Marketing And Consumer Behavior

Submitted By nathanleary
Words: 1340
Pages: 6

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Marketing and
Consumer Behaviour
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Word count: 1197

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Knowledge in Marketing is Needed for Design Firms
As a design and development business, the owner, Nathan Leary, recognises how important marketing is to this type of service. This is why Nathan is studying marketing passionately, so that he can apply what he learns directly to his business. This article shares some of the practical knowledge he is learning from his studies.

#1 Marketing is a Philosophy of Business
The Marketing concept (or Philosophy) is “a philosophy of business, permeating the whole organisation, that holds that the key to organisational success is meeting customers' needs and wants more effectively and more closely than competitors” Glossary (1995-2004).
For example, we previously used a selling concept as our main philosophy of business but now we have changed direction to use marketing instead. This is a diagram of our change in direction. Figure 1, Marketing Concept, based on Armstrong, 2012, p.16.

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#2 How the Exchange Process Relates to Marketing

Figure 2, The Exchange Process, based on Armstrong, 2012, p.44.
The exchange process is defined as “the interaction between buyer and seller in which each party gives the other something of value” Glossary (1995-2004). The exchange process should not just be about sales it should also include marketing. As illustrated above, this is what we now believe and do. Our marketing technique after we know our target market is to firstly work out what they need and want. As soon as we can create a valuable service that is also profitable, we ‘make it happen’. Our goal is to build and maintain valuable relationships with our clients and also gather information so we can improve the way we function.

#3 The Usefulness of the Extended Marketing Mix
The extended marketing mix “takes account of the particular characteristics of services markets: product, price, place, promotion, physical evidence, people and processes” Glossary (19952004). The 7 P words in this mix are used as marketing tools to help make decisions about how an organisation should function. The first 4 P’s are applicable to all organisations but the additional 3 P’s are usually more suited to services.
To help you also use the extended marketing mix effectively, the following diagram shows how this can be done. Remember, marketing is about improving the profitability and lifespan of your organization. Your target market can usually shop around, this is why it is so important to make your organisation the best choice for your customers. The 7 P’s are tools to help you make the right decisions for your organisation’s success.
The following table shows some of the common and different qualities in the public, private and not for profit sectors.

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Figure 3, Extended Marketing Mix

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As you can see, even though public, private and not for profit organisations value different qualities because they have a different intent, they all have common qualities that will help their success. When using the extended marketing mix, it is important to know what your organisation’s intent is before