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Marketing is the process of selling and promoting product and services. It is the study of exchange relationships. It is the process through which goods and services exchange from the concept to the customer. Marketing is necessary as it builds company reputation, boost product sales, promotes product awareness to the public. Marketing can be done by two ways: online marketing and offline marketing. Marketing process consists of four elements: Marketing implementation, marketing mix planning, strategic marketing analysis, marketing evaluation and control. Marketing also includes the coordination of four elements which are as follows:
Product identification, selection and development
For reaching the customer’s place, selection of a distribution channel.
Implementation and development of a promotional strategy
These four elements are known as 4P’s elements which involves in the marketing of a good and services. These elements concerns with four factors including products, price, place and promotion. Products concerns with the good or service that offered by a company. Price refers to the cost of a product. Place is the area where the product is sold. Promotion includes the people strategy, advertising, public relations.
Market orientation is a philosophy that focuses on meeting and discovering the desires of its customers. It can be thought of as a marketing campaign among company and its customers.
Marketing Orientation Components:-
There are the following components
1. Competition orientation
2. Component orientation
3. Customer orientation
A marketing orientated approach means how a company reacts to what customers want. This is the approach that is taken by the most successful businesses because customers have become more knowledgeable and require better quality. A market oriented company puts the customer at the heart of the business. As markets continuously change, market research is a ongoing process for a market orientation company. The market orientation concept is the outgrowth of dissatisfaction. When a company has a marketing orientation then it makes meeting wants of its target customers and its business motivation. This process includes responding to customer needs by introducing new products or improving services. Companies with strong marketing orientation can even detect consumer needs before the market is aware of them. Marketing Orientation focuses more on customers and less on developing complex, convincing sale tactics. Globalization has bought market orientation to the fore a lot.
The main topics including in this are enterprise, business structure, size of business, business objectives, stakeholders in a business, management and leadership, motivation, human resource management, what is marketing , the market research, marketing mix, the nature of operations, operations planning, inventory management, need for business finance, source of finance, costs, accounting fundamentals, forecasting cash flow and managing working capital.
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