Marketing Strategy Literature Review Pdf – 2 3.1. Chapter: Marketing 1. Introduction 2. Elements of the Marketing Mix 3. Advertising or Marketing Communication 4. Definition of Marketing Communication 5. Communication Process 6. The Importance of Effective Communication 7. Advantages of Marketing Communication 18
3 Chapter 3: Literature Review: Marketing and Marketing 3.1. Chapter: Marketing 1. Introduction Every organization works with a specific goal and must achieve it. Various activities must be carried out to achieve the goals set. It is not necessary for any one of all organizations to carry out the same type of activity. Activities may include manufacturing, marketing, human resources, finance, transportation, services, research, logistics, purchasing and warehousing, sales, assembly, distribution, and others. These activities are carried out and interconnected so that the objectives can be achieved effectively. Similarly, marketing activities are carried out in several companies interested in marketing products or services to customer needs. Marketing is one of the most important activities in an organization. With the help of marketing, the company’s products or services reach customers. The company gets cash back when the product is sold out in the market. So the business cycle will continue. It is important to coordinate marketing activities even without activities. It is necessary to work in close coordination with production. Manufacturing alone will not do the trick. Production without marketing is meaningless for the company and marketing without production is impossible. Also, marketing is related to other activities such as finance, research and human resource activities. So the key here is marketing activities. Marketing is the process by which companies create customer interest in goods or services. This results in a strategy that forms the basis of sales methods, business communication, and business development. It is an integrated process by which companies build strong customer relationships and create value for their customers and themselves. Marketing is used to identify customers, satisfy customers, and retain customers. With customers as the focus of its activities, it can be concluded that marketing management is one of the main components of business management. Marketing flourished until the 19th century
Marketing Strategy Literature Review Pdf
4 to enter new market development caused by mature market and excess capacity in recent centuries. Adopting a marketing strategy requires companies to shift their focus from production to the perceived needs and wants of their customers as a means of maintaining profits. The term marketing concept emphasizes that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to achieve its organizational goals, an organization must anticipate the needs and wants of consumers and satisfy them more effectively than its competitors. Marketing is a very important activity for an organization. There are many sub-activities in marketing. Marketing includes activities such as demand determination, research, market segmentation, product development, product launch, product modification, product write-off, product design, pricing, various pricing methods, promotion of products and services, sales promotion, personal selling, publicity, public relations , advertising, distribution of products and services, consumer behavior, domestic and international market coverage, branding, packaging, labeling and many other activities. It is very difficult to get a clear picture of marketing activities. To facilitate understanding and proper planning of activities, marketing activities are divided into four product areas. These are product, price, promotion and placement. For services, groups include product, price, promotion, placement, people, process, and physical evidence. In this study the topic raised is related to product promotion. The focus is on the promotion of products in the FMCG sector in India and especially the sales promotion strategies of companies dealing with FMCG products in the market. Every business has an interest in marketing their product or service for profit. Awareness should be created among the customers about this promotion. Without creating awareness, customers will not know about a company’s presence in the market, the products and services it produces, and the features of its products and services. Messages about products, companies, the characteristics of their products and services must be communicated through various promotional methods. One method is sales promotion and covers the research area. 20
Pdf) In Store Marketing: A Strategic Perspective
5 2. Elements of the marketing mix The marketing mix is a combination of marketing elements and the role of each element in promoting products and services and conveying these products and services to customers. The elements of the marketing mix are also called the 5 P’s of marketing In the Beginning Over the years marketers collectively accepted the 4 P’s of marketing Experts have recently added the fifth P and the hat is people. Now there are five marketing complexes. These P are called marketing mix elements. This is detailed in the next paragraph. The original 4 P’s in marketing along with the fifth P added to the marketing mix are: (a) Product Product is a combination of tangible and intangible aspects of a product that producers offer to customers. It can be defined as a series of satisfaction and dissatisfaction that a company offers to customers at a given moment. Their physical characteristics, what they do, how they differ from your competitors and what advantages they provide. Products can be classified as durable and non-durable goods, consumer and industrial goods, perishable and perishable goods, finished and semi-finished goods, etc. (b) Price Price means that the monetary value of the product is determined for the purposes of exchange. Price is the amount that the customer pays for the product. It is fixed by considering various factors such as market share, competition, cost of materials, product identity and customer perceived product value. Companies can increase or decrease the price of an item if other stores have the same item. Thanks to the price, the company keeps its money back in business. This should be determined in such a way that the company can recover its costs and make a profit as well. If it is set too low, it will be difficult to break even, and if it is too high, it can have a negative impact on sales. Prix decisions are very sensitive and therefore special care must be taken so that you can gain the competitive advantage that is expected in the 21st century.
6 price decisions. Place (also known as distribution) Where your company sells its products or services and how it provides those products or services to your customers. (c) Promotion The concept of promotion applies to products or services and companies. Promotion includes all the communications that marketers use to market their products and services to create awareness, convince customers to buy, and retain them in the future. This method is used to increase sales position or business progress. The target group is given messages about the features and benefits of the product or service for the target customers. Without communication, opportunities, benefits and schemes will not be known by customers, and the purpose of introducing products or services and increasing sales will not be realized. When communication creates awareness, only interest will emerge and the customer will make a buying decision. Various communication methods can be used for promotion. (d) Place of Place means the place or places where the Product is available for purchase. It is necessary that both the product and the customer are available at one point, then only sales are possible. If not, then the sale does not occur. This term is used for distribution channels. This can include physical stores as well as virtual stores on the Internet. The place is not a physical store available. Place is nothing but how a product occurs or creates an image in the minds of customers. It depends on the customer’s perception. The product or service must reach the customer through this channel, which is called the placement distribution channel. The above marketing mix elements are for products only. As the service sector grows in every economy, so does the marketing of services. Because of this, the elements of the service marketing mix have been expanded. Three more service elements have been added. They are: 22
7(e) Service Persons are provided with the assistance of employees and customers. There is direct contact for delivery of services to customers. From a business perspective, the type of person providing the service is very important. People need to be selected, trained and motivated to maintain customer satisfaction. So people are very important in service marketing. It must be managed effectively. (f) Process Certain steps are required to use the Service