Professional Documents
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Principles of Marketing
Assignment # 1
1. Marketing
The process through which goods and services move from concept
to the customer.
2. Business
3. Marketing Management
4. Management
Marketing Process
Step 1: Mission
First, identify and understand the company’s mission. Maybe
it’s written down and promoted throughout the organization. If not,
talk to stakeholders to find out why your company exists. A mission
statement explains why a company is in business and how it can
benefit consumers. Sometimes, the mission statement is
aspirational, motivating staff and inspiring customers. Or it is simply
a straightforward statement about who you are. Either way, you
can’t plan a marketing strategy without knowing clearly what
business you are in and why.
Price: The price is the amount of money your target market is willing to pay for
your product. Factors for price include any discounts, payment periods, and list price,
as well as how much it costs your company to produce the product. You also need to
consider overall marketplace conditions and your competition. How healthy is the
economy? How much are your competitors charging for a similar product? Do they
have the same business model?
The marketing message around your price depends on your market and your audience.
Maybe it’s a way to position your product in a crowded marketplace. It might be a
competitive advantage or a way of demonstrating the value of your product.
Promotion: The way you communicate with your target audience about the value
and benefit of your product is promotion. Think of promotion as an opportunity to
educate your customers about your products and services. You teach them the value of
what you offer and how your product meets their needs or solves their problem. There
are countless ways to educate them through marketing channels including direct
marketing, paid search and social, advertising, public relations, and sales promotions
that create brand awareness. This extends to almost every aspect of how you present
the product to your target market, and is everything that teaches your audience about
your product or brand.
Where can you get your marketing messages across to your target market?
Options include advertising on TV and billboards, direct marketing, public
relations, sponsored events, and promotions. Consider the details you used
when segmenting your audience.
What marketing channels does your target market use on a regular basis? Where
and when are they most ready to buy your product?
When is the best time to promote?
How do your competitors do their promotions?
Place: Consider place as product distribution or how you plan to get your
product to your customers and make the buying process easy. Place includes
distribution channels, outlets, and transportation to get the product to the target
market.
A. Needs
B. Wants
C. Demands
2. Marketing Offerings
A. Products
B. Services
All kinds of things that are offered to a market to satisfy
human needs or human wants or consumers that is called
Services. Service is a work or benefit that is given to one party
to other party. Service is intangible. For example service of
doctor, lawyer, mason, tailor, hotel service, training service,
security service, entertainment service, beauty parlor service
etc.
C. Experiences
Experience is acquired real knowledge about anything.
Experience is to do, to see, to feel something by acquired
knowledge or skilled. The company wants his experience to do
better in future. By using experience company ordered to
manager to make marketing process. Experience in marketing
has an experimental value. Normally in business, experience is
very important. Some kind of business organization does not
want to appoint their employee without having experience of
this job. A company provides more facility or increase salary or
gives promotion of manager or other employee only for
experience.
A. Value
Value is the capacity of a product or service. Normally value
is determined by the level of satisfaction of customers. If
satisfaction level is low, it means the value of the product is low
and consumer will leave this product. Customers always think
about value of a product when they go to buy this product. It is
ever-present in their minds about value of a product. Actual,
value is the difference between consume of a product and the
cost of buy this product. Customers spend money, give time,
power and mental labor for buying a product. For this reason,
the consumer wants the best value of a product.
B. Satisfaction
Satisfaction is like a desire of mind that cannot be measured
or it cannot be quantified. Actual, the purpose of marketing is
the satisfaction of customers by creating value of a product and
make a long-term relationship to customers. The satisfaction of
customer is also depended on quality of the product or the
quality of the service provided. You have to be careful as a
marker in setting your costumers satisfaction level too low.
Then your customers will go to your competitors. On the other
hand, if you set your satisfaction level too high that you cannot
achieve then also your customers will go to your competitors.
So, you have to determined the level of satisfaction as middle or
normal so that the customers come back and buy your product
again.
4. Exchanges and Relationships
Exchange and relationship is always very important in
core concept of marketing. Exchanges and relationships
are explained in below in details.
A. Exchanges
Exchange is very basic concept of marketing. In
fact,another name of marketing is exchange. Producers and
manufactures are trying to make available all sorts of goods
that are needed by the society. Exchange is one kind of activity
that creates value and this value is provided to other party. In
exchange money is always needed. Without money the
exchange process is not possible. Every company products are
exchange for money. Marketers provide product, service and
idea to the customers in exchange of money.
B. Relationship Marketing
Customer is the king in the business. If you want to grow up
your business, you have to create a good relationship to
customer. You have to keep always busy to make happy of
customers by satisfying his or her needs in terms of quality,
price, time, quantity, regularly in supplying. In relationship, the
quality of product is very important. If the customer
understands the quality, value or facilities of your product he
will build the goodwill for your company by telling his friends
and relatives because of which this way customers increase.
5. Market
Marketing follows market. Market is a set of present and
future buyer. Market is a place where buyers and sellers are
come in touch with detailed information about what sellers are
offer and what buyers are ready to buy. Some people do not say
that in market a place should stay. But a market is where
different types of transactions happen that is also call market.
In market, the goods flow from the sellers to the buyers and
money flow from buyer to reach sellers to complete the
exchange.
Production Concept
So a company can choose the production concept where it will utilize the
economies of scale. It will produce huge quantities of goods at lower costs and sell
them in all markets and inexpensive rates. Here the profits will come from the number of
goods sold.
But the logic is flawed that the customer chooses a product only based on
price. There are many other factors he will consider, such as quality and differentiation.
Product Concept
This concept places its emphasis on quality and innovation rather than
price and availability. In a market, there are many factors that influence the customer.
One such important factor is the quality of the product and all its features that are on
offer.
So in the product concept, the company will make sure their goods are of
the best quality. This will mean the cost of production and the price of the product will
be higher. But the company will look to maximise profit by promising quality products.
Those customers who will emphasise the cost or the accessibility of the product will be
driven away.
Selling Concept
Here the concept shifts from production of the product to simply selling
the product. Even if the goods meet the price and quality requirements of the
consumer, the sale is not guaranteed. In the selling concept of marketing management
philosophies, the idea is to persuade the consumer to buy the product by any means
necessary.
Marketing Concept