Different definitions have been given about the Concept of

Marketing by Individuals,Organisations etc. While opinions

have varied about what the term really means the
encapsulating fact however is that all these definitions
highlight the elements of exchange of goods and services,
hence a proper definition would be incomplete without
them.
Kotler and Keller (2006),Marketing as a Societal process by
which individuals and groups obtain what they need and
want through creating, offering and freely exchanging
products and services for value with others.
The American Marketing Association(1985), Marketing is the
process of planning the conception, pricing, promotion and
distribution of ideas, goods and services to create exchanges
that satisfy individual and organizational objectives.

MARKETING PROCESS
This refers to the traditional series of activities an organization or
individual employs in facilitating the actual exchange of goods and
services.
These processes are as follows:

Identifying Potential buyers,

Developing appropriate solutions to their needs, whether

products or services,

Communicating information to those buyers about these

solutions,

Making the exchange,

Delivering the Offering.

However, these processes are tantamount to change based on the

characteristics of the organization, its products and services,
prevailing economic conditions and nature of the market.

KEY MARKETING COMPONENTS

Marketing as a Concept is made up of the following Components:
A.GOODS AND SERVICES
Goods (Products) and Service basically are what the Organisation or Individual is offering to its prospect/potential customer in exchange for value.
It is the solution to the desire of the Customers.

B. NEEDS AND WANTS

Needs are the basic forces that drive people and business to buy things
from each other. They underline the exchange of Goods and Services.
Human needs stem from our basic biological and psychological make up
which include need for food, shelter, drink and self fulfilment.
Wants reflect a persons or organizations desire for specific ways of
satisfying a basic need, for example: an individual walks in tired and
thirsty, he needs a cold drink, but wants Orange Juice.

COMPETITION
Competition is a state of rivalry between sellers, each trying
to gain a larger share of the market and greater profits than
the others.
The following factors influence the amount of competition
affecting a given product or service.
Number of organisations Competing in the Market
Consumers interest in purchasing the product or service
External Factors such as :
Availability of Raw Materials
Government Policies
Transportation of Goods and Services

MARKETING MIX
The Concept of Marketing Mix is central to the
whole Discipline of Marketing,
The term is used to describe the combination of controllable
market variables that a manager uses to carry out a marketing
strategy in pursuit of the firms objectives in a given target
market.
COMPONENTS OF THE MARKETING MIX
In its early form,developed for retail products the marketing
mix was said to consist of 4 Ps :

Product

Price

Promotion

Place

These have subsequently been expanded to reflect better the

mix in service industry marketing, there are two additional Ps;
People
Process
PRODUCT
PRODUCT is the generic term that includes Services, they are the
physical or actual items being offered to the market.
Products and Services are often modified, redesigned, repackaged or
discontinued during the life of an Organization.
PRICE
PRICE comprises of the recommended or actual Price of the Product or
Service in the market.
PROMOTION
Is the collective word covering all communications with existing and
potential customers, it includes Advertising, Personal Selling, Public
Relations, Sponsorships,etc. The image of the Company through these

PLACE
PLACE is the distribution channel for the Product or Service and
describes the locations and ways in which the buyer experiences it. For a
Hard Product, place may be a retail outlet or mall.
PEOPLE
PEOPLE form an integral part of the consumers perception of that service,
the are essential to the delivery of any service. A service delivered
efficiently or rudely by a person is likely to degrade that service in the eyes
of the Customers.
The training, motivation and morale of Staff are therefore very important.
PROCESS
PROCESS applies only to the marketing mix for Services, if the process for
receiving a product or service is cumbersome or very hard, the customer may
not be inclined to use the service again or recommend it to another. Process
is an important element of the marketing mix for services as it represents
the main interaction between the Service Provider and Recipient.

MARKET SEGMENTATION
This is the process through which the total market is broken down to create
distinctive consumer groups or market segments. A market segment is a group of
customers with relatively uniform demands and needs compared with the rest of the
market.

The following are criteria used to define certain market segments:

DEMOGRAPHIC FEATURES:

Age

Gender

Education

Occupation

Income

Social/Economic Status

BUYING BEHAVIOR

Product or Service Usage

Benefits Sought

GEOGRAPHIC LOCATION

Region

Population density

BEHAVIORAL FEATURES

Political Persuasion

Ambition

Independence

The aim of Segmenting a market is to arrive at a defined customer group

which matches the organisations offering.
Segmentation is a two Stage Process
Stage 1: Identify the market Segments
Stage 2: Describe the market Segments.

MARKET POSITIONING
This is an important element of Segmentation, its important to note that
the Consumers perception of a product or service is often as important
as its substance when it comes to planning its success.
Positioning involves not only selecting the correct market segment for
your product or service but also finding the appropriate niche in that
market to distinguish it from its competitors on such matters as price
and quality.
The level of positioning should match the producing organisations
business strategy for success in any given segment. If the product or
service has a recognisable image among consumers, it is sensible to
continue to promote this.

MARKETING STRATEGY
The Marketing Strategy provides the platform from which corporate marketing
objectives can be met by making realistic plans for action and the best use of
resources.

An organisations strategy combines all of its marketing goals in

one comprehensive plan. A good marketing strategy should be
drawn from market research and focus on product mix in order
to achieve the maximum profit and sustain the business. The
marketing strategy is the foundation of the marketing plan.
COMPONENTS OF MARKETING STRATEGY
Establishing the Corporate content ( Mission and Vision
Statements)
Analysis of internal and external environments (SWOT)
Formulation of Marketing Strategy
Implementation, Control and Evaluation

MARKETING MIX AND MARKETING STRATEGY

The following are some examples of marketing options using
marketing strategies:
PRODUCT

Expand the Line

Consolidate the Line

Standardise the Design

PRICE

Put the Price up

Lower the Price

PLACE

Change distribution methods

Change service

Change channels

PROMOTION

Change Advertising

Change Personal Selling Strategies

PEOPLE

Conduct a skills analysis and recruit new people

Change Service levels by Segments

Review and improve communications with Customers

PROCESSSES

Alter the Process for Signing up new customers

Change Service Delivery

MARKETING PLAN
This is a comprehensive document that outlines an organisations
advertising and marketing efforts for the duration of year. It compiles all
business activities involved in accomplishing specific marketing
objectives.
The plan should be based on where the company needs to be at some
time in the future. A good marketing plan helps you:

Identify your customers

Identify your Competitors

Develop a marketing strategy to make your business stand out.

Your marketing plan helps you to develop products and services that
meet and satisfy customers needs, it is also an integral part of your
business plan.
A marketing plan for a small business typically includes Small business
Administration Description of Competitors, including the level of demand
for the product or service and their strengths and weaknesses;

Description of the Product or Service Including

Special Features,

Marketing Budget, including the Advertising and

Promotional Plan,

Description of Buisness location,including

advantages and disadvantages for marketing,

Pricing strategy,

Market Segmentation.

Category

Strategy

Target Market

Upscale households with incomes between $65,000 and $500,000 with

an emphasis on female decision makers between the ages of 30 and
55

Positioning Statement

The best looking and sounding modular stereo system

Offering to customers

Add one lower-priced model and two higher priced models

Price Strategy

Price 10% above our closest competitor (be specific here)

Distribution

Internet gift stores i.e. red envelope, Brookstone, high end catalogs
i.e. Sharper Image

Sales Strategy

Expand by 10% for this product line, hire a national account manager

Service Strategy

Available through all major box chains

Promotion Strategy

Develop a new campaign that focuses on the positioning, emphasize

higher price and designer look

Marketing Research

Conduct customer audit and identify new market opportunities

Any other component of your marketing

plan