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Revision Notes on the Role of Marketing

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Introduction

´╗┐UNIT 4.1 ? THE ROLE OF MARKETING INTORDUCTION: Marketing is the identification, anticipation and satisfaction of customer needs and wants profitably. Marketing is important to businesses as they will need to satisfy customer needs & wants to survive and also to prevent them from buying from any rival businesses. Business will have to appeal to people by use of price, product, promotion & place. The Marketing Mix is a key part in marketing as it involves the success the product and will produce maximum profit only if it is marketed properly. The right price gas to be chosen because it is crucial that the customer can afford the product and so they don?t from other competitors The right product has to be selected as the product has to be appealing to the customer in terms of size, color & functions. This is needs to satisfy customer needs and wants. Promotion is crucial as they need to make consumers aware of the product and to be persuaded to buy it. Place is important because it has to be fitted to suit customer?s convenience. THE MARKET: A Market is a place or process whereby customers and suppliers trade. A Market exists where there is demand for a particular product and where there is a willingness from business to supply these product. ...read more.

Middle

Producers are not always sure if they well sell, it is highly risky because suitable market research has not been undertaken, and money for R&D may be wasted as because of ?hit and miss? strategies. Many product orientated businesses may focus upon producing more luxury items where the production process may be scrutinized with more detail, so quality can be assured. FACTORS THAT AFFECT MARKET OR PRODUCT ORIENTATION: What type of product it sells, if it is a product that is quite homogeneous than not a lot of market research will be required. Organization culture, if a firm believes that customers should be placed above all then it will usually be market oriented. Nature of barriers to entry; firms with less competition will be more product orientated and vice versa. This is because if there are many barriers of entry there will be fewer suppliers in the market, so consumers don?t have such a broad range of options. --------------------------------------------------------------------------------------------------------- HIGHER LEVEL EXTENSION: ADDITIONAL MARKETING ORIENTATION: SOCIAL MARKETING: Usually for a cause instead of selling of products. Like the Government imposed adverts to prevent people from taking drugs and smoking, this is a form of social marketing. An activity that affects social behavior. This differs from commercial marketing because people are not persuaded to buy anything, but instead informed of caused and persuaded against a certain action. ...read more.

Conclusion

CONCLUSION: (THE ROLE OF MARKETING AND BUSINESS STRATEGY): Marketing is about understanding the market(s) in which a business operates in order to develop strategies to influence the action of others. Different businesses approach marketing in different ways. For e.g. businesses that take a market-led approach to their marketing put the customer at the top of their priority; called consumer sovereignty. Research has shown that most businesses adopt market orientation, especially since customers are increasingly more knowledgeable and have greater access to alternative suppliers. For many services, the location of businesses is of vital importance to the customer. However, the emergence of e-commerce has meant that the location for some service providers, such as banks and schools, is no longer such a difficult one. Prof. Kotler argues that almost any business can use informal and low-cost alternatives to market research; especially with the developments in internet technologies. The growing number of non-profit organizations in society can therefore provide many opportunities and challenges to marketing agencies. Businesses often fail due to a lack of proper Marketing Planning. Marketing Planning gives a sense of direction to the business and problems so that they can be avoided or dealt with beforehand. In their book Uncommon Practice A. Milligan and S. Smith (2002) argue that the fastest way to build a name in business to command attention to a firm?s products or services. In essence, this is the role and challenge of marketing. ________________ ...read more.

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