Basics of Marketing (Assignment)
Explain the following concepts.
1.MARKET & MARKETING MANAGEMENT: Market is a place or a geographical area where
buyers and sellers meet and enter into transactions involving transfer of ownership of goods and
services. Marketing is a social and managerial process by which customers obtain what
they need and want through creating ,offering and exchanging products of value with
others. Marketing is the process by which an organisation interacts
creatively,productively and profitably to the marketplace.
2.PRODUCT MIX: A Product mix(also called as product assortment) is the set of all
products and items a particular seller offers for sale. A product mix contains various
product lines, which are associated items that consumers tend to use together or think
of as similar products or services. A company’s product mix has certain width,
length,depth and consistency. These four product-mix dimensions permit the company
to expand its business in four ways.
3.MARKETING MIX: The marketing mix refers to the set of actions, or tactics, that a
company uses to promote its brand or product in the market. The 4Ps make up a typical
marketing mix - Price, Product, Promotion and Place. All the elements of the marketing
mix influence each other. They make up the business plan for a company and, handled
correctly, can give it great success. But handled wrong and the business could take
years to recover. The marketing mix needs a lot of understanding, market research and
consultation with several people, from users to trade to manufacturing and several
others.
4.PRODUCT CONCEPT : The product concept holds that consumers will favor those
products that offer the most quality, performance, or innovative features as opposed to
normal products. The product is truly applicable in some niches such as electronics and
mobile handsets. Here the consumer needs should be given priority. A new or improved
product will not necessarily be successful unless the product is priced, distributed,
advertised, and sold properly. Example:The mug is ceramic, while the strainer is made
from silicone, so that the product is dishwasher and microwave safe.
5.PROMOTION MIX: The promotion mix refers to the blend of several promotional
tools used by the business to create, maintain and increase the demand for
goods and services. The several tools that facilitate the promotion objective of
a firm are collectively known as the Promotion Mix.The Promotion Mix is the
integration of Advertising, Personal Selling, Sales Promotion, Public Relations
and Direct Marketing.
6.AUGMENTED PRODUCT : An augmented product is a product that has
been designed by its seller to include several additional benefits and features
beyond just the physical product. Usually,these additional benefits come in the
form of intangible features and services that accompany the purchase of that
product. The marketers prepare an augmented product that exceeds
customers expectations.
7.MARKET SEGMENTATION: Market segmentation is the process that
companies use to divide large heterogeneous markets into small markets that
can be reached more efficiently and effectively with products and services
that match their unique needs. Marketing segmentation identifies bases for
segmenting markets and developing segment profiles. It segments customers
and audiences into groups that share similar characteristics such as
demographics, interests, need,or location.
8.DIGITAL MARKETING: Digital Marketing is the term used for the targeted,
measurable, and interactive marketing of products or services using digital
technologies to reach the viewers, turn them into customers, and retain them.
Digital marketing is the method by which companies endorse goods, services,
and brands. At a high level, digital marketing refers to advertising delivered
through digital channels such as search engines,websites, social media,email
and mobile apps.
9.;SEO: SEO stands for “search engine optimization.” In simple terms, it
means the process of improving your site to increase its visibility for relevant
Searches. Search engine optimization is a process of optimizing web pages
and their content to be easily discoverable by users searching for terms
relevant to your website. The term SEO also describes the process of
making web pages easier for search engine indexing software, known as
“crawlers” to find, scan, and index your site.
10.MARKETING AUDIT: The Marketing Audit refers to the comprehensive,
systematic, analysis, evaluation and the interpretation of the business
marketing environment, both internal and external, its goals, objectives,
strategies, principles to ascertain the areas of problem and opportunities and
to recommend a plan of action to enhance the firm’s marketing performance.
