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Marketing - Assignment Example

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These are the activities concerning buying and selling of goods and services (Kotler, and Keller, 2009).
Marketing Mix comprises of…
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MARKETING BASICS Marketing can be defined as a process of exchange of values; an individual gets something of value (product) in exchange of some value (money). These are the activities concerning buying and selling of goods and services (Kotler, and Keller, 2009).
Marketing Mix comprises of four important aspects that are product, price, place and promotion. The basic concept is to make to most appropriate product that has to be available at the right place at right prices with most suitable promotion. These elements are called variables because they differ from product to product. Each marketing manager can use these variables in a distinctive manner as per his desire or market requirement (Kotler, 2003).
For example if Pepsi’s marketing mix is considered its product is a drink that is aimed at thirst need of humans, its pricing is quite affordable which varies with variety of SKUs (stock keeping units). Its place strategy is based on the vast distribution network that is aimed at making Pepsi available in every other store, shop and majority of restaurants. The promotional strategy that Pepsi uses consists of variety of promotional tools such as advertising, public relations, sponsorships, personal selling, and sales promotion.
Marketing environment is the environment in which any organization operates. There are variable forces inside and outside the organization that affects an organization’s performance. These factors can either be close to the organization which are referred as micro-environment factors or can be larger societal factors referred as macro-environment factors. Micro-environment includes an organization’s customers, competitors, distributors, suppliers where as the macro-environment factors include political, legal, social, technological forces that affect an organizations external operating environment.
BCG matrix tends to categorize different products either in a portfolio or product line in terms of their market share and growth. There are four classifications in BCG matrix namely stars, cash cows, dogs and question marks. Stars are the ones that have high share and high growth such as Android or You Tube. Secondly, Cash cows are the ones that have high share but lo growth such as Google. Thirdly dogs are the ones with low share and low growth such as Orkut or Diet Coke. Lastly, Question marks are those that enjoy high growth but have low share such as Google Play.
Above are some of the basic marketing concepts that provide foundation for marketing principles.
References
Kotler, P. (2003). Marketing Management. Upper Saddle River NJ: Prentice Hall.
Kotler, P., and Keller, K. (2009). A Framework for Marketing Management. New Jersey: Pearson Prentice Hall. Read More
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