Core Elements of Marketing
A core set of elements creates a foundation for marketing management. The following are core concepts of marketing which help the marketer to focus different ways to reach to the customers.
1) Needs, Wants & Demand.
The marketer must try to understand the target market needs, wants& demands. Needs are the basic human requirements. The needs become wants when they are directed towards specific objects that might satisfy the need. Demand is wanted for a specific product which is backed by ability & willingness but it is mostly criticized that marketers create need & influence customer to buy the product but needs are been pre-exit & by understanding needs of customer the need of customer the marketer produces the product.
2)Target market positioning & segmentation
A marketer can rarely satisfy everyone in a market. Not everyone like the same thing. Therefore marketers start by dividing up the market into segments they identify & profile distinct groups of buyers who might prefer or require varying product & service mixes by Marketer can rarely satisfy everyone in a market.
3) Offering & brands
Companies address needs by putting forth a value proposition a set of benefits they offer to customers to satisfy their needs. The intangible value proposition is made physical by an offering which can be a combination of product .services, information & experiences brand is an offering from a known source. A brand name carries may associate in the minds of people & these build up brand image & all the companies strive to build brand strongly favorable & unique brand image.
4) Value & Satisfaction
The offering will be successful if it delivers value & satisfaction to the target buyer. Value can be seen as primarily a combination of quality service & price called as a value trail Satisfaction reflects a person’s comparative judgment resulting from a product perceived performance in relation to his or her expectations.
5) Marketing Channels
To reach to a target market the marketer uses different kinds of marketing includes newspaper, magazine, radio, emails telephonic counseling, posters, billboards the marketer uses distribution channel to carry out a transaction with potential buyers includes warehouses, transportation, banks. Marketers clearly face a design problem in choosing the best mix of communication, distribution & service channel for their offering.
6) Supply Chain
Whereas marketing channels connect the marketer to the target buyers the supply chain describes a longer channel stretching from raw material to components to final products that are carried to final buyers. The supply chain represents a value delivery system. Each Company captures only a certain percent of the total value generated by the supply chain. When a company acquires competitors or moves upstream or downstream it aims is to capture a higher percentage of supply chain value.
It includes all the actual & potential rival offerings & substitutes that a buyer might consider.
8) Marketing Planning
The marketing planning process consists of analyzing marketing opportunities selecting target market, design market strategies, developing market programs & managing the marketing efforts.