Marketing of Service

Question 1

Throw light on the following marketing terminology

1/Marketing Planning:

Marketing planning plays a key and essential role is the success of a business, it’s a process that marketers need to go through to create and implement effective approach and strategy to increase sales, get larger market share …Marketing planning helps to develop products and services that meet the needs of the targeted market; it shows to the costumers why the marketed product is better, different from the competition and how it can fulfil their needs. the American Marketing Association see the marketing planning as the art science of choosing target markets and getting, keeping, and growing costumers through creating, delivering and communicating superior customer value. Marketing management have tasks that needs to be carried out

• Developing market strategies and plans ,companies needs to identify their potential long-run opportunities ,

• Capturing marketing insights by closely monitoring its marketing environment so they can have an eye on the market needs and anticipate

• Connecting with the costumer by understanding the needs of the costumer (who is buying their product, from where he shops the product, what features he needs on the products how much he is ready to invest on the product….)

• Building strong brands by positioning themselves in the correct segment (high end product or low cost product...)

• Shaping the market offerings

• Delivering value

• Communicating value

• Creating successful long-term growth

2/Offering and Brands

Brand is a name, term, sign, symbol or combination of them given to a product, service or a concept intended to identify it and differentiate it from the competition and it can be easily communicated and marketed and leave a lasting image of the brand on costumer mind .Brands are usually or always protected by securing a trademark from an agency usually governmental, the role of the brand is to identify the maker or the source of the product to assign responsibility of its performances and allow the costumer to make their purchase decisions ,for manufacturers and distributors brands simplifies products handlings for inventory and accounting records ,to see the performances of a products separately from another product and take the correct marketing strategy to increase the sales ,by being a credible brand associated with quality it also increase the loyalty of the costumer , the costumer will be ready to pay a higher price thus secure more revenue for the manufacturer or