Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding. Assigned readings Dawn Bucci strategic management , NB do not copy from anywhere

Also, provide a graduate-level response to each of the following questions:

1. Before reading this chapter or beginning class, what did you expect marketing to be? Ask a family member, classmate, or coworker what they think marketing is. How can persuade them that marketing enhances a mutually beneficial exchange between a customer and a company.
2. Think about a recent time when you bought something or tried to do so and you were treated poorly as a customer. What was the essential problem? If you ran the company, what would you do to ensure happier and more loyal customers?  

 

Marketing is the process of getting potential clients or customers interested in your products and services. The key word in this definition is "process"; marketing involves researching, promoting, selling, and distributing your products or services. This discipline centers on the study of market and consumer behaviors and it analyzes the commercial management of companies in order to attract, acquire and retain customers (hopefully instilling brand loyalty) by satisfying their wants and needs

Step-by-step explanation

Product

Having a product is key and is, consequently, the root of all things marketing. In this sense, a product would be anything that a company could offer consumers which might satisfy a need. The best thing to do is to decide on your product or service based both on the needs and motivations of consumers and how the product would benefit the consumer; not so much on the object's physical characteristics or attributes.

         Place

Strategic merchandising locations can be anything from an online store (ecommerce) to a channel of physical stores across multiple towns and countries. The goal of the distribution strategy is to enable potential clients to have easy access to products/services, as well as offer a good company experience throughout the purchasing process. 

Price

How we price our products and services is an extremely important decision within the marketing strategy; this factor affects other factors such as: The margin we hope to obtain. What target market do we want to present ourselves to? What purchasing power do our consumers have? Do we want to enter into the luxury market or bet on the mass market? A company's financial goals. How does the competition price their products and what possible product substitutes are there? Trends and fads. Increased price in order to give a better perception of quality.

Promotion

This refers to all the marketing and communication actions we carry out in order to diffuse the benefits and characteristics of our product or service within the market. This is how we increase sales

It has been my experience that marketing is seen as a tool to persuade someone to buy something; many think marketing as one aspect (promotion) of the framework and not the bigger picture. Public tends to think of marketing as the commercials interrupting prime time shows or ad that plague social media feeds. I have had conversations with friends explaining to them what marketing truly is; and the positive impact it can have with various services. Before reading this chapter, I knew of marketing, but only through the side of advertising and public relations; being familiar with the 4 Ps I understood those very well as well as some terms such as targeting and segmentation. After reading the chapter and going through the questions, I have a better understanding of how it all fits together and how it can have a bigger impact for a company and the consumer. We are constantly reminded that to make the final sale, you need to be readily available to your prospects and follow up, but that effort should continue even after they sign on the dotted line. Nothing is more frustrating to a customer than a company that is no where to be found when they are in need. Whether it is ignoring a glitch that a user has reported, or failing to respond to a question in an email, this kind of negligence can turn even the biggest advocate sour on your organization. You need to keep an eye on your communication outlets and be ready and willing to answer any questions, over any solutions, or address any issues that may arise in a timely manner. If your customer satisfaction rates are low, take a look at your average response times. If they are high, this is a quick and simple place for you to start making improvements. Consider breaking down your response times into your most popular outlets: phone, email, and live chat.