1) What is marketing and the functions of marketing?
Marketing - this is all about the way the marketing companies promote the product and how they can create the most profit as possible. The main way to do this is by continually looking at the audiences demands, seeing where there demand fits within the current market, and if the creator of the product/service can find a niche. The consumer is the most important aspect when thinking about marketing as you will need to monitor their interests and demands to continually be successful. if your product/service is successful you will be expected to create further products, each an improvement from the last. This is a prime example when looking at Apple. Once they've released a phone they will look at the things the consumer will find unnecessary or may need to be improved and they will make sure that is improved upon for the following product.
The chartered institute of marketing's defintion of marketing - The management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Marketing definition - the process of planning and executing thee conception, pricing, and distribution of ideas, goods and services to create changes that satisfy the consumers needs.
Marketing - is an approach to doing business that focusses on identifying the customers needs and preferences. using the information, a company can shape the goods and services it provides.
Marketing campaign - a marketing campaign is a coordinated series of steps that can include promotion of a product through mediums (television, radio, print, online) using a variety of different types of advertisements.
9 functions of marketing
Product/service management - assisting in the design
Marketing information Management - Managing and using market information to improve decision making
Financing - budgeting for marketing activities, providing financial assistance to customers to assist them with purchasing the organisations products.
Purchasing - Planning and procedures necessary to obtain goods and services for the use in business and resale
Pricing - establishing the value of products and services to customers
Distribution - Determining the best methods to be used, so the customers are able to locate, obtain and use the product
Promotion - Communicating information to prospective customers through advertising and other promotional methods to encourage them to purchase the product.
Selling - Direct communication to the customers in order to assess needs and satisfy those needs with appropriate services
Risk management - Planning, controlling, preventing business losses.
the functions of marketing are a key to success in any business. in the early stages of the company, they may ask family or friends to help them, with marketing, to help them with the creation of the logo, slogan etc.
However, big companies may use major Marketing and PR teams to assist them in promoting their company, such as digital marketing company Red Hot Penny. The company will have their own marketing department within, but they will look to other companies to create the advertising and marketing videos or products so then the quality will be for definite.
Marketing Strategy process
Understand customer
Analyse the market
Analyse the competition
Pain point - one of the best ways to increase sales is to identify your customers pain points then position your company to deliver solutions that relieve these issues. customers with a burning need for something - their pain point - are highly motivated to relieve the pain by buying what you have to offer.
What pain points do your customers have? -
- Time pressure
- Social Pressure
- Work Pressure
- Family pressure
Pain pint solutions
- do your provide a faster service?
- A status symbol?
- An official way to do business?
- A solution for a busy parent?
Research distribution channels
Defining your marketing mix
Analysing the Financials
Review and revise
Online media
- Print media
- Social media
- Publicity
- Direct mail
- Email
- Radio
- Television
- Telemarketing
- Events and trade shows
- search engines
- outdoor media
