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Marketing Essay

2441 words - 10 pages

Marketing Operations Term Paper
Richard Adams2
A market-focused, or customer-focused, organization first determines what its potential
customers desire, and then builds the product or service. Marketing theory and practice is
justified in the belief that customers use a product/service because they have a need, or
because a product/service provides a perceived benefit.
Two major factors of marketing are the recruitment of new customers (acquisition) and
the retention and expansion of relationships with existing customers (base management).
Once a marketer has converted the prospective buyer, base management marketing takes
over. The process for base ...view middle of the document...

A growing number of organizations,
especially large US companies, have a Chief Marketing Officer position, reporting to the
Chief Executive Officer.
The American Marketing Association (AMA) states, “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
Two Levels of Marketing
Strategic Marketing attempts to determine how an organization competes against its
competitors in a market place. In particular, it aims at generating a competitive advantage
relative to its competitors.
Operational Marketing executes marketing functions to attract and keep customers and to
maximize the value derived for them, as well as to satisfy the customer with prompt
services and meeting the customer expectations. Operational Marketing includes the
determination of the marketing mix.
Four Ps
Main article: marketing mix4
In popular usage, "marketing" is the promotion of products, especially advertising and
branding. However, in professional usage the term has a wider meaning which recognizes
that marketing is customer centered. Products are often developed to meet the desires of
groups of customers or even, in some cases, for specific customers. E. Jerome McCarthy
divided marketing into four general sets of activities. His typology has become so
universally recognized that his four activity sets, the Four Ps, have passed into the
The four Ps are:
Product: The product aspects of marketing deal with the specifications of the actual
goods or services, and how it relates to the end-user's needs and wants. The scope of a
product generally includes supporting elements such as warranties, guarantees, and
Pricing: This refers to the process of setting a price for a product, including discounts.
The price need not be monetary - it can simply be what is exchanged for the product or
services, e.g. time, energy, psychology or attention.
Promotion: This includes advertising, sales promotion, publicity, and personal selling,
and refers to the various methods of promoting the product, brand, or company.
Placement or distribution refers to how the product gets to the customer; for example,
point of sale placement or retailing. This fourth P has also sometimes been called Place,
referring to the channel by which a product or services is sold (e.g. online vs. retail),
which geographic region or industry, to which segment (young adults, families, business
people), etc.5
These four elements are often referred to as the marketing mix. A marketer can use these
variables to craft a marketing plan. The four Ps model is most useful when marketing low
value consumer products. Industrial products, services, high value consumer products
require adjustments to this model. Services marketing must account for the unique nature
of services. Industrial or...

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