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Principles of Marketing

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Introduction

Principles of Marketing Introduction This is a report for small companies how sell a range of personalised stationery products there no effective market in the company I am here to help the owner how to contemporary marketing thinking and techniques and will help sales and profits grow even faster. Here is mine findings What is marketing? � Marketing is about meeting the needs and wants of customers; � Marketing is a business-wide function - it is not something that operates alone fro other business activities; � Marketing is about understanding customers and finding ways to provide products or services which customers demand. Marketing definition The CIM proposes the following definition for marketing: "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably." And AMA the following definition for marketing: "Marketing is the process of the planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchange and satisfy individual and organisation objective. The Market mix has four 'Ps in the 1960s. Then extended to seven 'Ps. Depending on whether you are a product or service organisation, there is five or seven 'Ps' for you. The central premise of marketing is that in order to be successful, and effectively satisfy your customers, there are certain marketing fundamentals that you need to address. ...read more.

Middle

These are summarised below Enhanced profits for business Customers have different disposable income. They are, therefore, different in how sensitive they are to price. By segmenting markets, businesses can raise average prices and subsequently enhance profits Better opportunities for growth Market segmentation can build sales. For example, customers can be encouraged to "trade-up" after being introduced to a particular product with an introductory, lower-priced product Target marketing communications Businesses need to deliver their marketing message to a relevant customer audience. If the target market is too broad, there is a strong risk that (1) the key customers are missed and (2) the cost of communicating to customers becomes too high / unprofitable. By segmenting markets, the target customer can be reached more often and at lower cost Market segmentation - demographic segmentation Demographic segmentation consists of dividing the market into groups based on variables such as age, gender family size, income, occupation, education, religion, race and nationality. As you might expect, demographic segmentation variables are amongst the most popular bases for segmenting customer groups. This is partly because customer wants are closely linked to variables such as income and age. Also, for practical reasons, there is often much more data available to help with the demographic segmentation process. Benefit segmentation Benefit segmentation relates to the process of dividing a market based on the specific benefits consumers seek from a product. ...read more.

Conclusion

The movement of goods from point of productions to point of consumption or use is another key aspect of marketing. Price What people really feel about a product or service is reflected in what they are prepared to pay for it. Pricing plays a key role in what is known as the 'marketing mix'. It is the only element that generates revenue - all the other elements represent cost. People Marketing must involve customer research. The personal, cultural, social and psychological profile of potential customers is of great importance to marketers if their needs are to be successfully met. The use Market information and research Once marketing information about your target market, competition and environment is collected and analysed, present it in an organised manner to the decision makers of the business. For example, you may want to report your findings in the market analysis section of your business plan. Also, you may want to familiarise your sales and marketing departments with the data or conduct a company-wide informational training semi using the information. In summary, the resulting data was created to help guide your business decisions, so it needs to be readily accessible to the decision makers. Conclusion The way I am concluding this report is marketing is common sense I thing if he follows this plan this his sales will increase. Reference: from book principles of marketing third edition By Frances Bassington Class Notes ...read more.

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