• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Principles of Marketing

Extracts from this document...


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.


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.


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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Strategic Marketing Report - Virgin Trains

    I can't be sure whether or not the people were honest. I must just trust them the only thing which could help is that the first thing I said was 'Do you have time to answer a short questionnaire?' which means they were willing and not in a rush, so have no reason to lie.

  2. Understanding customer needs - marketing principles - report on pepsi

    To keep ahead of the competition constant research, and opinion asking needs to be done, both using primary and secondary sources of information. I had to understand how my competitors operated and try to stay ahead and more functional than them in areas such as price, and promotions.

  1. Event management

    As part of the marketing plan, it is necessary to identify the market to be reached and then to establish where the people in the market live and which of the media would be most likely to reach them. (Van Der Wagen et al, 2001)

  2. Marketing Planning & Segmentation, Targeting and Positioning

    With a SWOT Analysis, One draws up lists of the company's strengths, weaknesses, threats and opportunities; identifies the key issues in the external environment (Opportunities and Threats); consider aspects of the company itself under the heading of Strengths and

  1. I have been asked to produce a marketing strategy for an existing or new ...

    This would identify that Mercedes have correctly identified the demands of consumers. The next graph shows the results from a question which asked, 'if you were to purchase a new car would you be prepared to pay more money for the car if were to be manufactured by a highly regarded company?'.

  2. The concept of segmentation and the bases for segmenting markets - The main methods of ...

    resulting segments, thirdly Market targeting - developing measures of segment attractiveness, fourthly - select the target segments, fifthly market positioning - develop positioning for each target segment and lastly - develop marketing mix for each target segment. The segmentation bases are the dimensions or characteristics of individuals, groups or organisations that are used for dividing a total market into segments.

  1. For this project I have been instructed to come up with a marketing strategy ...

    related to 3G networks. Global Reach In 2002, Europe accounted for 54% of Nokia's net sales (49% in 2001), the Americas 22% (25%) and Asia-Pacific 24% (26%). The 10 largest markets were US, UK, China, Germany, Italy, France, UAE, Thailand, Brazil and Poland, together representing 60% of total sales.

  2. creating a marketing proposal

    the product and where the product is sold and promoted, the image of the product and the precise nature of the product itself. Dealing with customer service A business need to deal with customer service by Providing a good customer services to the customers who are external and internal and

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work