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Explain the Various Elements of the Marketing Process:

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Explain the various elements of the marketing process:
Marketing is defined 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.
Understand Markets and Customers’ Needs
The company first gains full understanding of markets by researching consumer needs wants and demand:
 Needs: are basic human requirement such as food, air, clothing, shelter & education, etc.…
There are different types of needs: (stated needs-real needs-unstated needs-delight needs-secret needs).
 Wants: Needs become wants when they are directed to specific objects that might satisfy the need but shaped by society culture.
 Demands: are wants for specific product backed by ability to pay.
Target Markets, Segmentation & Positioning
Differences in needs, behavior, demographics or psychographics are used to identify segments. After identifying market segments the marketer decide which present the greatest opportunities to target, which called the target market.
Companies develop a marketing offering for each target market by position its product/service in the minds of target buyers as delivering some central benefits.
Offering and Branding
The market offering is customized to the needs of the target markets by putting forth a value proposition (a set of benefits that’s satisfying customer needs).
The intangible value proposition is made by physical offering which can be combination of products, service, information and experience.
Brand is an offer from known source (ex. of brands is Sudan Capo, Sayga).
All companies attempt to build brand image with as many strong, favorable and unique brands.

Values and Satisfaction
Successful offerings deliver value and satisfaction to the buyer. Value is a set of tangible and intangible benefits…...

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