Marketing

Explain how other products/services can utilise the marketing orientation.

According to the Chartered Institute of Marketing; "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably." A marketing orientated approach means a business reacts to what customers want. The decisions taken are based around information about customers’ needs and wants, rather than what the business thinks is right for the customer.

In order for other products/services to utilise the marketing orientation several factors have to be taken into account such as going through the marketing management process, marketing mix and marketing research. The marketing management process consists of 4 steps; Analysis; this is the first step where the marketing plan is to conduct an analysis of the marketing environment, this is then done by doing a SWOT analysis. Information about the environment is researched to find specifically the factors that affect the marketing plan. Planning; once marketing managers have a good understanding of the marketing environment, the next is developing specific marketing objectives. The third step is to Develop marketing strategies; In this step the marketing managers decide which markets to target and develop the marketing mix strategies (product, price, place, promotion, people, process and physical evidence) so they know how they should position their product in the market. At this stage, marketers must figure out how they want consumers to think of their product compared to competing products. The last step is to implement and control the marketing plan. During this step once the plan is developed, it’s time to make it work and make it successful. In the implementation phase, marketers must have some means to determine to what degree they actually meet their marketing objectives. In control it’s the process that entails measuring actual performance, comparing this performance to the...