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Marketing concept and process The diagram below summarises the key elements of marketing and their relationships. Paper Chase Ltd must consider the elements stated in the chart below for the expansion of their product line.

Extracts from this document...

Introduction

Name Nesha Dedier Student ID 2407 Subject Marketing College ICON College of Technology and Management Question 1 A) Marketing concept and process The diagram below summarises the key elements of marketing and their relationships. Paper Chase Ltd must consider the elements stated in the chart below for the expansion of their product line. In order to achieve the organisational goals Paper Chase Ltd (a market oriented company), have to take into consideration, careful planning processes, implementing the right organisational structure and developing the right culture and attitude, amongst their staff and other stakeholders Source [http://tutor2u.net/business/marketing/what_is_marketing.asp] Marketing is: "The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time" "The achievement of corporate goals through meeting and exceeding customer needs better than the competition" "The management process that identifies, anticipates and supplies customer requirements efficiently and profitably" according to "Marketing may be defined as a set of human activities directed at facilitating and consummating exchanges" Source [http://tutor2u.net/business/marketing/what_is_marketing.asp] From the above we can see that there are many different definitions of marketing. However they all try to embody the essence of marketing. Paper Chase Ltd must ensure that they are meeting the needs and wants of their customers. Paper Chase Ltd must understand their customers and find ways to provide products or services which their customers demand. Marketing Oriented Company: Some organisations are sales oriented - Meaning that there is a real concentration on taking orders and moving product, and more concern for sales quotas than long-term relationships and strategies. Others are engineering driven. They have got the talent to build the best widget in the world, but haven't spent any time finding out who might buy one or how to spread the word. Paper Chase Ltd portrays a Marketing oriented company which is as follows: Marketing oriented companies are characterised by their focus on the customer. ...read more.

Middle

and the general move towards more environmentally friendly products and processes is affecting demand patterns and creating business opportunities. Paper Chase Ltd will have to work within the Environmental Protection Laws, the Waste Disposal from production of some of their products and also the Energy laws. Micro environment The Analysis for the Micro environment is the SWOT Analysis, which stands for Strength, Weakness, Opportunities and Threats. Strengths * Good reputation among customers * The products are essential and the demand is high * Experiencing economies of scale * Loyal and conscientious staff * Mr Smith's experience * Strong brand names products * Patents * Advantages in access to distribution networks Opportunities * Competitive advantage compared to new companies * Economies of scale will lead to low cost for staff * Enough financial resources to expand * New target market such as Embryo Freezing * Denationalisation of the industry * An unfulfilled customer need in the market where the competitors have not identified * Introduction of new technologies in the market * Loosening of government regulations * Removal of international trade barriers (e.g. EU) Weaknesses * Poor reputation among customer * Targeting the right segment might be difficult * Some customers will not be able to afford * Finance for new fixed assets * Need to train staff so that they can cope with new technology * A weak brand name * Lack of access to key distribution channels Threats * Change in consumer needs away from the organisation's products or services * Introduction of new government regulations * Increased trade barriers (i.e. International economic sanction) * High level of interest rates * New innovation can make some products obsolete quicker * Competitors * Bureaucracy and corruption in government bodies Source [http://www.quickmba.com] Question 2 B) Propose segmentation criteria for any 2 products from the brain storming sessions Segmentation The purpose for segmenting a market is to allow the marketing/sales program to focus on the subset of prospects that are "most likely" to purchase their offering, If done properly this will help Paper Chase Ltd to insure the highest return for their marketing/sales expenditures. ...read more.

Conclusion

Physical evidence Consumers will make perceptions based on their sight of the service provision which will have an impact on the organisations perceptual plan of the service. Consumers will make perceptions based on their sight of the service provision which will have an impact on the organisations perceptual plan of the service. . Briefly discuss the areas that need consideration, should Paper Chase consider foreign expansion in the future. According to Onkvisit, S. and Shaw, J. J. (2004), International marketing (marketing across national boundaries) is the multinational process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives. Paper Chase Ltd must conduct a "PESTEL" analysis of the country that they chose for expansion. By doing this they will achieve a greater economies of scale. Domestic marketing is often explain in terms of a company manipulating a series of controllable variables such as price, advertising, distribution and the product, in a largely uncontrollable external environment, made up of competitors, culture values, a legal infrastructure and so on. Source [Gilligan, C. and Hird, M. (1996) International marketing] Reference Books: Floyd, D. (2004) As Success Business Studies, 1st Edition, Italy: Amilcare Pizzi Gilligan, C. and Hird, M., (1996) International marketing: strategy and management, Mackays of Chatham Ltd Johnson, G. et al. (2006), Exploring Corporate Strategy, Text and Cases, 7th Edition, Ft Prentice Hall, Pearson Education Limited. Lampel, J. and Mintzberg, H. (1996): Customizing Customization. In: Sloan Management Review. Vol.38, No.1 Lynch, R. (2006), Corporate Strategy, 4th edition, FT Prentice Hall; Pearson Education Limited McNamara. C., (2000),Organisational Culture, Authenticity Consulting, LLC. Onkvisit, S. and Shaw, J. J., (2004), International marketing: analysis and strategy, 3rd Edition, Prentice Hall Palmer. D., (2002), Essential of Marketing, 2nd Edition Internet Sources: http://tutor2u.net/business/marketing/what_is_marketing.asp] As accessed on 3rd/01/2010, 18:43 http://www.businessdictionary.com/definition/organizational-structure.html As accessed on 3rd/01/2010, 20:15 http://www.businessplans.org/Segment.html As accessed on 5th/01/2010, 21:07 http://www.quickmba.com As accessed on 4th01/2010, 15:27 http://www.tenonline.org/art/mm1/9305. ...read more.

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