Unit 4: Marketing Principles
Marketing is defined in many different ways but all of them have the same aim, to make a business renowned. Marketing is a management process that sells a business on the concept of identifying customer needs, anticipates customer requirements and leaves the customer satisfied at the end of a transaction. These concepts make an organization desirable and deemed reliable, so in future the same service is used again.Managing customer relationships is essential to keep interest of the audience for prolonged periods of time, thus the business can survive long term.
Marketing needs to show its customers they are getting good value for their money, which initially builds the trust between customer and business relationship. They need to show their audience what they are selling is a gap in the market and can only be uniquely be found by their particular business. The process of doing so can be modelled in a sequence of steps: the situation is analysed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored. Marketing elements is based on needs and wants. The needs of satisfaction are fulfilled by giving a good service, whereas the wants is the desirability of acquiring the product.So time to time the wants may change but the need remains the same. A business can market many products to satisfy customer wants, but to maintain trust the service needs to be reliable. . Therefore marketers must keenly watch for changes that take place in customer demand, providing valuable products in a profitable way to start a relationship, and to maintain the relationship needs must be intact. Consequently this strategy generates sales, business communications, and business developments.
The elements of marketing process is referred to “As a set of controllable tools that the firm blends to produce the response it wants in the target market”, so it consists of everything the firm can do to influence the demand for its product. Marketing mix which is famously known as the “4P’s of Marketingwhich include Product (must be demanded by audience), Price(appear reasonable prices), Placement(location of the business determines sales) and Promotion(how well is the product advertised). These all work together to create successive marketing. When these elements of marketing are analysed it gives a good example as how the 4P’s help an organization scale to new heights with increased sales and customer base.
A market orientation for your small business is an organizational strategy dedicated to meeting the needs of consumers. All your business's strategies and product developments revolve around this desire. A market-oriented business strategy has advantages in pleasing consumers, but the move can also have large developmental costs if you do not control your spending early in the life of your small business.
Responding to Demand
A market-oriented approach to your small business reacts to what your customers want. This eliminates the guessing and forecasting associated with attempting to predict product trends and consumer demands for goods. When your customers tell you what they want to buy, you know you're always providing a product with a ready supply of consumers who will make purchases. This allows you to streamline your product development team and lower your creation costs to eliminate products for which consumer demand or market need doesn't exist.
Building Customer Value
Building customer value through a market-oriented approach to your small business allows you to increase loyalty to your brand and develop repeat customers. Brand loyalty alone is a distinct advantage in the market because it develops a customer base resistant to attempts from competitors to attract business through more lucrative offers, including temporarily lower prices and introductory incentives. When customers feel that you as a
Describe the role of business in the economy. I think that Business is the economy what I mean by this is If there is no business’s then there would not be a talk of economy at all businesses are the main component of the economy. The economy of the country depends upon the employment provided by big and small businesses and produces the goods and services which we rely on in our daily lives. Businesses have a role in many section of an economy, such as; manufacturing, healthcare, retail and service…
army (royal navy), fire services, NHS and the police force. Private Sector A private sector business is a privately owned company, that is normally driven by profits and for start-ups aim to break even. There are three different types of private sector organisations, sole trader which is normally self-employed, such as landscapers and plasters and franchise like McDonalds, which sell their brand business structure for a fixed price often offering financial support. Voluntary Sector A Voluntary…
YouTube’s Global Impact Social Media is forms of electronic communication through which users create online communities to share information, ideas, messages, and other content (Merriam Webster, 2015). It is clearly the future of communications as it provides an infinite number of platforms for individuals, businesses, and governments to connect and share with the entire world. According to a global snapshot of the world, there were over 2.078 billion active social media accounts in 2014 (Kemp…
that I would be describing about are recession and growth on the business activities of John Lewis. Growth occurs when more goods are being produced and consumed, and also incomes are rising. During growth people spend more money on goods and services as they have more money to spend and also businesses would invest more and hire more labour as it links to increasing demand. Recession however occurs when people involved in business become more cautious so they cut their spending down and also cut…
analysis, opportunities and threats. positive trends in the external enviroment negative trends in the internal enviroment Step3: Doing an internal analysis, strenghts and weaknesses Strengths: activities the organization does well or any unique resource Weaknesses: activities the organization does not do well or resourcs it needs but does not posses Step4: Formulating strategies Require strategies at the corporate, business, and functional levels of the organization Strategy formulation follows…
Launching My Global Business and Economics Career The world is a crazy place and I’m ready to take it by the horns! In this paper I will outline my plan of attack for my economic career. All from who gave me inspiration, the company I choose to climb their managerial ladder, and the country I would need to move to, so my dreams and goals of global business can turn into a reality! Business is described as all profit seeking activities and enterprises that provide goods and services necessary to…
(Koppes). In the early 1800’s psychology was heightened and in turn led to the perseverance of research on the human mind. Industrial and Organizational Psychology first began when psychologists attempted to implement theories of psychology to the business organization (Cherry, 2013). It was not until the 20th century that I/O psychology started to expand into a presence of its own. The two psychologists that developed the customary pattern of this field are credited to Walter Dill Scott and Hugo…
informal system of group dynamics to sanction some behaviors and limit others. Fayol Former manager, administrative management. 14 Principles of Management Weber bureacracy Open Systems Require inputs from the enviroment. Long term success requires looking into the enviroment for developments Scientific management studying work in a systematic manner in order to find a more rational way of conducting work. Theory X and Theory Y McGregor Theories represent manager's attitudes toward…