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1. Introduction to the topic
What marketing is all about?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives.
Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is meeting needs profitably.
Marketing facilitates the exchange process and the development of relationships by carefully examining the needs and wants of consumer, developing a product and services that satisfies these needs, offering it at a certain price, making it available through a particular place, and developing a program of promotion to create awareness and interest.
All marketers need to be aware of the effect of globalization, technology, and deregulation. Rather than try to satisfy everyone, marketers start with market segmentation and develop a market offering that is positioned in the minds of the target market.
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Marketing Mix
Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
Marketing-mix decisions must be made to in?uence the trade channels as well as the final consumers. Typically, the firm can change its price, sales-force size, and advertising expenditures in the short run. However, it can develop new products and modify its distribution channels only in the end. Thus, the firm typically makes fewer period-to-period marketing-mix changes in the short run than the number of marketing-mix decision variables might suggest. < ...