Marketing strategy and activities of an organisation Assignment

Marketing strategy and activities of an organisation - Assignment Example The paper throws light on the term ‘marketing’ as the activity or philosophy utilised to offer products or services in order to satisfy customers’ needs or wants. Marketing is a process of producing assorted appealing experiences that connect with varied populace and generate the desire of distributing with others. Marketing includes proper planning, scheduling and executing ideas essential for the enhancement of organisational profit margin as well as brand image. According to Kotler & et. al. marketing is referred as the discipline and the talent of investigating, generating, and conveying value in order to assure the needs and the demands of target market with specific returns. Along with these, marketing also helps to identify the unfulfilled wants and requirements. However, digital media also plays a vital role in the process of marketing as it enhances the relationship between customer and marketer. Hence, it can be depicted that marketing is a human action intended for pleasing the needs and wants through the process of replacement. In this era of globalisation, marketing is one of the essential techniques utilised by organisations in order to sustain in this competitive market in the long run. This is due to the fact that marketing develops a bond in between organisations and their clients. In order to maintain the steadiness of demands of varied products or services to sustain in the market, marketing process is highly essential for an organisation. Marketing process involves investigating the needs and the wants of the target customers. This can be possible only with the help of the strategy of marketing mix. Marketing mix is a critical tool utilised for shaping a product or brand’s exclusive selling point. It is essentially done with the help of four P’s i.e. Product, Price, Place and Promotion (Kotler & et. al., 2010). Product Product is one of the vital components of marketing mix. Products are offered by an organi sation in order to satisfy the desires and the requirements of customers. It may be tangible or intangible in nature. Tangible products are those which can be actually felt whereas intangible products are services presented to customers such as hotel service, telecom and tourism among others. Moreover, organisations also attempt to offer innovative products or services which would enhance customer demand thereby improving the position and the brand image of an organisation among others in the market (Kotler & et. al., 2010). Price Apart from product, price is the other vital constituent of marketing mix. Price is the amount a customer desires to pay for a specific product or service. Price is very essential as it determines the profit and the sustainability of an organisation in this competitive world for long run. The price of varied products or services of an organisation offers considerable impact on the marketing strategy and its transactions. Moreover, the price of product or s ervice should be reasonable and affordable for all customers. Place Place is also equally important for an organisation as it facilitates in selecting an