Nature and Scope of Marketing

Question: Write about theNature and Scope of Marketing. Answer: As technological advancement continues to sweep the wave of economic and political development globally, Australian environment is never untouched by these wave of evolution that has become the air we breathe. In his article while analyzing the general changes taking place in Australia, Malcolm Turnbull notes, We have, at our best, sought to enhance individual liberty, having the confidence our fellow Australians will make the right decisions for their families, their businesses and their nation if they are given the freedom to do so.(Turnbull, 2013). This changes, especially technological changes such as the emergence of social media platform, has led to an explosion of business environment where consumers has direct access to information on a myriad variety of products and services meeting the same need(Witnish, n.d.). Consequently, for a business to survive in this new competitive business environment, relevant and informed marketing models must be formulated. The emergence of soc ial media platform has changed the mode of communication of businesses to their current and pilot customers. Twitter, Facebook, LinkedIn, Instagram and Tublr has dominated the marketing channels of relaying of information(Witnish, n.d.). In brevity, as people spend more time on phones, tablets and laptops, marketers need to come up with a strategy to reach customers through these devices in real time and design a relevant crusade that captures social media channels(Benady, 2014). For those reasons, it is important to assume right marketing concept; this an ideology that calls for marketers to identify the needs of their customers and come up with a strategy at the point of customers convenience. Marketing Research Techniques and Importance Every marketer should conduct primary market research and gather relevant data(Brandenburg, 2013). This process is broken down into two methods: qualitative and quantitative methods. Quantitative research a group of numerical data that mainly results into the statistical analysis in order to decipher the behavior of the data. This method includes the use of emails, telephone interviews and face-to-face communication, among others. On the other hand, qualitative research gives explanations as to why consumers take some actions, stands for certain point of view, demands some goods or services(Armstrong, Adam, Sara, Kotler, 2014). It generally helps the marketer to understand consumer behavior and does not follow a defined set of questions. Some methods under qualitative research are Triad, paired and one on one depth interviews(Brandenburg, 2013). Market research equips a marketer with relevant information required to identify the need in the market and how to meet the need in the best way so as to remain in business(Armstrong, Adam, Sara, Kotler, 2014). Marketing Mix and Extended Marketing Mix Marketing mix is a collection of techniques employed by a marketer to promote its brand. Components of marketing mix are summarized into an acronym, 4P. Where 4P stand for Price, Product, Place and Promotion. Marketing mix facilitates understanding of what products or services offer and how to successfully present the product in the market(Armstrong, Adam, Sara, Kotler, 2014). Marketing mix is important in that the interdependent nature of elements of marketing mix makes up a business plan for the business. Consequently, when marketing mix is handled in the right way, the company can realize great achievements(Hanlon, 2017). In late the 1970s, markers agreed that there was a need to update the marketing mix. This resulted into the emergence of a marketing mix with 7Ps instead of 4. This marketing mix was created by Booms and Bitner in 1981. The three additional Ps are People, Processes and Physical evidence. This allowed marketing mixing to include services that do not involve physical goods(Hanlon, 2017). References Armstrong, G., Adam, S., Sara, D., Kotler, P. (2014). Principles of Marketing. Melbourne: Pearson Australia. Benady, D. (2014, September 29). How technology is changing marketing . Retrieved from The Guardian: https://www.theguardian.com/media-network/media-network-blog/2014/sep/29/technology-changing-marketing-digital-media Brandenburg, E. (2013, June 14). Quantitative Market Research VS Qualitative Market Research. Retrieved from Business 2 Community : https://www.business2community.com/marketing/quantitative-market-research-vs-qualitative-market-research-0523710#dqyfiUAi1L3uemGh.97 Hanlon, A. (2017, April 18). How to use the 7Ps Marketing Mix? Retrieved from Smart Insights: https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/ Turnbull, M. (2013, January 25). My Australia: How it has changed. Retrieved from Financial Reveiw: https://www.afr.com/news/politics/national/my-australia-how-it-has-changed-20130124-j17l1 Witnish, C. (n.d.). How the evolution of social media has changed Australian small business. Retrieved from Shortpress: https://www.shortpress.com.au/how-the-evolution-of-social-media-has-changed-australian-small-business