Understanding the concept and process of marketing is to find out the customer’s needs and meet their requirements. Every success company elaborate a strong marketing plan to fulfil customer’s needs. Understanding also that the various elements of marketing process is to create value for targeting customers, positioning products or a company, monitoring the market environment which is internal(talking about strengths, weakness, opportunities, threats) and the external environment. Let explain each concept and process clearly in the following paragraph.
LO1 Understand the concepts and process of marketing
Understanding the concept and process of marketing is define as “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” (American Marketing Association, 2008).
1.1 In general there are four steps of the various elements of marketing process: Situation analysis, marketing strategy, marketing mix decision, implementation and control. Explaining each step clearly, we will mention that: The situation analysis is the element key of analysis of internal which allowed the SWOT and the PESTLE. And the general environment which is external talk about porters 5 4forces; from the situation analysis, the marketing strategy achieve the goals and objectives by creating the strategies of setting segmentation,…