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Concepts and Principles

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(P1) Describe the concept and principles of marketing. Marketing is "the management process responsible for identifying, anticipating and satisfying customer requirements profitability." 2003 BTEC Business (Heinemann) - Page 289 - The Chartered Institute of Marketing. Marketing have certain concepts such as: * Production Concept * Selling Concept * Product Concept * Marketing Concept Production Concept is the idea that certain company should focus on products that are effectively produced. Also the creation of a supply of low-cost products or services would also itself create the demand for the products in the market. Selling Concept is "the philosophy or orientation of an organisation which emphasises aggressive selling to achieve its objectives. Firms characterised by this approach often rely upon pressure selling and manipulative sales techniques to win business." ...read more.


Keeping ahead of competition After conducting your marketing research and establishing your company needs, you need to ensure that the unique selling point (USP) of your product can stay ahead of competition and can increase awareness to your target market. Initially most companies sell the same similar product because they have established the customer needs and the demand for certain or similar products. Therefore a company needs to make sure that they have a USP and can find ways of keeping ahead of competition, by perhaps adding methods of promotion to their products and perhaps pricing the product at a price the target consumers can afford. Communicate with customers Communicating with customers will allow recognition and awareness of your product and USP. Companies initially will use certain methods to communicate with customers such as advertising on bill boards, TV, newspapers, the internet and more. ...read more.


Using Technology Technology plays a very big aspect in the world today, this is because nowadays companies would use technology to benefit, save time and money and have more security. Companies may broadcast a website to allow customers to get more information at their own convenience and perhaps even buy products. The advantages the company can have can benefit from less expenditure of wages for example; as you would need less staff because you won't required to always use telephones all the time as everything is done online and also more revenue from making sales online 24/7. Technology will also allow greater security of the company and can protect information, security details, customer details and more for data protection purposes. Technology is normally IT related and this can improve speed and accurately and gives you the chance to communicate with customers without voice or face to face communication. Nevertheless you can use IT to design your products, create certain fonts and more. ...read more.

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