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Marketing Principles

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Marketing Principles

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organisation objectives. Marketing has many ways that products are sold. It includes advertising, selling and delivering products to people. Marketers try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general exposure in the media world. The process of developing, promoting, and distributing products to satisfy customers' needs and wants.

Marketing include 4 Ps for marketing mix that is product, place, price and promotion. Product is the good, which is the company want to manufacture. Place is the place where the company sell the product. Price is the value of goods in the society and promotion show products to customers, e.g. advertising, newspaper etc.

Marketing is a social and managerial process and individual obtained what they need and want though exchange.

When somebody wants to develop a business, they should know what is the customer need and what is the customer want. Then the company will base on demand to produce goods, which make profit for the business. And make the marketing focus on the satisfaction and goods quality of customer needs, wants and requirements. That is good for exchange between customers and companies to make the relationship well. For whole marketing, it uses products of company to make value for business in the public way.

( b ) Example:sonyToyota(finance)foodtown(customers service)

Customer value is an organization’s rating of the value it provides to its customers relative to that provided by its competitors. It is the critical part of relationship marketing, achieve the customer satisfaction is the prime goal of the marketers and organization’s long-term goal is achieving through satisfying customer needs, then make profit for companies. It needs to be seen from the customer’s viewpoint to in terms of the value s/he see in interacting with the organization. Interaction by the definition should be a two way process. However, the choice to interact with an organization rests solely with the customer. Organization must be customer centric. E.g. Food town card is a standard discount care for Food town’s customer.

( c ) 1. financial benefit(eg:foo...

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...ts. It is a customer groups with similar needs and desires.

Segmentation is a better matching of customer needs, customer needs differs and enhanced profit for company to average income make price sensitivity. Segmentation also makes better opportunity for growth for customer trade- up and awareness. Retain more customers let marketing them at different life stage. Segmentation help companies to achieve competitive to implement a value-creating strategy not simultaneously being implemented by any current competitors.

Limitations: Segmentation variables may not be able to divide the market into homogenous groups. Some may be luster together. After segmenting market, still unable to decide which to target for. May be different from real market, wrong profile or variable applied, missed important variable.

Conditions of use: Market segments must be effective measurable like to purchasing power and profiles of segments, accessible to effectively reached and served, substantial for large or profitable enough to serve, differentiable with conceptually different and respond different, and actionable of effective programs can be designed for attracting and serving the segments.
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