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4.1 - The Role of Marketing

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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.


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.


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.

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