The principles of marketing

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Omobolanle Salami                06/10/2009

Assignment No.1        Unit 3

BTEC National Diploma in Business

Introduction to marketing

Introduction: 

In this assignment I want to describe the concept and principles of marketing and the application in the business environment.

Task 1

Marketing is defined as an with communication based process through which individuals are informed that existing and new needs and wants may be satisfied by the products and services of others. Which means marketing is used to try to get new customers and keep new and existing customers and also to satisfy them this process of identifying, anticipating and then meeting customer requirement profitably is called marketing.

The principles of marketing:

Marketing has four common principles to undertake, these principles are:

  • Understanding customer needs
  • Keep ahead of competition
  • Communicate with customers
  • Using technology

Understanding customer needs

The purpose of marketing understands the customer needs and what the market wants. They can establish this through analyzing the marketing mix which has 4 elements that consists of price, promotion, place and the product itself. Conducting in-depth research will allow you to identify what your customer needs are and whether a product or service you’re looking to release, will increase profit as well as market share and will also be ahead of competition.

Price – Promotion – Place – Product

 Price

Price is a particularly potent element of the marketing mix because of its direct impact on the customer, the company and the economy. To the consumer, price is an indication of quality and an important factor in the decision-making process. For the company, the price at which a product or service is sold represents the costs and making a profit.

Promotion

The promotion of a product is also one of the important element of the marketing mix that is most subject to variation according to the type of product or service on offer. No product can be sold if the target market does not know of its existence. It is also clear that no amount of promotion will help to sell a product that is not acceptable to the consumer.         The promotion of a product is perhaps the element of the marketing mix that is most subject to variation according to the type of product or service on offer. For some products, promotion may only play a minimal role in the marketing effort; for others,

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Promotion usually covers four basic activities: advertising, personal selling, public relations and specialised sales promotion techniques.

  • Advertising is concerned with communicating messages to the public in order to inform and influence them in order to lead them to buy those items that the advertising for.
  • Whilst advertising is for the whole public, personal selling tends to be towards individuals. The seller may have the same basic messages that are included in advertising, but the presentation can be modified where necessary to suit specific situations and potential customers.
  • Public relations is a group set up for ...

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