What is Marketing

Marketing

is an integrated communications-based process through which individuals and communities discover that existing and newly

Identified needs and wants may be satisfied by the products and services of others.


What do marketer do?
Product +Sales+ Customer orientation → Organization


What is Marketing mix
Marketing Mix contained 4 elements:
product, price, place and promotion
which may change for same product in different regions over time .

Product:

The product aspects of marketing deal with the specifications of :
1. physical product (entity)( tangible )
2. services offered to the consumer (virtual abstract )(intangible)

considerations

(1) branding name (2)function of product (3)quality (4)packaging (5)repair and support (6)warranty (7)accessories and service


Price:

1. It’s what market has to pay which recover all cost and profit out of taxes which should be paid of products

2. It’s the worthy value buyers think .

It’s essential to both customer satisfaction and company profitability .

(1)raw material (2)labour cost(3)production cost (4)overheads(5)warehousing and depot(6) delivery transport(7)sales staff- commission ,salaries, training
(8) wholesales’ and retailer’s profit (9)office administration(10)bank loan
(11)service-accountant, lawyer (12)marketing research (13)sales promotion (14)advertising) (15)public relation

Key word

Capacity point , Budgeting

(the profit) Margin –the difference between all cost and income

VAT-valued added tax (e.g., alcohol )

Price boom-government limit the price increases

Price cut- competition of price between companies

Price war- the company that is first to reduce or increase piece

Price controls –Price rising quickly

Piece leader (price) –label attached to good

Comparison

●●Price tag -price increase
●●price hike -price reduce

▲Downmarket -
consumer goods that are mainly sold to low-income people
▲Upmarket -
consumer goods that are mainly sold to high-income people

●Mass market
The mass market is the group of consumers who occupy the overwhelming mass of a bell curve for common household products, i.e. they could be tagged as being "average

●Niche market
the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact

Placement:

Place associated with channels of distribution that enable the company to get the product to target customers , that is ,effected by the environment

Physical distribution include warehousing ,wholesalers ,retailers
which make ip the channels of distribution
Ex. How to sell (e.g. online or retail), where to sale , sale to whom

Promotion:

In the UK ,it means short-term promotion schemes ,like marketing rather than advertise , Branding refers to the various methods of promoting the product, brand, or company. This includes advertising, sales promotion, publicity, and personal selling.

Key word

Product Endorsement
Testimonal , written or spoken statement approving of some product, typically a contract to promote a product by a celebrity or athlete.

What is Brand
A brand t as an identifiable entity that makes a specific value based on promises made and kept either actively or passively，distinguishes products and services from competitive offerings.

A Brand reflects personality of the company and represents the consumers' experience with an organization, product, or service.