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Marketing is the management process responsible for identifying, anticipating and satisfying customer needs profitably. Marketing is ensuring that the customers needs are satisfied while making sure profits are still make and giving good customer service as well as attracting new customers.
• The 4 P’s – The Marketing Mix (People, Process, Physical Environment)
Price – Linked to sales and profits. Elasticity – price can change demand, check to see how your prices compare with competitors.
Product – What your going to sell/service. If products no good, the rest of mix won’t work. Changes can be made to product to make it better and more competitive.
Promotion – Making customers aware of the product/service – advertising, special offers, user trials, free gifts, competitions.
Place – The way we get our product to the customers – the more ease and places to buy the product, the better for the business.
• Internal Factors affecting Marketing – Inside the Company and can be controlled. These indicate strengths and weaknesses of the company.
Money – working capital, cashflow
Marketing – how company currently uses marketing, right price etc
Manpower – staff within the business
Materials – supplies
Machinary – efficiency, reliability
• External Factors affecting Marketing – Outside the Company and is uncontroll ...