Marketing Essentials

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Running head: MARKETING ESSENTIALS
Unit 2: Marketing Essentials
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Programme: Business
Unit: Unit 2- Marketing Essentials

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Table of Contents
Definitions and the Marketing Concept.................................................................................................................
Definition of Marketing.......................................................................................................................................
Nature of Marketing............................................................................................................................................
Developing Marketing Concept..........................................................................................................................
The Role of Marketing............................................................................................................................................
Structure and Operation of Marketing Departments.......................................................................................
Overview of Marketing Processes.......................................................................................................................
Roles of Marketing Within both a B2C and B2B Context................................................................................
The Interrelationships of Functional Units............................................................................................................
Marketing as a Business Function......................................................................................................................
Compare Ways in Which Organisations Use Elements of the Marketing Mix (7ps) To Achieve
Overall Business Objectives..................................................................................................................................
The 7Ps Marketing Mix.....................................................................................................................................
Product...........................................................................................................................................................
Price................................................................................................................................................................
Place................................................................................................................................................................
Promotion.......................................................................................................................................................
People..............................................................................................................................................................
Physical Evidence...........................................................................................................................................
Process............................................................................................................................................................
Significance of the Shift from 4Ps to 7Ps of Marketing...................................................................................
Overview of Marketing Planning Process........................................................................................................
Marketing Plan......................................................................................................................................................
Importance and Value of Marketing Plan........................................................................................................
Marketing Plans, Marketing Objectives and Marketing Strategies...............................................................
Evaluating and Monitoring Marketing Plans Using Appropriate Control and Evaluation .............................
Techniques..........................................................................................................................................................
Structure and development of marketing plans..................................................................................................
Market Segmentation and Target Market Selection.......................................................................................

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Marketing Essentials
Definitions and the Marketing Concept
Definition of Marketing
Marketing refers to all activities a company or small business participates in to promote
the sale or purchase of its products and services. It comprises of activities such as advertising,
selling and delivering goods to customers. All these activities are done while the business still
makes a profit. In some cases, corporations hire affiliate marketing companies to a do marketing
on their behalf (Abdullah Saif, 2015). This is mostly done to reduce costs.
Nature of Marketing
The nature of marketing is wide and it is what informs specific marketing practices. To
better understand the nature of marketing, it is explained under various categories as follows.
Fundamentally, marketing is a human activity through which human need and wants are satisfied
by the efforts of other human beings. Essentially, marketing is a human activity that leads to
human satisfaction. Without customers, a business cannot exist which is why all marketing
activities are customer-oriented. Businesses work towards providing customers with goods and
services which satisfy their desires. However, producers or manufacturers will only supply these
goods if they guarantee a reasonable profit (Mousumi, 2020). Marketing can be considered an art
and science especially in the technological arena as it involves identifying target markets and
supplying the market with the required services. This is coupled with proper communication
hence guaranteeing customer value. As such the goods and services are supplied at the right time,
place, quality, form, price and delivered to the right customers.
As an integral part of business, marketing involves commercial exchange of goods and
services. The exchange process occurs between buyer and seller. In addition to tangible goods,
the exchange process can involve the exchange of technology, new information or ideas. The
main focus of marketing is the customer and that is why businesses need to know how what and
how much a customer needs. To meet this condition, information related to goods and services
should be collected from customers (Grahame Robert Dowling, 2005). Marketing starts with find

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out what the customer needs and end ends when the customer needs are satisfied. Thus,
marketing starts and ends with the customer.
As a major business activity, marketing creates utilities by actualizing place, form, place
and possession utility. Form utility allows businesses to deliver goods and services in the nature
customers need the goods or services. Place utility entails availing the good or service at the right
location where customers can easily access it. As for time utility, companies must ensure
customers get the goods or services when they need them (Mousumi, 2020). Finally, possession
utility gives the customer ownership rights to the product hence the ability to derive all the
benefits associated with the product.
As most activities, marketing is goal oriented and its goal is to benefit both customers and
producers by meeting their needs. For instance, the main objective of marketing is to ensure
customers get was they want and producers make profit by satisfying consumer needs. Marketing
also guides producers on what, when and how to produce. As such, marketing may be considered
as the core of industrial activities due to its ability of guiding and controlling business.
It is through marketing those businesses and organizations interact with their clients with the
intention of meeting their needs while at the same time making profits and maintaining customer-
producer relationship. It is due to these interactions that goods and services can flow from the
producer to the end user or customer. Although the only players in marketing are producers and
customers, the marketing process is dynamic and complex process that involves a continuous
planning, control and implementation of numerous activities (Grahame Robert Dowling, 2005).
Most of these activities are done by the producers but customers facilitate the processes through
purchasing goods and services.
Developing Marketing Concept
Marketing concepts are developed with the notion of building the right product for the
customer rather than the finding the right customer for the product. They are influenced by
factors like the target market, profitability, needs of customers and presence of integrated
markets. Marketing concepts first begin with properly defining a market, followed by knowledge
about customer needs and finally carefully coordinating factors that affect consumer purchasing
power. This is then followed satisfied customers increase in profits for producers. Essentially,

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marketing concepts focuses on satisfying the consumers and at the same time making profit for
the company (Philip, 2012). This leads to a more competitive and efficient company which
creates delivers and communicates customer value.
The Role of Marketing
Structure and Operation of Marketing Departments
There is no a one-size-fits-all on how operations of marketing departments should be
structured. The structure of marketing departments is dictated by the requirement of a business.
In most cases, there is a top-level executive who develops the strategies of marketing and
oversees the activities of various marketing departments. These departments can cover a variety
of operations. To ensure consistency and effectiveness in these operations, the departments are
divided into teams that focus on specific activities such as social and social media advertising or
market research (Lorette, 2010). All these activities are properly coordinated to ensure a firm
meets is goal of profitability and customer satisfaction.
Overview of Marketing Processes
These are all process that ensures that the right product is produced and successfully sold
to a customer; they include analysis, strategic planning and marketing mix. Marketing analyses
refers to taking real time data about a market and use this data to gain a competitive advantage
over competitors. For instance, a could collect data on when there is a peak in consumption in a
particular market. In response the firm focuses most of its resource to produce more during the
peak period to make more profit than its competitors. Strategic planning involves defining a
particular trajectory a business is supposed to follow to meet its goals. It usually involves
assessing the current position of the firm and determining the resources or activities that should
be done to ensure the firm follows the pre-defined path to meet its future objective. Mission,
visions and values of companies help fortify a strategic plan. Marketing mix refer to the
approach firms use to promote their products or brands in a particular market (Farooq, 2019).
Generally, most companies employ the 4P (Price, product, promotion and place) marketing mix
to sell or promote their merchandise.