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Understanding Contemporary Issues of Marketing
Submitted by Names:
Tutor:
Date
, 2
Marketing Process and Marketing Mix of Samsung Z Flip 5-Phone
Introduction
The term marketing process is stated to be a sequence of steps businesses take to promote
their products and services to prospective customers (Chou, et al., 2020). As a result, this process
is extensive as it involves the identification of the target audience, the generation of a marketing
model, the implementation of the appropriate plan, and the incorporation of customer value. All
these efforts are undertaken to qualify leads for the sales team in a business. According to Aimé,
Premananto, and Rakotoarisoa (2022), market process theory is largely focused on the
exploration of how the market transits towards a state of general economic equilibrium. It is also
concerned with how production and consumption plans are organised within the organisation.
There are four marketing P’s: product, price, place, and promotion. Darmawan and Grenier
(2021) indicate that the notion of the four Ps has been in existence since the 1950s but has been
evolving ever since.
Beyond the marketing theories, there is the extended marketing mix (7P’s) which is the
incorporation of seven elements of marketing that seek to work towards the realisation of the set
objectives of a marketing strategy. These 7 elements include the following: product, price, place,
promotion, people, process, and physical. Both the marketing theories and the extended
marketing mix are important in the running of the business effectively.
As opposed to just the four elements, the extra three components allow for a much more
comprehensive and modernised mix. Darmawan and Grenier (2021) hypothesize that the
extended marketing mix was devised when the marketers discovered that the original model was
not only outdated but also lacked the required extra pillars to make it full and all-inclusive. Upon
Understanding Contemporary Issues of Marketing
Submitted by Names:
Tutor:
Date
, 2
Marketing Process and Marketing Mix of Samsung Z Flip 5-Phone
Introduction
The term marketing process is stated to be a sequence of steps businesses take to promote
their products and services to prospective customers (Chou, et al., 2020). As a result, this process
is extensive as it involves the identification of the target audience, the generation of a marketing
model, the implementation of the appropriate plan, and the incorporation of customer value. All
these efforts are undertaken to qualify leads for the sales team in a business. According to Aimé,
Premananto, and Rakotoarisoa (2022), market process theory is largely focused on the
exploration of how the market transits towards a state of general economic equilibrium. It is also
concerned with how production and consumption plans are organised within the organisation.
There are four marketing P’s: product, price, place, and promotion. Darmawan and Grenier
(2021) indicate that the notion of the four Ps has been in existence since the 1950s but has been
evolving ever since.
Beyond the marketing theories, there is the extended marketing mix (7P’s) which is the
incorporation of seven elements of marketing that seek to work towards the realisation of the set
objectives of a marketing strategy. These 7 elements include the following: product, price, place,
promotion, people, process, and physical. Both the marketing theories and the extended
marketing mix are important in the running of the business effectively.
As opposed to just the four elements, the extra three components allow for a much more
comprehensive and modernised mix. Darmawan and Grenier (2021) hypothesize that the
extended marketing mix was devised when the marketers discovered that the original model was
not only outdated but also lacked the required extra pillars to make it full and all-inclusive. Upon
