Tuesday, 19 May 2009

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Marketing is an integrated communications-based process through which individuals and communities discover that existing and newly-identified needs and wants may be satisfied by the products and services of others.Marketing is defined by the American Marketing Association as 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. [1] The term developed from the original meaning which referred literally to going to market, as in shopping, or going to a market to buy or sell goods or services.Marketing practice tends to be seen as a creative industry, which includes advertising, distribution and selling. It is also concerned with anticipating the customers' future needs and wants, which are often discovered through market research. Seen from a systems point of view, sales process engineering views marketing as a set of processes that are interconnected and interdependent with other functions[2], whose methods can be improved using a variety of relatively new proaches.Marketing is influenced by many of the social sciences, particularly psychology, sociology, and economics. Anthropology and neuroscience are also small but growing influences. Market research underpins these activities. Through advertising, it is also related to many of the creative arts. The marketing literature is also infamous for re-inventing itself and its vocabulary according to the times and the culture.Four PsMain article: Marketing mixIn the early 1960s, Professor Neil Borden at Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods or services. Borden suggested that all those actions of the company represented a “Marketing Mix”. Professor E. Jerome McCarthy, also at the Harvard Business School in the early 1960s, suggested that the Marketing Mix contained 4 elements: product, price, place and promotion. * Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. * Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention. Methods of setting prices optimally are in the domain of pricing science. * Placement (or distribution): refers to how the product gets to the customer; for example, point-of-sale placement or retailing. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, amilies, business people), etc. also referring to how the environment in which the product is sold in can affect sales. * Promotion: This includes advertising, sales promotion, publicity, and personal selling. Branding refers to the various methods of promoting the product, brand, or company.These four elements are often referred to as the marketing mix,[3] which a marketer can use to craft a marketing plan.The four Ps model is most useful when marketing low value consumer products. Industrial products, services, high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services.Industrial or B2B marketing must account for the long term contractual agreements that are typical in supply chain transactions. Relationship marketing attempts to do this by looking at marketing from a long term relationship perspective rather than individual transactions.As a counter to this, Morgan, in Riding the Waves of Change (Jossey-Bass, 1988), suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the inside–out view (looking from the company outwards), whereas the essence of marketing should be the outside–in approach".edit] Productain article: New Product Developmentedit] Brandingain article: BrandA brand is a name, term, design, symbol, or other feature that distinguishes products and services from competitive offerings. A brand represents the consumers' experience with an organization, product, or service. A brand is more than a name, design or symbol. Brand reflects personality of the company which is organizational culture. brand has also been defined as an identifiable entity that makes a specific value based on promises made and kept either actively or passively.Branding means creating reference of certain products in mind.Co-branding involves marketing activity involving two or more products.[edit] Marketing communicationsMarketing communications breaks down the strategies involved with marketing messages into categories based on the goals of each message. There are distinct stages in converting strangers to customers that govern the communication medium that should be used. * agricultural marketing * advertising and branding * communications * CRM, Customer Relationship Management * database marketing * professional selling * direct marketing * event organization * experiential marketing * field marketing * global marketing * guerilla marketing * international marketing * internet marketing * industrial marketing * market research * marketing strategy * marketing plan * political marketing * product marketing * proximity arketing * public marketing * public relations * retailing * search engine marketing * segmentation * social media marketing * sponsorship * strategic management * wholesale marketing * Advertising Research * AIDA * Article marketing * Borderless Selling * Brand * Brand orientation * Branded content * Cause marketing * Copywriting * Customer relationship anagement * Customer Segmentation * Digital marketing * Demand generation * Early adopter * Engagement marketing * Evangelism marketing * Fear, uncertainty, doubt * Integrated Marketing Communications * LGBT marketing * Macromarketing * Market Segmentation * Marketeer * Marketing collateral * Marketing co-operation * Marketing Mix * Marketing effectiveness * Merchandising * Mobile Marketing * Multichannel Marketing * Predictive analytics * Product marketing * Reality marketing * Referral marketing * Return on marketing investment * Sales techniques * SEO Copywriting * Services * Sex in advertising * Senior media creative * Technical marketing* * Trade marketing * Value *


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