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The principles of marketing and how it operates.

Extracts from this document...

Introduction

Introduction: In this Brief report you would be finding an outline of the principles of marketing and how it operates. This brief report is being handed in, in conjunction with the job interview for the post of a Category Manger at "Carter's" a local supermarket. Contents: 1. Definition of Marketing and its Key components. 2. The Core Marketing Concepts 3. The Marketing Management Philosophies 4. The marketing Process : Target Consumers 4 P's Marketing Management functions The Global Marketing Environment 5. Major challenges being faced nowadays 6. Bibliography What is Marketing? Marketing is the management process by which a firm or organization identifies, anticipates, and satisfies consumer requirements profitably In other words when we speak about marketing we relate our ideas to studying the actual market, its sellers and buyers, analyzing costs related to a product, analyzing the import and export situation, analyzing competition and finally locating the outlet and targeting the customer before distributing the goods. Marketing has not always had such an important role. However its importance has been recognised and its techniques made useful. The 19th century (better known for the Industrial Revolution) brought about production oriented firms, these where due to practically no competition or choice between various products. At this point in time marketing did not exist. The first half of the 20th century saw the production era braking down and sales techniques were beginning to be emphasized. Still no marketing was being used by organizations and firms. However the 20th century was known for the amount of progress in industry, competition was rising fast and the use of marketing was becoming obvious. Soon marketing had become the most emphasized managerial system with all other management sections being strongly influenced by specific marketing techniques related to that particular area. Its role was and is to give the customer or consumer utmost importance. Identifying consumer needs before actually producing and eventually selling. ...read more.

Middle

The Societal Marketing Concept The Societal marketing concept holds that the organisation should determine the needs, wants and interests of target markets; it should then deliver superior value to customers in a way that maintains the consumers and the society's well being. The societal marketing concept questions whether the pure marketing concept is adequate in age of environmental problems, resource shortages, rapid population growth, world wide economic problems and neglected social services. It asks if the firm senses, serves and satisfies individual wants is always doing what's best for consumer and society in the long run. The societal connect is more expensive to implement then the marketing concept but in the long run it turns out to be cheaper then having to face with any fines due to being accused of not caring for the environment. E.g. 'Coca Cola' sponsor local boys and girls clubs. 'The body Shop' donates a certain amount or profits to animal-rights groups. The Marketing Process Target Buyers A target buyer is the centre of the Marketing Process which has been found out to make allot of research though out the years. To be successful in today's marketplace, companies must be customered centered, winning customers from competitors and keeping them by delivering greater value. Before being able to a company must first understand the needs and wants. There are too many different kinds of consumers with too many different kinds of needs, and some companies are in a better position to serve certain segments of the market. So each company must divide the total market and choose its best segments, and design strategies for profitably serving chosen segments better than its competitors. This process involves: Market Segmentation, Market Targeting and Market Positioning. Market Segmentation A market consists of many types of customers, products and needs. So the marketer has to determine which segments offer the best opportunity for achieving company objectives. ...read more.

Conclusion

Activities in the micro-environment include motivating staff, including incentive schemes and competition, recruitment and retention of appropriate personnel, implementing favourable conditions of service and treatment of employees, instituting staff training programs, explaining and discuss co-operation policies and practices, fastering teamwork, improving communication between employees, researching understanding and satisfying staff requirements in the sort and long term. The Macro-Environment The Macro-environment includes all the external factors which cannot be controlled by the firm or organisation but by nature alone. It is essential that an organisation is very well informed of this environment and its control of it. A study of this environment is done to determine the opportunities and threats. It is very important for the market oriented organisation to achieve a good understanding of this environment in order to be in a better position to adapt itself and changes which might occur in this environment. Macro-environment is divided into these factors mainly the PEST factors which are: Political and legal framework Economic framework Social / cultural framework Technological development "P" political and legal framework includes - the central/local government pressure groups, financing and government grants, legislation, consumer protection, staturity legislation and all other forces influencing the legal and political stability of a country which will in turn affect the organisation. "E" the economic framework including all the stages in the business life cycle, rate of inflation, rate of unemployment, interest rates, and resources country has available and level of incomes in the economy. "S" socio cultural framework including demographic and geographic trends status background, norms and value, lifestyles, habits, socio economic group, pier groups, religion and language. "T" technological environment including innovation and its desirable affects, more leisure time and better living standards and higher rat of production innovation also has undesirable effects - unemployment, health hazards, and pollution Major Challenges Nowadays Nowadays companies are struggling with changing customer values and orientations, a shabby world economy, the growth of a non-profit marketing; The information technology boom (Internet) Rapid globalisation (global competition) Greater ethical & social responsibility A host of other economic, political and social challenges. ...read more.

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