tuzovic and G. Kuppelwieser, 2014). In the next step, marketers focus on target customers to gain the more profit, growth and sustainability. Marketers choose the groups of customers to perform through distributing the markets in to segments of consumer using market segmentation. After that marketers make decision about the set of values in which they want to serve so that their segmented customers can get satisfied by distinguishing and positioning their products and services. It is referred as customer-driven strategy. For instance, Amazon is the company that initiated its business from online bookshops, but now it is the most well known online company that deals in almost all products such as grocery, electronics, households and so many. The main approach behind this achievement was to design a personalized home page for its consumers with having the features
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