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 Marketing is a
societal process that is needed to discern consumer's needs; focusing on a product/service to those needs, and
to mould the consumers towards the products/services. Marketing is fundamental to any businesses growth. The
marketing teams (Marketers) i.e. LAKSHYA LEVEL MARKETING PVT. LTD.'s independent
sales distributors have the task to create the consumer awareness of the products/services through marketing
techniques; unless it pays due attention to its products/services and consumers' demographics and desires, a
business shall not usually prosper long-term.
Marketing tends to be seen as a creative industry, which includes advertising, distribution and selling. It is
also concerned with anticipating the customers' future needs and wants, often through market research.
A market-focused, or customer-focused, organization first determines what their potential customers desire, and
then develop the product or service. Marketing theory and practice is justified in the belief that customers use
a product or service because they have a need, or because it provides a perceived benefit.
Two major factors of marketing are the recruitment of new customers (acquisition) and the retention and expansion
of relationships with existing customers (base management). Once a LAKSHYA LEVEL MARKETING
PVT. LTD.'s has converted the prospective buyer, base management marketing takes over. The process for
base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that
sold the buyer in the first place, and improving the product/service continuously to protect the business from
competitive encroachments.
For a marketing plan to be successful, the mix of the four "Ps" must reflect the wants and desires of
the consumers in the target market. Trying to convince a market segment to buy something they don't want is
extremely expensive and seldom successful. Marketers depend on marketing research, both formal and informal,
to determine what consumers want and what they are willing to pay for it. Marketers hope that this process
shall give them a sustainable competitive advantage. Marketing management is the practical application of this
process. The offer is also an important addition to the 4P's theory.
The American Marketing Association (AMA) states, Marketing is the activity, set of institutions, and processes
for creating, communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.".
Two levels of marketing
LAKSHYA LEVEL MARKETING PVT. LTD.'s Strategic Marketing attempts to determine
how an organization competes against its competitors in a market place. In particular, it aims at generating
a competitive advantage relative to its competitors.
LAKSHYA LEVEL MARKETING PVT. LTD.'s Operational Marketing executes marketing
functions to attract and keep customers and to maximize the value derived for them, as well as to satisfy the
customer with prompt services and meeting the customer expectations. Operational Marketing includes the
determination of the marketing mix.
Lakshya Indias Four Ps sss
In the early 1960's, Professor Neil Borden at Harvard Business School identified a number of company
performance actions that may influence the consumer decision to purchase goods or services. Borden suggested
that all those actions of the company represented a Marketing Mix. Professor E. Jerome McCarthy, also at the
Harvard Business School in the early 1960s, suggested that the Marketing Mix contained 4 elements: product,
price, place and promotion.
In popular usage, "marketing" is the promotion of products, especially advertising and branding.
However, in professional usage the term has a wider meaning which recognizes that marketing is customer-centered.
Products are often developed to meet the desires of groups of customers or even, in some cases, for specific
customers. E. Jerome McCarthy divided marketing into four general sets of activities. His typology has become
so universally recognized that his four activity sets, the Four Ps, have passed into the language.
The four Ps are
Product : The product aspects of marketing deal with the specifications of the
actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally
includes supporting elements such as warranties, guarantees, and support.
Pricing : This refers to the process of setting a price for a product, including discounts. The price need
not be monetary - it may simply be what is exchanged for the product or services, e.g. time, energy, psychology or
attention.
Promotion : This includes advertising, sales promotion, publicity, and personal selling, and refers to
the various methods of promoting the product, brand, or company.
Placement ( Distribution ): Refers to how the product gets to the
customer; for example, point of sale placement or retailing. This fourth P has also sometimes been called
Place, referring to the channel by which a product or services is sold (e.g. online vs. retail), which
geographic region or industry, to which segment
( young adults, families, business people ), etc. |
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Marketing
