• 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...

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.

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. What is 'The Marketing Concept' and how has it developed over time? The ...

    life insurance, pet insurance, travel insurance, broadband, home phone call packages, Tesco mobile network, Tesco mobile top up, holidays and flights. There is also the Tesco web site that customers can access all of these products on. As well as that the customer can now do home shopping and order

  2. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitability.

    the finance department control the budget of the marketing department. The main stakeholders in a business are: - Customers - Employees - Managers - Shareholders - Government It is important for every business to have a strong relationship with these kinds of stakeholders because they can influence and usually improve the way the business is run.

  1. edexcel Marketing Assignment

    Unique selling point (USP) USP stands for unique selling point. It is what makes one business deferent from other businesses or what makes the business an individual. Apart from the competitors, this can affect the survival of a business.

  2. Marketing Plan for the Targe' Full Service Spa Salon

    Target is drawing on the formal knowledge of its marketing team. Target's marketing team has learned that planning is one of the most important functions of being a cutting edge retailer. Targets marketing team must decide how to make the best use of their resources, such as people, funds, and advertising.

  1. Strategic Marketing Report - Virgin Trains

    Places: I had a list of all places where these services existed. There was only one person who answered these questions incorrectly with an inaccurate name either purposely lying or a honest mistake, I couldn't be sure so I done a retake of that questionnaire with a different person.

  2. What is the marketing concept? Explain the importance of customer orientation and use examples ...

    'good intentions or promotional tricks' it involves 'profound matters of human organisation and leadership'. Customer orientation cannot be obsolete as there has to be some focus on the elements of the marketing mix, such as product. The focus on the customer has to be the main focus of the business

  1. Event management

    As with other activities, there will be finite money, time and staff available for marketing and these resources need to be planned carefully and used effectively. A time for market research should be allocated by event managers to identify the target markets (competitors, spectators, tourists), determine potential customer attitudes, profiles, awareness and expectations, and to determine market volume and size.

  2. This report will define and explain the following marketing terms: Marketing ...

    want so they have to plan there strategy to be better than there competitors. Here are some pricing strategies that a company can use: Penetration pricing is when the organisation knows there's a lot of competitors and will release their product at a very cheap price and then that will have an effect on the competitor's sales.

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