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

What is marketing?

Extracts from this document...


Question 1: What is marketing? Marketing is based on the concept that the customer is the most important person to the company. In order to prosper or even survive, every company must work hard to retain its existing market and continually strive to secure new and profitable customers. The marketing concept puts the emphasis on customer and the identification and satisfaction of customer requirements. Although the concept of "marketing" is relatively straightforward, the term "marketing" often means different things to different people. This confusion is not restricted to the ordinary person in the street. There are still many business people who have not fully grasped the importance of the marketing concept. As far back as 1775, Adams Smith, the father of modern economics, wrote the following passage in his famous work: The Wealth of Nations: "Consumption is the sole end and purpose of all production and the interests of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer". The word "consumer" in his statement has given the essence of what modern marketing is all about. It is the identification and satisfaction of a consumer's requirements which forms the basis of modern marketing. ...read more.


When there are many providers offering customers varying opinions and where production is greater than demand, this orientation immediately fails and that had happened after world wars when many countries became strong after their economies have been recovered. 2. Sales orientation: In a sense, sales orientation was a conceptual step forward because, although goods and services were still produced with little regard to customer requirements, at least it was realized that products did not sell themselves as a matter of course. By the 1960s, consumers had a relatively large choice of brands. Many firms were producing more than the customer really needed or wanted. Thus, the emphasis soon became that of selling. It was a result from the recession of production orientation as mentioned above. With a sales orientation, firms aggressively use the promotional tools, such as advertising and sales people, to convince the customer to purchase the firm's products, regardless of whether the customer wants or needs the products. This is a short-sighted approach, because if consumers feel that they have been pressured into buying something that they really don't want or need, they then will probably form a poor opinion of the organisation and may well avoid it in the future. ...read more.


This scan would provide the overall capacity for a start success into the market. Therefore, we can still say that he was actually at the beginning of stage one. 3. Fred actually has worked with people in the production line which he stated at the meeting about packaging machinery. However, the fact that he asked people in the marketing department name the new product was going far enough for a potential profitable product. The positive point of his idea was using the internal capacity in which the factory can have a package of 24 burgers in a box and the leftover of material. 4. At the meeting, Fred didn't mention any competitors in the market. This is quite important because it will hold the key issue for the success of product. Competition is always considered a big step for a new product, even with a substitute also should be scanned to see whether the new product can be survived. 5. As we can see at stage one, Fred Fahr has not stated a comprehensive or detailing S.W.O.T analysis about the company and the potential product that is the negative point to lead to an important decision whether that new product can be made and survived in the market. All the idea about the new product just began from him without doing enough to prove that this potential product would be successful. ...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. I have been asked to produce a marketing strategy for an existing or new ...

    and new market they must have a clear idea about what it expects to gain from the strategy and an assessment of the risks. Existing Markets Penetration Product Expansion New Market Expansion Diversification Existing Products New The red dot on the ansoff matrix above shows where my product is.

  2. This coursework entitled "Marketing" is about creating a marketing strategy for a new or ...

    Recessions in the economy may happen as a result of high inflation, high interest rates, high unemployment and high taxation. Audi UK would also be positively influenced by a strong pound as they can import goods for relatively less and so spend more on other things such as marketing.

  1. Produce a marketing strategy for a new or existing product

    can be a huge success this will hopefully encourage readers to buy their competitors magazine and cosmopolitan magazine which will seem to them at a such low price and gradually then moving the prices high again with the readers of their competitors too.

  2. Marketing plan

    * Promotion: Location, targeted advertising in the newspaper and strategic alliances will serve as the foundation of Monaco advertising and promotion effort. Newspapers National Newspapers to use: Die Burger, The Argus Using Newspapers can be very expensive. If Monaco decide to advertise in a National Sunday Newspaper it will cost more than using a Local small newspaper.

  1. creating a marketing proposal

    a Usage and Attitude Study, amongst a fair cross section of the public, both users and non-users of the brand, to ascertain their perceptions and views on Rubicon. They always enjoy supporting a range of exciting events and organisations. In 2004 they are worked in association with Channel 4 (Bollywood

  2. Plannng and research. I would like to open a African restaurant, food from all ...

    If that firm doesn't seem genuinely curious and interested in your restaurant and what it has to offer, it'll have a hard time creating interest with the media. Bounce backs - This is an underutilized tool that bounces guests from peak times to off-peak times and can also work to encourage frequency in your food and beverage operations.

  1. edexcel Marketing Assignment

    radio, TV advertisements, magazines, billboards etc. * Small scale: A business which sells a small selection of goods from their shop they only sell limited goods, i.e. trainers only * Target market: This is the same as market segmentation, e.g.

  2. This report will focus on the adult palliative care provided by SAH proposing a ...

    Gantt Chart Figure 35 - Costs Figure 36 - Limitations and Challenges of the proposed strategy/marketing 1.0 Key terms Key Term Description SAH St Ann's Hospice Hospice A program that provides special care for people who are near the end of life and for their families, either at home, in freestanding facilities, or within hospitals.

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