Marketing is defined in many different ways but all of them have the same aim, to make a business renowned. Marketing is a management process that sells a business on the concept of identifying customer needs, anticipates customer requirements and leaves the customer satisfied at the end of a transaction. These concepts make an organization desirable and deemed reliable, so in future the same service is used again.Managing customer relationships is essential to keep interest of the audience for prolonged periods of time, thus the business can survive long term.
Marketing needs to show its customers they are getting good value for their money, which initially builds the trust between customer and business relationship. They need to show their audience what they are selling is a gap in the market and can only be uniquely be found by their particular business. The process of doing so can be modelled in a sequence of steps: the situation is analysed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored. Marketing elements is based on needs and wants. The needs of satisfaction are fulfilled by giving a good service, whereas the wants is the desirability of acquiring the product.So time to time the wants may change but the need remains the same. A business can market many products to satisfy customer wants, but to maintain trust the service needs to be reliable. . Therefore marketers must keenly watch for changes that take place in customer demand, providing valuable products in a profitable way to start a relationship, and to maintain the relationship needs must be intact. Consequently this strategy generates sales, business communications, and business developments.
The elements of marketing process is referred to “As a set of controllable tools that the firm blends to produce the response it wants in the target market”, so it consists of everything the firm can do to influence the demand for its product. Marketing mix which is famously known as the “4P’s of Marketingwhich include Product (must be demanded by audience), Price(appear reasonable prices), Placement(location of the business determines sales) and Promotion(how well is the product advertised). These all work together to create successive marketing. When these elements of marketing are analysed it gives a good example as how the 4P’s help an organization scale to new heights with increased sales and customer base.
A market orientation for your small business is an organizational strategy dedicated to meeting the needs of consumers. All your business's strategies and product developments revolve around this desire. A market-oriented business strategy has advantages in pleasing consumers, but the move can also have large developmental costs if you do not control your spending early in the life of your small business.
Responding to Demand
A market-oriented approach to your small business reacts to what your customers want. This eliminates the guessing and forecasting associated with attempting to predict product trends and consumer demands for goods. When your customers tell you what they want to buy, you know you're always providing a product with a ready supply of consumers who will make purchases. This allows you to streamline your product development team and lower your creation costs to eliminate products for which consumer demand or market need doesn't exist.
Building Customer Value
Building customer value through a market-oriented approach to your small business allows you to increase loyalty to your brand and develop repeat customers. Brand loyalty alone is a distinct advantage in the market because it develops a customer base resistant to attempts from competitors to attract business through more lucrative offers, including temporarily lower prices and introductory incentives. When customers feel that you as a