Operational Functions and the 4 P’s of Marketing

Lecture 1 presentment to MarketingMarketing is the management process responsible for identifying, anticipating and satisfying customers requirements profitability. peckerwood Drucker in that heed is only adept valid definition of business social function to create a customer. At its simplest, if you do not conduct any(prenominal) customers for the intersection point or service your organization offers, then there is no reason for continuing existence.Consumption is the sole end and endeavor of all production and the interests of the product ought to be attended to only so far as it may be necessary for promoting those of the customer.The operational functions of market sales forward motion, advertising, public relations, selling, financing, buying, forecasting, pricing, warningization, publicity, merchandising, market research, transporting, risk-taking, servicing and stockholding.Elements over which organizations stomach fake and which be used to try to influence cus tomers to choose one concomitant organization in preference to an other are generally termed the trade mix. External factors in the original market mix customer-buying behavior, trade behavior, competitors opinion and behavior, government regulations.Originally there are 12 Ps of marketing but this list is not easy to remember and it should be obvious why Jerome McCarthy condensed the 12 items in Bordens original marketing mix, into 4 major categories popularized the 4 Ps. The internal variables are then loosely grouped together under the headings of product, price, place (the offer mix), and promotion (the promotional mix).While the 4 Ps is a useful framework, a vigorous debate has taken place over the last decennium about the dangers of seeing marketing solely as the control of the 4 Ps. In fact it is a trap that tends to make suppliers immerse the needs of customers as well as the importance of a in return beneficial commutation. in that respect is a suggestion of the addition of three other Ps Probe (research), Partition (segmentation) and Position.Lecture 2. The Marketing Macro Environment. some(prenominal) of the parties making an exchange are more likely to consider that the exchange has been beneficial when the exchange has been made within the context of what is known as an Open Market. This is a market which has all of the following characteristics 1 undivided homogeneous product, 2 Many buyers, 3 Many sellers, 4 Buyers and sellers pretend equal access to all available information relevant to the market. any create societies have similar regulations to regulate legal trade. It is therefore public for manufacturing and trading organizations to have to comply with such regulations, which effectively constitute one aspect of the surround in which an exchange takes place. These factors are for this reason referred to as the environmental variables of marketing. These are usually labeled the Economic, Social, Technological and Political var iables (STEP).Companies should attempt to demonstrate good corporate citizenship by upholding the letter and the spirit of the law, and generally behaving in a responsible and responsive manner. Some markets and trades have developed general voluntary codes of conduct and control, supported and monitored by a telephone exchange membership body. Medicine for example has long been controlled by strict codes of superior behavior.Governments have developed a body of legislation and enforcement frameworks in obeisance of manufacture and trade. In particular, the following areas of control are of direct restore to business. 1. Legislation in respect of monopoly and competition standards. In the UK its through with(p) through the Office of Fair Trading and the Monopolies and Mergers Commission. As a enough EC member, the UK is also subject to Community provisions in respect of issues in particular Article 85 of the Treaty of Rome concerns practices prevent competition. 2. Measures to protect consumers, whether as groups, individuals, as users of certain products and services, or particularly as targets for business activities.Relevant legislation has included the Trade Descriptions Act 1973, the Consumer faith Act 1974, etc. Number of these statutes introduced measures directly relating to marketing practices such as pricing claims, warranties, product case, etc.The frugal environment is a analyzable network of inter subject, domestic and regional influences and dependencies that shape the market potential lining companies. Company performance itself ordain depend critically on the quality of preparation and decision making is brought to bear on this potential. The significance of the stinting data is that over time they will indicate major economic developments of direct interest to traffickers. Such economy-watching may enable the vigilant club to respond in time to scenarios such as following1.Recession. A downturn in economic activity of variable intensity. Usual indicators will be a fall or leveling in GNP, GDP, domicile income, etc. Rises will be recorded in measures such as stock, unemployment and company bankruptcies.2.Recovery. The opposite of the above. Marketers in some sectors will benefit from an archeozoic upturn in sales. Major upturns in economic activity may direct in overheating with higher costs and prices.3.Inflation. Rising prices may be associated with buoyant conditions, demand growth and shortages. Economic policies are likely in future to be more directly influenced by multilateral agencies and agreements (UN) and the involution of common market blocs such as the EC.Culture within any society id the complex of elements that reflect the societys beliefs and values, preferences and behavioral norms. For marketer it is necessary to understand that culture will vary within and among societies, so those cultural norms may vary between countries, regions and culture groups. Factors, which secern a socie ty, change very slowly, as they are the products of family upbringing, the education system, national history and political development, religion, etc. Environmental awareness is an interesting rumination of how society-wide concerns have delivered a powerful message to governments and business leaders.Technology is the meter of economic progress, a leading source of belligerent advantage commercially and an indispensable part of everyday lifestyle for the modern consumer. To illustrate the competitive force wielded by technology, it is worth observing that many manufactures have been moved(p) by technology developments remote from their own field. Major sectors of the metalworking industry were obsolete by the developments of digital electronics. Eg typewriters. Technological developments decrease the price of production. Technologies have also enabled an increase in the variety of products available to customers.The marketing environment comprises the playing field upon which competitive marketing takes place. Companies need to monitor and find out rational responses to changes in the environment in order to win their colors. There are three types of companies those who make things happen those who watch things happen and those who investigate what happened.Lecture 3 Markets and Market Segmentation.1.A market is an aggregate of people who as individuals or organizations have needs for products in a particular product class and who have the ability, willingness and the authority to pay. Consumer where purchasing is done by mystical or group of individuals. Industrial products and services are bought for one of 3 specific uses 1- resale, 2- producing other products, 3- products used in general eg administration, computers.3.Differentiated markets. Consumer needs are not the same homogenous, differentiated. Undifferentiated market all needs are the same4.Criteria for effective segmentation measurable, economically variable.Geographic geographic s tance on the globe.Demographic basis for the collection of many government statistics and the standard system used by the media industry. Includes age, sex, family cycle, and socioeconomic segmentation.