Charli Allardyce unit 3
Marketing is the process of communicating the value of a product or service to customers. Marketing might sometimes be interpreted as the art of selling products, but selling is only a small fraction of marketing. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of promoting a product or service to the customer. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long term relationships. The process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that benefit the organization and its shareholders. Marketing is the science of choosing target markets through market analysis and market segmentation, as well as understanding consumer buying behaviour and providing superior customer value.

Smart stands for the following:
Specific: Do your targets say exactly what you need to do. For example meeting a profit target..how much profit? How can the business achieve the target?
Measurable: How can the business prove that the target has been met. What information do they need?
Achievable: Can the business achieve the target in the time that they have?
Realistic: Can the business meet the target that they have set or is it impossible.
Time bound: when has the business got to meet the target by.
The business can use this to work through an idea that they have to see whether it meets all the criteria set. It gives them an insight into what they need to do and how long they have to do it. It is similar to a business plan but on a much more smaller scale.
Accurate research is essential in creating the right marketing mix which will help to win customer loyalty and increase sales. As the economy and social attitudes change, so do buying patterns. Company’s need to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future.
Market research considers everything that affects buying decisions. These buying decisions can often be affected by factors wider than just the product itself. Psychological factors are important, e.g. the image a particular product conveys or how the consumer feels when purchasing it. These psychological factors are of significant importance to the customer. They can be even more important than the products’ physical benefits. Through marketing, businesses can establish a prominent position in the minds of customers. This is known as branding.
Having identified its key audiences, a company has to ensure a marketing mix is created that appeals specifically to those people. The marketing mix is a term used to describe the four main marketing tools – the 4Ps.
Price
The customer’s perception of value is an important determinant of the price charged. Customers draw their own mental picture of what a product is worth. A product is more than a physical item; it also has psychological connotations for the customer. The danger of using low price as a marketing tool is that the customer may feel that a low price is indicative of compromised quality. It is important when deciding on the price to be fully aware of the brand and its integrity. A further potentially adverse consequence of price reduction is that competitors match the lower prices resulting in no extra demand. This means the profit margin has been reduced without increasing the sales.
Promotions
The promotions aspect of the marketing mix covers all types of marketing communications.
Advertising is conducted on TV, radio, in cinema, online, using poster sites and in the press for example in newspapers and magazines.
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