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Marketing Principles - - Done

Marketing Principles - - Done

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Published by binchac
Marketing Principles - Level 5
Marketing Principles - Level 5

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Published by: binchac on Feb 06, 2014
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TASK 1 LO1. UNDERSTAND THE CONCEPT AND PROCESS OF MARKETING
1.1 Explain the various elements of the marketing process
Marketing is the process of communicating the value of a product or service to customers, for the purpose of selling that product or service. Marketing is an art to attract consumer and provide them appropriate facilities to get their required things and to aware them about relevant goods which can be helpful for customers. Marketing defined by Philip Kotler is -
getting the right goods and services to the right  people at the right places at the right time at the right price with the right communications and promotion
.”
 (Kotler, 1991). It is a long term plan to achieve specific objectives. A marketing strategy is a complete plan designed to obtain marketing objectives. The strategic plan therefore is the complete and detailed planning involving marketing research and then it develop marketing mix to satisfy customers. We can improve that strategy by clear goals, objectives and efforts. By working on that strategy a market can achieve their day-to-
day goals and will be able to satisfy customer’s demands.
 The success of any marketing plan will depends on how well it is implemented and managed. Marketing plan itself is a guide to implementation and control and we can take help from this plan easily. Marketing plan indicates objectives, strategies and tactics for accomplishing the activities planned. It is a continuous cyclic activity in a formal company.
 
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Some larger companies with different technical layers faces key challenges in implementing marketing plans. Good implementation process shows good and proper action plans with listed activities, which is responsible, time and allocation of budget etc. Marketing encompasses a number of different activities such as product design, pricing, strategies, advertising and others. However these are just activities which have to be done in the process of marketing. There are also some crucial elements of marketing which are very necessary for the success of marketing and they form the backbone of marketing. There four elements are as follows.
 
Research
 
 
Strategy
 
 
Planning
 
 
Tactics Elements of marketing process:
The elements of the marketing are also referred to as the 4 P's of marketing.
 Product
 –
 The products or services offered to your customer: Their physical attributes what they do, how they differ from your competitors and what benefits they provide.
 Price
 –
 How you price your product or service so that your price remains competitive but allows you to make a good profit.
 Place (Also referred to as Distribution)
 –
 Where your business sells its products or services and how it gets those products or services to your customers.
 Promotion
 –
 The methods used to communicate the features and benefits of your products or services to your target customers.
 
3
1.2
Evaluate the benefit and cost of a marketing orientation for “Aroma Amour”
 
 A company with a marketing orientation has a strategic focus centered on awareness and understanding of the marketing concept. The marketing concept indicates that building long-term customer relationships requires putting the needs and wants of the customer first. Customer needs should drive the research and development process. This is opposite the product orientation, which makes the product the first point of emphasis.  A market orientation means that you
Aroma Amour 
 more closely aligned in their thinking with the consumer/customer. Having a better understanding of what your customers wants are now is fine, but by developing a market orientation, where
Aroma Amour 
 can understand the needs and requirements of consumers, this helps in anticipating and developing new products or services which help to sustain favor with the customer as the organization are able to provide them with the things they want or need better than your competitors in the future. This helps to build relationships with customers, which cultivates their loyalty and protects against brand switching. A market orientated approach moves away from a transactional approach where a business sells and gives little or no interest or attention to understanding the market place further.
Benefits of marketing approach:
 High customer satisfaction, loyalty and retention
 Increase sales and market share
 Growth in profitability
 Enhanced competitive advantage

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