Marketing – Definition, Objectives, Features And Marketing Plan

Marketing Definition

Marketing is a set of processes and institutions that allow creating, communicating, and delivering exchange offers for goods and services, which have value for customers, companies, and society in general.

In other words, it is a division of the administration that emphasizes the communicative direction of the economic and commercial activities of a group or a person. That is, on how to identify and satisfy the needs of the target consumer market.

Objectives

Marketing focuses on a two-way process: the exchange of goods and services between the different social and economic actors in a given region of the consumption spectrum.

This does not mean that it is equivalent to advertising, although it does use it and other disciplines or techniques, such as business models, to carry out its analysis and formulate its results.

Marketing objectives can summarize in taking the customer to the limit of the purchase decision. Thus promoting economic exchange between the parties (buyer and seller) so that both obtain a benefit or satisfaction.

Satisfaction in economic exchange (one thing for another, for example) is the basis of the consumption system of modern society. Since if it is not satisfactory for either party, it will not occur. Again.

Features of Marketing

In this sense, marketing evaluates a series of key concepts for its approach, such as:

Needs wants and Demands

By this, we understand the tension of searching for what we need that motivates consumption and economic exchange since prehistory. The link of the needs is to people’s physical well-being; desires to their specific aspirations (social, intellectual, cultural, etc.); and demand is simply the desire to purchase a particular good or service from the supply.

Value and Satisfaction

Value is understood as the relationship recognized by the customer between the cost of the product and the satisfaction it provides. And it exists based on four possibilities: expected value, received value, the value of the competition, and the desired value.

Exchange

It occurs when two or more parties intervene in an economic activity that involves giving something to receive something in return. Thus managing to satisfy two needs or desires at the same time, in a relationship that, ideally, is long-term and mutually beneficial.

Marketing Plan

A marketing plan is the result of a market study carried out by a company (or for a company). With the aim of better understanding the consumption dynamics of its economic niche. That is the game rules of its target market.

Marketing plans are usually schematic, analytical documents that diagnose the market niche. And subsequently, offer solutions or recommendations to follow to maximize the financial year.

This includes four significant points:

• Market analysis: A reading of the needs and requirements of the consuming public in a specific area. And, which takes into account the positioning of the company that carries out the marketing plan for its competition and the image that consumers have of it.
• Goals: A way to go, a specific goal linked to the improvement of the marketing conditions of the company. And, which is always the result of prior market analysis.
• Strategies to Follow: The set of recommendations or “solutions” that should be applied, in the opinion of those who develop the plan, to improve market presence or to maintain or consolidate it.
• Revision: A closing by way of conclusions and general recommendations.

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