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

4.1 - The Role of Marketing

Extracts from this document...

Introduction

4.1 - The Role of Marketing Marketing is the process whereby an enterprise ensures that it will have, or has, the right product at the right price at the right market-place at the right time to satisfy the wants and needs of the consumer In other words: Marketing is the relationship between the producer and the consumer The Market Market - Place or process whereby customers and suppliers trade. It exists where there is demand for a particular product. Where there is a willingness from businesses to supply these products Consumer Markets - Markets that cater for the needs and wants of private individuals. Suit the general population Industrial or Commercial Markets - Markets that cater for the needs and wants of organisations, other businesses and government In any market, there will usually be some degree of competition. The business will also be concerned with the size of the market, the rate of growth in the market and the firm's own market-share. Market Size Market size is measured based on the customer base to find the total number of potential customers, or it may be measured as a value of the volume or value of what the customers purchase. ...read more.

Middle

Management Market and Product Orientation Market orientation gets the right product - product orientation gets the product right Product-Orientation Such businesses are described as being inward-looking, since they focus on selling their products, instead of making product to suit the needs and wants of their consumers. This often applies to innovative products, especially technological ones, which enter the market unknown. A good product can create its own market, since customers are enticed to buy creative and innovative products. These businesses will focus on selling very high-quality products, especially exclusive and luxury ones. A product-orientated business is also at risk of failure, since they do not really consider what the consumers want, ignoring their needs. Market Orientation Also called consumer orientation or outward looking marketing. These businesses focus on producing their products based on the needs of the consumer, which is found through market research. Most of their decisions about things like price are made based on this data. The main point here is that the focus stays on the consumer. Businesses that ignore the consumer tend to lose competitiveness. There are advantages to this approach, including greater flexibility in response to market changes and less risk of a failing product. ...read more.

Conclusion

With advances in technology, non-profit organisations are also making use of the internet for promoting their cause. They will also try to increase their distribution channels, promoting their image to sustain long-term survival. Marketing Plans This is an outline of the marketing objectives and strategies of a firm. This is more effective than ad hoc methods. In order to do this, a marketing audit will usually be done beforehand, analysing their marketing mix, and assessing the effectiveness of their marketing methods. The plan would include: * Objectives that are specific, measurable, agreed, realistic and time constrained * What market research will be undertaken to identify their target market * The strengths and weaknesses of competitors * Outline of their marketing mix * Their marketing budget * Any problems they are likely to encounter and how they plan to deal with them. A PEST and SWOT analysis would also be done. Prior planning increases the likelihood of the firm experiencing success with its marketing methods, however it is not guaranteed. Managers will be able to deal with problems better and the different areas of the organisation will be unified in their objectives. The main problem lies with smaller businesses that do not have the time and money to dedicate to doing this. In addition, the plan may become outdated quickly or make the firm unreactive to changes. ?? ?? ?? ?? http://ibscrewed4business.blogspot.com/ ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our International Baccalaureate Business Studies 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 International Baccalaureate Business Studies essays

  1. Marketing. In my project, I am going to be looking at how Nestls Smarties ...

    ? Petrol station iv. ? Convenience store v. ? Other Please state__________________ 8. Which of the following children's sweets do you prefer? i. ? Smarties ii. ? Skittles iii. ? Chocolate buttons iv. ? Milky way magic stars v. ? Jelly babies vi. ? Other Please state__________________ 9. Can you describe what the Smarties packaging looks like?

  2. This paper will concentrate on Apples Apple TV business, and its complementing iTunes business.

    However, I believe that even in its current state it should have sold more than it did. While Apple has marketed Apple TV well in its infancy, it did not reach out to its entire market segment. For example, they should have run a campaign to understand the Television and

  1. Difference in working culture of Malaysia & Singapore

    Singapore has four official languages: English, Chinese, Malay, and Tamil. English is the first language of the nation and is the language of business, government and medium of instruction in schools. The Singapore constitution and all laws are written in English.

  2. Advance Professional Development

    Where are you now (what you have achieved till date and how, and which skills and knowledge you possess). * Where you want to be (Like a car journey, your current point where you are, and where you want to go and how to reach your destination).

  1. Business plan for Laundry Toaster laundry dryer.

    Once, it is a mobile socks dryer but we will made a place to put it inside the cupboard and it can be plug in or not if necessary because someone might want to use only when they want to dry their socks.

  2. Analysis of the marketing mix of Tata Nano

    This will be done by achieving high sales volume, which will results in falling costs, allowing the company to cut its price even further. We are positive enough that the Malaysia car market is highly price sensitive, as a low price produces more market growth.

  1. Organisational Behaviour (in short called as OB) is concerned with the study of the ...

    Multifunctional teams A group of people who has particular skills and knowledge, coming from different divisions and brought together in order to accomplish specific problems or processes. Companies producing soft drinks, adopting a Multifunctional team may help them improve their efficency if they plan in developing new products.

  2. Business Plan - EDGE is a video production company that aims to create self-promotional ...

    We also plan to market our business at Crystal Mountain and Stevens Pass, two large ski resorts within three hours of Seattle. It should be noted that our business will not heavily pursue clients outside of King County, we can still service them because of the ease of transporting our equipment.

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