INTRODUCTION OF MARKETING MIX

May 20th, 2015
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Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably”.

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INTRODUCTION OF MARKETING MIXMarketing is considered by many these days to be a science. Very general definitions of marketing are as follows:"Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably". - Chartered Institute of Marketing"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 organisational objectives". - American Marketing AssociationThe Marketing MixThe discipline of marketing is split into four umbrella categories which we call the "4ps":Price, Product, Place and Promotion(McCarthy, 1960). Service based organisations sometimes add three other "PS": People, Process and Physical evidenceto the four 4ps.1. Productscan be tangible or intangible. A tangible product is something you can physically touch and feel. An intangible product can be a service for example a haircut. All products have a life cycle; that is from introduction, to growth, to maturity and then decline. However it is important not to forget the gestation period of a product. For example, there might be an opportunity to fill a niche however the gestation period to get to market might be a year, by which time the fad will have past. A company who self-aware of their product's life cycle can adapt and overcome challenges. A product's life cycle can be manipulated by adjusting the price and range

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