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nature and importance of marketing
nature and importance of marketing
Importance of marketing in our daily life
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1. Key characteristics of the marketing concept.
Marketing concept is a business philosophy that guides the marketing activities of a company. This concept has three main characteristics as follows.
• Identifying the needs and wants of target customer segment.
Companies can find out customer needs through market research by interviewing the customers, giving them questionnaires. Here, Britvic identified the customer’s need for an affordable source of vitamin C which enabled it to further progress in its use of the marketing concept.
• Integrating marketing activities
A firm will combine the marketing mix elements such as product, price, place and promotion in order to meet the identified customer needs. This characteristic is evident in
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This allows Britvic to have its product in locations that are convenient to the customer and thereby to fulfil his or her need. Further, Britvic’s use of promotional methods like sponsoring British pantomimes lets the company address a target segment like children effectively. The combination of all these marketing mix elements means , proving the target customer like a child who needs a drink , with a soft drinks ( product ) , at the right place ( like leisure park) , at a reasonable price and let them know about it and promote it to them in a suited manner as by sports sponsorships.
• Making Profits through customer satisfaction
The third main characteristic of the marketing concept is making profits by satisfying the customer, which is done by addressing their needs by integrated marketing. This is meeting customer’s expectations of the product at a profit. £89.7m (use an example that shows Britvic customers are satisfied )
(how company makes profit through customer satisfaction, how much profit Britvic has made in 2014 for eg. By satisfying customer needs/ by providing a needed juice to the customer )
2. Micro and Macro Environment of
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For instance, Britvic can collect data about the customers by interviewing them, giving them questionnaires. This information collected is very important to the company as it is what will be analysed to identify customer needs and wants, and therefore to develop products to satisfy those needs. When developing new products like Tango clear for older customer, it is necessary to do research and find out what older customers need. It is this information that can be used to introducing a product like sugar free Tango clear that will satisfy the targeted older customers and thereby help gain profit to the
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
The marketing concept is producing a product that people want to buy and that the business is not selling because it likes making the product there doing it because they know people will buy their product. The marketing concept can be looked as a philosophy that potentially determines what type of marketing tools/ strategy can be used a company.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.
I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
The principal to any successful marketing strategy is to understand the customer and their needs. The ability to satisfy customers' needs better than the competitors, will first be, as PepsiCo builds customer loyalty and increases sales (Business Link, 2007). Marketing research uses many methods to obtain results. PepsiCo will use external census data and marketing survey data collected by outside marketing research firms, as a method of understanding customer wants and needs. Computer-aided methodologies will also be used to collect data on the competitors of PepsiCo, such as Coca Cola, Jones Soda, and Mott’s Company.... ...
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
The more profitable firms are those that are able to maintain their most valued customers throughout time. To satisfy a customer means to make him faithful and customer satisfaction becomes the index that measures the ability of the firm to produce income for the future.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.
To create a successful marketing mix you must have all of the following aspects: the right product for your target market, sold to your target market at the appropriate price,in the right place and time, while using the most fitting promotion. ( Marketing Theory 1995.) The product, price, place, and promotion all are of uttermost importance in a business, since all businesses must complete all of these activities, including advertising agencies and research firms, everybody in the business world should understand the marketing mix.
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”
C1 Marketing Strategy requires Research to find out. Customer Requirements – Is there a market for liqueur ice creams? The Right Products to Develop to Meet Customer Needs – Which? liqueurs would the consumer’s prefer/buy the most? Which product variation is preferred to be used?