1. The Concept and Process of Marketing
When an understanding of human behaviour and techniques of management are put together controlled by instinct, imagination, improvement and influence this is known as Marketing. When conceptualising a new item or service a more technical approach is required. Capability is required to recognise alternative means of making the product available to customer. In marketing to make your ideas work it is important to have accurate and in-depth knowledge of the subject.
1.1. Elements of the Marketing Process
The aim of marketing process is to make a product and then sell it at a premium. Marketing research is a tool at the hand of the marketing managers that provides them with data and findings and helps them decide future course of action. Marketing research gives an insight to the marketing manager as to which segment to cater to, what product to offer and the kind of association with the target market. Experienced marketer have varied ideas about the element of marketing process
Elements of the Marketing Process
Figure 1
Source: Made by Student (2012)
Needs and Wants: A need is felt when a human is denied of a basic necessity. As humans we need food, house or clothes. Needs are fundamental of human universe and are needed to survive. Needs can only be transformed by companies. Desire is for something more specific that fulfils our necessities. For E.g for quenching thirst what we require is water but what we desire is a soft drink. Quenching thirst is our basic need, it can be done either with water or soft drink. It also depends on the status of the person.
Products: Product is one of the most important part of the marketing mix. A marketer should have all the information about the product...
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... is not merely for transportation but also a status symbol.
• Consumers have become environment conscious. Hence more focus should be put on developing low carbon emission vehicles
TECHNOLOGICAL
• The Government and Industry in partnership have set up state of the art R& D facility
• Focus is on developing Low carbon emission technology
• There has been technological progress in vehicle safety.
ENVIRONMENTAL
• UK has stringent CO2 emissions laws. As a result CO2 emissions of new have fallen by more than 25% in the last 10 years
• Over £150bn have been invested in low and ultra-low carbon vehicle technologies.
LEGAL
• The industry has to comply with all laws and regulation such as gas emission laws, safety and standard issues, vehicles regulations.
• As per new laws all new vehicles should have Electronic stability control and Tyre pressure Monitoring Systems
