Marketing Paper Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives. (Boone and Kurtz).
The founder of marketing Philip Kotler states that marketing is “the set of human activities directed at facilitating and consummating exchanges.”(Kotler) American Heritage Dictionary’s refers to marketing as to the commercial functions involved in transferring goods from producer to consumer. Good marketing is one of the key elements of success of any organization its products or services. Marketing focuses on product, price, place and promotion and every marketing department should keep up on all four of those areas. A good example of not keeping up with the product is Polaroid with their instant cameras.
First – very successful idea and product, but then they lost it with the invention of digital cameras. Polaroid is not producing cameras any more, they could not keep up with the demands of the market. Price and promotion can be used as very effective marketing tools, when goods sold at higher prices with more entourage are perceived as more luxury than other goods with the same characteristics sold at lower prices with less effective advertising. Good examples of that are designer clothing, shoes, perfumes (Gucci, Prada, etc).
As to the place element of the 4 Ps let us look at the example of Coca-Cola, which is globally known for the aggressive placements of their drinks virtually everywhere: wending machines, cinemas, restaurants, airlines, etc. Marketing are all those activities associated with identifying the particular wants and needs of a target market of customers, and then satisfying those customers better than the competitors. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product, pricing, promotion and place.
The Essay on Unit 9 Exploring Creative Product Promotion P2
Promotion is an important marketing activity – it is a component of the marketing mix. The marketing mix consists of the Product, Price, Place, Promotion, People, Packaging, Physical Evidence and Processes. Promotion is heavily influenced by the other elements of the marketing mix. The features and benefits of the product must be included in ever promotional activity. Product features, such as an ...
Bibliography: The American Heritage, Dictionary of the English Language, Fourth Edition., (2000), Houghton Mifflin Company Contemporary Marketing Wired, Boone and Kurtz, Dryden Press (1998).
Philip Kotler, Marketing Management, Prentice Hall, 11 edition (May 2002) http://en.wikipedia.org/wiki/Marketing#Four_Ps.
