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The Objectives Of Marketing

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Introduction

The Objectives Of Marketing The marketing objectives of a company should also be the business objectives; marketing should enable the company to achieve its objectives. Any marketing objectives should include some of the following: * to target a market or part of a market, a MARKET SEGMENT * to maintain or achieve a certain MARKET SHARE * to develop a range of products * to improve the image of the products or the company as a whole. These objectives are naturally linked and in trying to achieve one it is possible, and desirable, that others are achieved at the same time. The Marketing Process The Marketing Process of a company is a continuous system. It starts with Market Research and product research, to find out what the customer wants and needs. The next stage is to decide upon a plan. This will include the company's objectives and a plan for the company's marketing activities. The next stage is to put the plan into practice, organising all the activities. The final stage is to check constantly that the plan is operating properly. This provides feedback, further information to be added to the market research that continues to take place. The Marketing Process The Marketing Mix The elements of the four P's, product, price, promotion and place, all have a different scale of importance depending upon the product that is being sold. ...read more.

Middle

Promotion includes everything that is normally thought of as marketing, sales promotions, advertising, free gifts, trials and so on. The final P, place is equally important. If the good is not available at the right place, shop or city, then it will not sell. Pricing Strategies 1. SKIMMING - Selling a product at a high price sacrificing high sales for high profit. 2. COST- Fixing a price by adding a percentage profit to the cost of production of the goods. 3. COMPETITIVE - Setting a price based on the prices charged by the competitors for similar products. 4. PENETRATION - Setting initially low price for a new product so it is attracting to the costumers prices likely to be raised later. 5. DESTROYERS - Were one company forces another company out of the market :- intense competition. 6. PRICE WARS - Intense competition not lasting every long competing over market share. 7. PSYCHOLOGICAL - Letting the costumers think there getting more or better offers than there competitors. One example of pricing strategies; 50p to buy - 10p to make 40p - 10p for taxes 30p - 15p for profit 15p - 10p for wages, manufactures/ retailers 5p for transport costs The pricing strategy I used for my chocolate bar was PENENTRATION. ...read more.

Conclusion

However, this is very basic and not very accurate. A better definition is provided be the Chartered Institute of Marketing. 'Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirement profitably.' Marketing puts the consumer at the centre of a company's activities. It is about discovering the needs of the consumer, identifying needs, and satisfying those needs in a way that earns the company as much profit as possible. Part of identifying consumer needs is to realise that these needs change over time. Marketing should therefore anticipate any changes, now and in the future, in order to continue to satisfy the consumer. Marketing has become even more important to businesses over the last 40 years. Greater competition, the rapid growth in technology, constantly changing fashion and trends, emphasised by television and newspapers, along with an increase in people's income to have a good marketing policy. Market Economies A third way of organising a nation's resources is the MARKET ECONOMY. With this system everything would be controlled by supply and demand, i.e. by market forces. There would be no government interference of any kind. There are no examples of a true market economy. The United States comes closest, but even there the government has some say in how the economy is managed. For example, the government spends a greater percentage of its gross national product on defence than any other country in the world. ...read more.

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