Marketing

             What is marketing? Explain the importance of understanding customer and buyer behaviour in marketing. How can market research assist the marketing process?
             Today marketing is often mistaken as involving only selling, advertisement and promotion of a product. In reality we come to realise that selling, advertising and promotion are but a small part of marketing. While not disregard the importance of the aforementioned activities it must be realised that they are a part, an integral part, of a larger 'marketing mix' often outlined though the four P's of marketing; Product, Price, Place and Promotion.
             Product involves a detailed assessment of the product quality, design, name, warranty, packaging, labelling, and exclusive features.
             Price is a process of determining the correct price for a product, price set too high may result in the loss of sales where as a price set too low can damage the products image placing it into a 'cheap' product category.
             Promotion is the most obvious activity in the marketing process involving the selling, advertisement, promotions and public relations enticing the client to buy.
             Place is the element of marketing which deals with the distribution of the product. It includes transportation, storage, intermediaries' (middlemen) and product allocation to retailers and wholesalers.
             There are many reasons why organisations need to understand the customer and buyer behaviour, including: increasingly demanding customers, smarter, more educated buyers, many products chasing lesser customers, survival in an increasingly competitive environment/marketplace. Understanding consumer buyer behaviour can assist the development of marketing mix strategies that will appeal to the client and encourage them to purchase your product over a similar or substitutional good. Once the consumers' decision making process and buying behaviour process has been assessed, the 4P's can be dev...

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Marketing. (1969, December 31). In MegaEssays.com. Retrieved 12:42, March 28, 2024, from https://www.megaessays.com/viewpaper/72274.html