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The concept and principles of marketing

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Introduction

P1 The concept and principles of marketing For this essay I'll be describing the different concepts and principles of marketing. I will be discussing topics such as the marketing definition, principles of marketing, functions of marketing, activities of marketing as well as talking about fours P's that relate to the marketing mix such as product, price, place and promotion, and finally I'll be making a reference to the limitations and constraints of marketing. Marketing Marketing is about finding and satisfying customers, identifying the need for a product or service and then providing it at the right time, in the right place and at the right price. Marketing covers all aspects of a business, from defining a product or service to the identification of market opportunities and filling those opportunities at a price that covers the businesses costs and generates a profit. Marketing is not the same as selling; rather marketing creates the conditions for the sale to take place. It's not advertising either, although advertising might play an important part in the overall marketing effort. Marketing Principles Marketing principles are about the tactics and goals that a company will need to take into consideration when producing and marketing goods. A company will have to understand consumer needs, keep ahead of competition, communicate effectively with consumers and utilise new technology in order to gain the competitive edge over competitors. ...read more.

Middle

Companies can do so by producing new distinctive product designs, new logo's, creating an interesting advertising campaign etc. Some companies try to create a new corporate image. There are several different ways of creating a distinctive image, for example a company focusing on becoming ECO friendly or a company supporting local farmers etc. The second step would be to plan, coordinate and monitor the marketing mix. Organisations have to distribute their resources between the different stages of the marketing mix. For example putting time, money and effort in the product produced, in which case if a company were set to release a new product they'd have to figure out ways of selling a vast amount of the previous product that's already available for sale in order to release the new one. Companies can do so by dropping the price of the previous product or making special limited time offers that would appeal to customers and encourage them to buy the old product. The third step is to coordinate marketing activities effectively. Companies will have to make sure that the product set to be released is well designed and produced, and is appealing to the target market. When a company decides to launch a new product the marketing department has to make sure that all products will be ready on time, the distribution department is fully aware of the nature ...read more.

Conclusion

against the desire to make decisions as quickly as possible, in order to maintain or improve their position in the market Reliability of the data - the valueof any research findings depend critically on the accuracy of the data collected. Data quality can be compromised by a number of potential routes, e.g., leading questions, unrepresentative samples, biased interviewers etc. Efforts to ensure that data is accurate, samples are representative and interviewers are objective will all add to the costs of the research but such costs are necessary if poor decisions and expensive mistakes are to be avoided. Legal & ethical constraints - the Data Protection Act (1998) is a good example of a law that has a number of implications for market researchers collecting and holding personal data. For instance, researchers must ensure that the data they obtain is kept secure, is only used for lawful purposes and is only kept for as long as it is necessary. It must be made clear as to why data is being collected and the consent of participants must be obtained. In addition to this, there are a number of guidelines, laid down by such organisations as the Market Research Society, that, although not legally binding, encourage organisations to behave ethically when dealing with members of the public. ...read more.

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