Core Elements of Marketing
A core set of elements creates a foundation for marketing management. The following are core concepts of marketing that help the marketer to focus on different ways to reach the customers.
The marketer must try to understand the target market’s needs, wants& demands. Needs are the basic human requirements. The needs become wants when they are directed towards specific objects that might satisfy the need. Demand is wanted for a specific product which is backed by ability & willingness but it is mostly criticized that marketers create need & influence customers to buy the product but needs are been pre-exit & by understanding the needs of the customer the need of customers the marketer produces the product.
2)Target market positioning & segmentation
A marketer can rarely satisfy everyone in a market. Not everyone like the same thing. Therefore marketers start by dividing up the market into segments they identify & profile distinct groups of buyers who might prefer or require varying product & service mixes by marketers can rarely satisfy everyone in a market.
3) Offering & brands
Companies address needs by putting forth a value proposition a set of benefits they offer to customers to satisfy their needs. The intangible value proposition is made physically by an offering which can be a combination of products .services, information & experiences brand is an offering from a known source. A brand name carries many associates in the minds of people & these build up the brand image & all companies strive to build a brand strongly favorable & unique brand image.
4) Value & Satisfaction
The offering will be successful if it delivers value & satisfaction to the target buyer. Value can be seen as primarily a combination of quality service & price called a value trail Satisfaction reflects a person’s comparative judgment resulting from a product’s perceived performance in relation to his or her expectations.
5) Marketing Channels
To reach a target market the marketer uses different kinds of marketing including newspapers, magazines, radio, emails telephonic counseling, posters, and billboards the marketer uses a distribution channel to carry out a transaction with potential buyers including warehouses, transportation, and banks. Marketers clearly face a design problem in choosing the best mix of communication, distribution & service channel for their offering.
6) Supply Chain
Whereas marketing channels connect the marketer to the target buyers the supply chain describes a longer channel stretching from raw materials to components to final products that are carried to final buyers. The supply chain represents a value delivery system. Each Company captures only a certain percent of the total value generated by the supply chain. When a company acquires competitors or moves upstream or downstream it aims is to capture a higher percentage of supply chain value.
7) Competition
It includes all the actual & potential rival offerings & substitutes that a buyer might consider.
8) Marketing Planning
The marketing planning process consists of analyzing marketing opportunities selecting a target market, designing market strategies, developing market programs & managing marketing efforts.