MARKETING

ASSIGNMENT BY SIR. SABAHAT

Samrina Komal
BS-HRM Evening Batch 2023
Department of Public Administration
University of Karachi
02nd-Jan-2024
INTRODUCTION OF MARKETING:

Exchanging goods and services is one of the earliest activities of humans relating to other humans.
This activity began very simply, by exchanging food, but over time it has changed a great deal, both
in how we understand it and in how it is done.

Marketing is a particular way to conceive and perform the exchange of goods and services, or in
other words, trade.

Marketing is a specific way to carry out a commercial relationship, and consists of identifying,
creating, developing and meeting demand; it is an organized process intended to create and retain
customers.

Marketing was first used in the United States in the early 20th century by companies producing mass
market products; it gradually spread, and today can be found in many different spheres (services,
non-profits, political, social and public institutions, etc.).

Marketing has been revolutionised in recent years with the arrival of new technologies: digital
marketing. Technology paved the way for a more innovative, participatory and connected kind of
marketing, with the traditional tools now supplemented by new ones (the internet, social networks,
mobile apps, data analysis, etc.).

Marketing Management:
Managing the commercial activity of a company or institution, if marketing principles are applied, is
called marketing management.
The goal of marketing management is to identify and satisfy customers’ needs through managing
stable relationships with them, and its basic task is to meet this goal as effectively as possible.
We define marketing management as the science of choosing target markets and creating
profitable relationships.

To do this, marketing management involves:

• Analysing the situation (the market, the competition, the environment, etc.).
• Planning the goals that you hope to reach.
• Designing strategies to reach the company’s goals.
• Putting these strategies into practice through planned actions.
• Organising the human and material resources available to perform the actions.
• Monitoring the results and making course corrections if necessary.

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The planning and execution of any marketing activity is based on four basic elements:
4 Ps of marketing Or Marketing Mix , elements are Product, Price, Place, and Promotion. In this
detailed explanation, we will delve into each component of the marketing mix, exploring its
significance and the factors to consider in its implementation.

1. Product
The product element of the marketing mix refers to the tangible or intangible goods and services
that a company offers to meet the needs and wants of its target market. Considerations under the
product category include:
1. Product Features:
• The specific attributes and characteristics of the product, including design, quality,
and functionality.
2. Product Variants:
• Different versions or models of the product that cater to various customer segments
or preferences.
3. Brand Identity:
• The image and perception associated with the brand, including brand name, logo,
and overall brand positioning.
4. Packaging and Presentation:
• The physical packaging and visual presentation of the product, influencing consumer
perception and buying decisions.
5. Product Life Cycle:
• Understanding where the product stands in its life cycle (introduction, growth,
maturity, decline) to adjust marketing strategies accordingly.
2. Price
The price element involves determining the cost that customers must pay to acquire the product or
service. Pricing decisions have a significant impact on consumer behavior and profitability. Key
considerations include:
1. Pricing Strategy:
• Setting a pricing strategy, such as cost-plus pricing, value-based pricing, penetration
pricing, or skimming pricing, based on business objectives.
2. Competitive Pricing:
• Analyzing competitors' pricing strategies and positioning the product competitively
in the market.
3. Discounts and Promotions:
• Utilizing discounts, promotions, and bundling strategies to stimulate sales and attract
customers.
4. Psychological Pricing:
• Employing pricing tactics that appeal to consumers' psychological perceptions, such
as odd pricing or prestige pricing.
5. Price Elasticity:
• Understanding how changes in price may impact demand for the product.

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3. Place
The place element focuses on making the product available to the target market. It involves decisions
related to distribution channels, logistics, and the overall accessibility of the product. Key
considerations include:
1. Distribution Channels:
• Determining the most effective channels to deliver the product to consumers, such
as direct sales, retailers, wholesalers, or e-commerce platforms.
2. Market Coverage:
• Deciding on the extent of market coverage, whether the product will be available in
all geographic areas or specific regions.
3. Inventory Management:
• Ensuring efficient inventory levels to meet demand without overstocking or facing
shortages.
4. Logistics and Transportation:
• Choosing the right logistics and transportation methods to deliver the product timely
and cost-effectively.
5. Channel Partnerships:
• Collaborating with intermediaries and channel partners to enhance distribution
efficiency.
4. Promotion
Promotion involves the various methods used to communicate and promote the product to the
target audience. It encompasses advertising, public relations, sales promotions, and personal selling.
Key considerations include:
1. Advertising:
• Creating and placing advertisements through various channels such as television,
radio, print, online, and social media.
2. Public Relations:
• Building a positive brand image through media relations, press releases, events, and
sponsorships.
3. Sales Promotion:
• Implementing short-term incentives such as discounts, coupons, contests, and loyalty
programs to stimulate sales.
4. Personal Selling:
• Utilizing direct interactions between sales representatives and potential customers
to build relationships and address specific needs.
5. Digital Marketing:
• Leveraging online channels, including social media, content marketing, email
marketing, and search engine optimization (SEO).
6. Integrated Marketing Communications (IMC):
• Ensuring consistency and synergy across all promotional activities to deliver a
cohesive and unified message.

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The Marketing Process:
There are five stages in the marketing process:
1. Understanding the market and customers’ needs/wants
2. Designing a marketing strategy aimed at creating customer value
3. Creating a marketing programme/plan which provides better value
4. Retaining customers, building stable, profitable relationships which keep the customer
happy
5. Capturing customer value to earn profits.

The Marketing Process

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Marketing Strategy:

Markets are made up of heterogeneous individuals and entities. Consequently, companies’ potential
customers are very numerous, dispersed, and with very different needs and buying behaviour. For
this reason, companies must identify the parts of the market they can serve best and most profitably.
Meanwhile, the spectacular spread of new technology has generated global, connected markets
where information flows constantly, thanks to which, companies can obtain first-hand information
from consumers.
For all these reasons, most companies have abandoned traditional mass marketing approaches to
focus on segment marketing: identifying the market segments of interest to the company, selecting
one or more segments, developing products or services and marketing programmes to suit each
chosen segment.
There are two stages to designing a segment marketing strategy:

• The company chooses the customers it will market to, using market segmentation and target
market selection.
• The company decides how it will create value for the target customers, using differentiation
and positioning.

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In conclusion, marketing is a dynamic and essential component of any business strategy, serving as
the bridge between a company and its target audience. The ever-evolving landscape of marketing
demands adaptability and creativity to stay ahead in a competitive market. From traditional methods
to the digital era, marketing has transformed, leveraging technology and data analytics to
understand consumer behavior and tailor messages effectively.
In today's globalized and interconnected world, successful marketing is not just about selling a
product; it's about building relationships, creating brand loyalty, and delivering value to customers.
As businesses continue to navigate through the complexities of the market, an agile and strategic
approach to marketing will be pivotal for sustained growth and success.
A well-crafted marketing is the linchpin of business success, serving as a roadmap to navigate the
dynamic landscape of consumer preferences and market trends. By setting clear objectives,
understanding the target audience, and leveraging a mix of digital and traditional channels,
businesses can position themselves competitively.
The integration of a unique value proposition, compelling content, and robust analytics ensures a
strategic approach that resonates with customers and drives tangible results. Adaptability and
continuous improvement are essential in an ever-evolving marketplace.
Ultimately, a thoughtfully executed marketing strategy not only enhances brand visibility and
customer engagement but also establishes a foundation for long-term growth and sustained success
in the competitive business ecosystem.

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