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MARKETING CONCEPTS 1 Marketing Concepts Name of the Student Name of the University Author's note

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Australian Catholic University

   

Principles of Marketing (MKTG100)

   

Added on  2020-02-24

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The process through which a business organization promotes attracts, and engages the target market for the product or services it has to provide is referred to as marketing. It's a method of planning, strategizing, organizing, and communicating at the appropriate time and in the right place in order to get the best possible results.

MARKETING CONCEPTS 1 Marketing Concepts Name of the Student Name of the University Author's note

   

Australian Catholic University

   

Principles of Marketing (MKTG100)

   Added on 2020-02-24

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Running head: MARKETING CONCEPTSMarketing ConceptsName of the StudentName of the UniversityAuthor’s note
MARKETING CONCEPTS 1 Marketing Concepts Name of the Student Name of the University Author's note_1
1MARKETING CONCEPTSThe concept of marketing is the process by which a business organization promotes, attracts andengages the product or services it has to offer to the target market. It is a process of planning,strategizing, organizing and communicating in the right place and at the right time for besteffective results (Baker 2014). There are some core concepts of Marketing: Needs, wants and demands- Needs are thebasic requirements of us human beings, whereas wants are the requirements which are backed upby influence of an external factor. Demand is the requirements of an individual which issupported by the purchasing power that we posses. Products: is the basic good or service that abusiness organization has to offer in exchange of money. Value satisfaction and quality: thequality of the product or service of the business should have a satisfactory quotient for theexchange of the money that we pay in return. Exchange and relation- the relation with existingcustomers or building new relations with potential customers are a requisite for a successfulbusiness. Markets: it is the place where the transaction of good and service occur. According to me what I have understood is that the first step to marketing is to create amarketing mix. There are traditionally four Ps in a marketing mix: product, price, place andpromotion. With the modernization of technology and more research scholars have come up withmore Ps like placement logistic, physical evidence, process and people. A business organizationif not a non-profit seeking then the ultimate aim of the organization is to earn profit and to growthe business in the long run in order to do so the company must perceiver to build a healthyrelationship with the customers. With customer marketing relationship, social networking and
MARKETING CONCEPTS 1 Marketing Concepts Name of the Student Name of the University Author's note_2
2MARKETING CONCEPTScustomer services increased the trends companies can now have a more interactive and a moreinsightful relation with the consumers (Shields 2015). The landscapes of the marketing process of the business organization arechanging with the advancement and growth of technology. Marketing is a dynamic process andhence it is required to upgrade itself with regards to the internal and external change in thebusiness environment. The business organizations should focus their ideas on the customers than making profit.If the customers is satisfied and the value proposition of the item that is being served is of highvalue then the customers are sure to become loyal and then go on to advocate for the companywhich in turn is anyway going to fetch profit and increase the sales of the organization. The priceand the product or service should be at par with each other for the item to work successfully inthe market. In this process it is important for the company to study the target market of thebusiness. The company should have a clear idea about who they want their products to sell. Thedemographic, behavioral, psychographic and geographic factors should be taken in toconsideration (Turnbull and Valla 2013). A business operates in two environments internal and external. Both these environmentsheavily affect the business and should be taken into consideration while making any policies ofthe organization or taking any other business decisions. One such business environment is theeconomy of the country that the business is based. Some of the general issues of an economy are:the gross domestic product or the GDP it is the amount of the total value of the goods andservices produced at any given time; economic growth; unemployment; inflation and the balanceof payment. The government of any country has these economic goals in the mind: economic
MARKETING CONCEPTS 1 Marketing Concepts Name of the Student Name of the University Author's note_3

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