Marketing is the process of through which goods and services are communicated from the producer to the customer. Marketing acts as a link between the society’s material requirements and its economic responses required. It is one of the indispensable organizational functions. the organizational function of marketing is nothing less than crucial to any firm as it relates to the most intricate and important decisions governing the very existence of a firm.
The four P’s of marketing are-product, price, place and promotion.
Following is the partial lists of Management related topics in which we provide marketing assignment help to the students.
Product-it includes the basic product or service for which the consumer is willing to pay a value in return. It is the core product or service in question. For example for IPhone, the contents of the box form the “product”. When a firm takes decision about the product it may relate to the contents (eg the handset, earplugs, charger etc), the quality, packaging, labeling etc.
Price-It is the value which is paid by the customer in return for the “product” delivered. The firm has to appropriately decide the price of the product so that profits are bagged by the producer as well as it represents the true value as perceived by the customer.
Place-It refers to the channel through which the products or services are delivered to the customers. For example some onion farmers sell their output to middlemen which in turn sell to us. The firm has to select from the existing channels or to create its own.
Promotion-It refers to the promotional techniques by which the consumer is made aware of the product, its quality and other characteristics. The producer will have to choose from the different existing modes of promotion be it online, print media ie newspapers/magazines or television or radio. Unconventional modes of promotion are coming up such as gorilla marketing.
Marketing strategy refers to a process which allows a firm to optimize its resources and business opportunities available in order to maximize its sales. It includes scanning of the internal and external business environment .Internal environment includes the organization structure, marketing mix and others. External environment would include the competition in the market, analysis of the consumer, analysis of the market.
A strategic plan can be constructed to post the scanning to find various alternatives available, establish the goals, fix the marketing mix to attain these goals and implement these.
Marketing strategies which are based on market dominance include leader, follower, challenger and nicher.
Marketing strategies based on growth can be classified as horizontal integration, vertical integration, diversification and intensification.
Horizontal integration is when a company creates or acquires production units for outputs which are similar. For example Samsung has released various handsets in its galaxy series pertaining to various price bands.
Vertical integration is where companies in a supply chain are united through a common owner. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need. For example if a mobile handset seller starts producing its parts by itself it would be regarded as vertical integration. A monopoly produced through vertical integration is called a vertical monopoly.
Various other marketing strategies are-
1. Community Marketing - This technique refers to the needs and requirements of the existing customers, as against using various promotional activities to gather new consumers. This promotes loyalty and product satisfaction and also gives rise to “word of mouth” marketing that is when you like a like a product and tell your friends about it. It is more reliable and works better than any other manner of marketing promotion.
2. Affinity Marketing - it links brands which complement each other which hence create strategic partnerships that benefit both companies. While one adds value to existing customer by generating more income, while the other brings in new customers. For example selling Heinz ketchup with Maggie.
3. Call to Action (CTA) Marketing - It is a means particulary and popularly used by websites in the form of a banner, text or graphic, where they induce a person to click it and move into the conversion barrel, from searching to navigating an online store to bagging a sale.
4. Alliance Marketing –In here two or more firms come together and pool in their resources to promote or to sell a particular product or service which will have a much bigger combined impact on the market.
5. Ambush Marketing - This is used by advertisers to bank on a specific event without making any specific the payment, thereby bringing down the costs. It has sub-categories of direct or predatory ambushing or indirect ambushing by association.
6. Close Range Marketing (CRM) – this is also known as Proximity Marketing. It uses Bluetooth technology or Wifi to promote their products and services to their customers at close proximity. For example when you visit café coffee day the wifi connection provided there will provide various activities attempting to promote the brand.
Marketing segmentation-It refers to the strategy where the target market is divided into subsets of consumers with similar needs and priorities and charachteristics. Consumers can be divided through geographic segmentation, behavioral segmentation, and segmentation by occasion.
Marketing research is conducted to obtain data required for marketing activities, and then interpreting the data into information in order to take decisions regarding the marketing mix. Marketing researchers use statistical methods such as quantitative research, qualitative research, hypothesis tests, Chi-squared tests, linear regression, correlations, frequency distributions, poisson distributions, binomial distributions, etc. to interpret their findings and convert data into information. The main aim of the marketing research is to come up with accurate, valid, relevant and reliable and updated data to be used by the organization.
Two types of buying behavior exist-
B2B-It when an organization buys a product or service from another organization. For example Airtel provides audio conferencing and video conferencing services to various organizations.
B2C-it is the most general and relatable form of the doing business. When an organization sells to a customer not in an organizational form. For example when you buy a chocolate from the market.
A new concept of right time marketing is emerging as well. This concept aims at selling the consumers the right product at the right time.ie the product be made available to the consumer at the right place, at the right time. In order to achieve this organization must master its product mix.