Reflection On Marketing Management

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Reflection of Marketing Management Marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Marketing must be understood in the sense of satisfying customer needs. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Important fundamentals of marketing are Need, Wants and Demands. Marketing is done for different target markets for different type of customers. To go in market first market should be thoroughly checked according to current trend. Marketing involves all the factors which a person can think including demographic, economical,…show more content…
The business buying process is the decision process by which business buyers determine which products and services their organisations need to purchase and then find, evaluate and choose among alternative suppliers and brands. The business market is bigger than the consumer markets, and differs in many ways. Today, most companies moved from mass marketing to target marketing: identifying market segments and selecting a few to produce for. There are four major steps in designing a customer-driven marketing strategy. Market is divided in four different types that is geographic, demographic, psychographic and behavioural to better understand the customer and market. Products are also marketed according to different markets. Positioning is done to make an image of product in customers mind. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. A service is an activity, benefit or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything. Products are key in the overall market offering. The market offer might exist of only pure tangible goods, pure services and everything in between. Product planners need to consider three levels…show more content…
Consumer buying behaviour is behaviour of customer who is buying the customer and these can be used to grow consumer market. These behaviour depends on culture, personal, social and psychological factors. Buyers buying behaviour depends on different factors. It can also lead to launch of new product. New product development is the development of original products, product improvements, product modifications and new brands through the firm’s own product development efforts. New products are essential for the continuation of the company. There are eight major steps in the product development process. A price is the amount of money charged for a product or a service, the sum of the values that customers exchange for the benefits of having or using the product or service. Price is the only element in the marketing mix that produces revenue, all others are costs. Setting the right price is one of the most complex tasks. Good pricing starts with customers and their perception of the value of the product. In order to produce a product, relationships with others in the supply chain are necessary. The term demand chain might be better. The network of delivering product is very long. Market and marketers also faces a lot of problems

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