Marketing consists of a multitude activities that include decisions about the company’s:
- Products or services
- Pricing policies
- Promotions and
- Distribution methods.
The ultimate equal is to facilitate exchange between an enterprise and its customers. This exchange relationship exists as one party becomes willing to give something of value in order to receive something of value.
Marketing is the process of conceiving than exchange and then accomplishing the tasks necessary to deliver t he goods or services in a manner that satisfies customer and meets the business objective.
Is the combination, designing and integrating all elements of marketing into various functions which on the basis of an appraisal of the market forces would achieve the objectives of an enterprise at a given time.
Marketing functions include:
- The product – involves the planning, designing and developing the right type of the product in order to meet the customer’s satisfaction. It includes.
The packing of the product
- The image
- The brand name and label
- The product
- The product quality
- The product range
- The product output
- The product warrantees and after sale services
- The product policy
- The product
The price- involves giving value which is charged by the suppliers. This is an important element of marking because;
- It relates directly to the generation of revenue
- Measures the profit cost and revenue elements.
- Affects the product quality and quantity
- Has a psychological impact on consumers.
- The placement – also known as distribution is concerned with linking the seller and buyer through the product and involves elements of
- Inform potential customers
- To convince and persuade existing customers to continuer choosing the product
- To establish a business image or good will
- To canter competition from other business dealings
- To increase sales and revenue.
The marketing strategy
This is a consciously formulated plan that describes how the new venture will compete. It focuses the business enterprise on a target market to fill the gap or create a nitche.
A well calculated marketing strategy provides guidelines for the entrepreneur concerning-:
- The expected results
- Allocation of resources
- Responsibilities for marketing
- Ways of controlling the enterprise.