Marketing

Explain how other products/services can utilise the marketing orientation. According to the Chartered Institute of Marketing; "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably." A marketing orientated approach means a business reacts to what customers want. The decisions taken are based around information about customers’ needs and wants, rather than what the business thinks is right for the customer. In order for other products/services to utilise the marketing orientation several factors have to be taken into account such as going through the marketing management process, marketing mix and marketing research. The marketing management process consists of 4 steps; Analysis; this is the first step where the marketing plan is to conduct an analysis of the marketing environment, this is then done by doing a SWOT analysis. Information about the environment is researched to find specifically the factors that affect the marketing plan. Planning; once marketing managers have a good understanding of the marketing environment, the next is developing specific marketing objectives. The third step is to Develop marketing strategies; In this step the marketing managers decide which markets to target and develop the marketing mix strategies (product, price, place, promotion, people, process and physical evidence) so they know how they should position their product in the market. At this stage, marketers must figure out how they want consumers to think of their product compared to competing products. The last step is to implement and control the marketing plan. During this step once the plan is developed, it’s time to make it work and make it successful. In the implementation phase, marketers must have some means to determine to what degree they actually meet their marketing objectives. In control it’s the process that entails measuring actual performance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis. The marketing management can help a business in numerous ways; - Provides clear sense of direction for marketing management - Marketing options are evaluated and prioritised - Allocates scarce resources more effectively - Encourages coordination with other functional areas (finance, ops & HR) - Provides a basis for assessing actual results - Makes marketing department responsible Another way other products/services can utilise the marketing orientation is by applying the marketing mix on them. The 7ps- Product, price, place, promotion, people, process and physical evidence. Getting the mix of these elements right enables the organisation to meet its marketing objectives and to satisfy the requirements of customers.  a) Product A collection of features and benefits that provide customer satisfaction. A package of benefits designed to match needs. -Design -Technology -Perceived usefulness -Convenience of use -Quality -Packaging -Brand Utility -Warranties b) Price The value perceived in the mind of the consumer. -Costs versus basic price -Discounts -Pricing policy -Price variation/discrimination -Trade- in terms -Payment terms c) Promotion Marketing communications- how the product is communicated to the market. The chosen combination of promotional activities is known as the promotional mix. -Advertising- message and media -Personal selling -Sales Promotion -Public relations -Sponsorship -Direct marketing d) Place Covers location, distribution and location. -Choice of channels and outlets -Channel of distribution -Channel variety -Dealer support -Long and short channels -Role of intermediary -Physical distribution/ logistics -Location -Pushing and pulling through the channels. e) People -People deliver services -People promote and sell products -Service quality is a key source of customer retention and brand differentiation -Hence skills, manner and appearance are important especially in the marketing of service. f) Process How customers are first handled from first to last point Process covers: -Procedures -Controls -Accessibility -Information flows -Payments -Booking -Speed and timing of delivery g) Physical Evidence The tangible form of the service e.g. - Bank statement, train ticket. -Place of availability -Facilities -Ambience -Layout -Décor Being under a marketing orientation means the business must react to what customers want. There are 3 components of marketing orientation; as stated, the most important focus in a market orientated business is the customer. The desire of such businesses is for long-term profitability. In order to achieve this, an organization must realize superior customer value, recognizing that customers are the source of its profit. A company must be able to respond to customers' current and future needs. The goal is to deliver to customers what they want and do it better then competition. Competition orientation means that a company is striving to outperform its market competitors by providing better products, better quality, better price, etc. Inter-functional coordination is also an important characteristic of market-oriented companies is that they are effective in getting business functions working together to provide customer value. By embracing the marketing concept and placing the customer at the heart of all planning and decision making you should attain a number of key advantages for a business. Benefits such as: increase in market share, increase in turnover, increase in profitability, increase in customer satisfaction, increase in customer loyalty, increase in the number of new users, creating a competitive advantage. , if you a business continually give customers what they want, the chances are that they will come back, time and time again to purchase your product or services, therefore enhancing sales, turnover and profitability as well as gaining customer satisfaction and loyalty. Satisfied customers tend to not only return to purchase for themselves once again, they also tend to tell their friends, families and colleagues. Conversely, if they have a poor experience, they tend to tell even more people about it.