Marketing

Marketing practices is a management process which goods or services move from concept to customer. Marketing can also be defined as a kind of thinking based on the business about the satisfactory and the needs of a customer. Besides, marketing of a company can be used as a tool of distribution of goods and services, distribution being understood in a broader sense than the normal economical one. Marketing practices include the activities all engaged in the transfer of goods from producers to customers, not only those who buy and sell, wholesale and retail, but also those who develop, warehouse, transfer, insure, finance, or promote the product, they also lend a hand in the process of marketing.

Marketing mix, something which can influence the decision in making a business decision, fall into seven controllable categories: product, price, place, promotion, people, process and lastly physical evidence. First, the product. It is a tangible object or an intangible service that is mass produced or manufactured in a large scale with a specific volume of units. Every product is subject to have a life-cycle including a growth phase followed by an eventual period of decline as the market approaches market saturation. A product will have to retain its competitiveness as well as freshness to attract customers, in order to do that, product differentiation is needed, and is one of the strategies to differentiate a product from its competitors. Examples of product decisions that can be made are: brand name, functionality, styling, quality, safety, packaging, repair and support, warranty, and accessories.

Price is the amount of a customer pays for a product. This refers to the process of setting a price for a product, including discounts, besides, the price need not be monetary, it can simple be what is exchanged for the products or services. Pricing is difficult as it had to be reflected with the supply and demand relationship. There are pricing decisions to be made...