by Harriet Lee

Created on: March 29, 2008

What is marketing? One definition found, from the Institute of marketing is: "Marketing is the management process involved in identifying, anticipating and satisfying consumer requirements profitably (1999)." Marketing objectives are the goals that a business is trying to achieve through its marketing. In order to achieve its marketing objectives a business must consider its marketing mix. The marketing mix is often known as the "four Ps". It is broken down into four parts: product, price, place and promotion.

Going back to the definition of marketing, to meet the consumer's needs a business must produce the right product, at the right price, make it available at the right place, and let consumers know about their product through promotion. It would be a complete waste of time and effort producing a fantastic product that would benefit many consumers if no-one knew about it. It could also work the other way, a product could be produced that was absolutely useless and therefore would not make a top seller. Customer orientation is of extreme importance if the business is to be successful.

Businesses will look at how the consumers will use their product. For example carpets, they will be aimed for all the population. The carpet firm will cater for different target markets. For the office or workplace the firm will have to guarantee hard-wearing carpet and value for money but for the home, they will have to think more of color and luxury, as well as hard-wearing and stain resistant for the families in the population. Research would have to be undertaken to find out about the latest trends and color schemes.

The appearance of the product is also extremely important. A firm needs their product to stand apart from those of a competitor. Food manufacturers, for example go to great lengths to ensure their products have an appealing color. This sometimes means using artificial colorings to alter its look. People would rather buy a tin of bright orange carrots opposed to dull looking carrots all looking sorry for themselves. Toiletry manufacturers perhaps look at the aroma of their product. Many factors are taken into account, the shape, size, taste and appearance are just a few to mention.

There isn't any point in a firm producing a product which meets the need of consumers if it cannot be produced at the right price. A product that has been produced at high costs will obviously be sold at a high price. Consumers have to think they are getting value for money or they are unlikely to buy the product. This can be thought of in two ways, take a bottle of Fairy washing up liquid, this is a known brand that has been advertised on the television for many years and many people will not ever try any other. However it is of a high price for those who are on a low income. This group of people will perhaps try a bottle of less expensive washing-up-liquid and if they like it and it is efficient they will continue to buy that one (if they think they are getting value for money).

Every business must decide upon its own marketing mix. It is important that balance between price, product, promotion and place is achieved.

Source
Hall, D. et al (1999) Business Studies: Ormskirk Lancs, Causeway Press Ltd.

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