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What Is Marketing Essay

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Below is an essay on "What Is Marketing" from Anti Essays, your source for research papers, essays, and term paper examples.

For my opinion, marking is a process to satisfy the consumer needs or wants, then producing a product or service to them.
Nowadays, many companies are mainly focusing on customers what they need, and then giving out a product or service. For the first step, the company must have a Market Mix and it contains four elements, Product, Price, Place, and Promotion. Product: is that the company designs an actual product or service and it can fulfill consumer needs. Price: is setting a price for the product and it can be monetary, time, or energy, etc. Place: finds a place to sell the product to consumer, such as, retailing or direct-selling, and it depends on how to get to the customers efficiently. Promotion: lets consumer to know your product or service and it includes adverting, sales- promotion. These four elements are called Marketing Mix, which marketer uses to do the next step, a marketing plan.
Marketing plan is a detailed document that helps companies to take the necessary action. Marketing plan includes situation analysis, marketing strategy, and financials analysis. Situation analysis means that the company needs to know the current situation of the market, for example, which is your competitor, what the market needs, what the market trends, and SWOT analysis, etc. Marketing strategy is that the company will use what kind of strategies to get their goal. The company needs to find out the target market and has a marketing research. Finally, financials analysis forecast the budgets and it contains break-even analysis, sales budget, and expense budget. After that, the companies can take action on their business.
Marketing Mix and marketing plan are the basic idea of the marketing, there are many concepts help to understand what is marketing but the key of marketing is know what the consumer need and what the consumer want, and then satisfies them.

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