Question

1. Describe in detail the importance and role of marketing in an organization.
2. What is the marketing mix? What are the four elements of the marketing mix?

Answer 1

Marketing plays a very important role in an organization .Since marketing is based on customers it helps the companies identify the expectations of the customers and thereby assist in meeting these expectations.This leads to customer satisfaction and retention. Marketing has a major impact on the performance of the product.Marketers often identify the needs of the consumers by conducting market surveys.These surveys can be conduced in a variety of ways,most recently social media has been used to conduct marketing surveys by various brands from multiple industries.The wants of the customers can be heavily influenced by marketing.Marketing often resorts to the use of mass communication tools this will help the organization to widen the reach of it's products and services.Marketing can help in dealing with the various levels of demand that may arise for a product or service.Another way in which marketing adds value to an organization is by assisting the organization to better position it's products and services so that the organization can have an upper hand over it's competitors.Marketing achieves this by closely observing the market for consumer expectations and products and services offered by rival firms.

The marketing mix refers to the set of actions and strategies that a company resorts to for promoting it's products and services in the market.The four elements of the marketing mix are product, price, place and promotion.

Product:It can be a tangible good or something intangible like a service offered by the firm.The marketer must have a clear grasp of what the product is before trying to market it.

Price:The marketing strategy,supply and demand are all influenced by the price decided for the product.The elasticity of the price of the offering is also take into account during price determination.

Place also referred to as placement is about how a product is marketed.It will play a key role in converting pros[ective customers into actual customers. The distribution channel used by the organization will be taken into account here.

Promotion:It refers o the ways in which marketers can get the information pertaining to the product to the customers so as to facilitate product differentiation.Promotion can be done through social media,email etc.