Teacher- Daw Ohmar Kan Myint
Roll No- 1HND- B0010- 03
Assignment 1: Marketing Concept and Marketing Process
Task 1.1: Explain the elements of marketing process that you have learnt or understand (P1) Firstly, I would like to explain the definition of Marketing provided by American Marketing Association. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. The main purpose is the mutual satisfaction of both supplier and customer. Every company wants profit through their business. That's why they make business and they also fulfill the customer's needs and wants by doing business.
The marketing concept is based upon the customer. Because, the company will not survive, if there is no customer. So, a company needs to know what products, quality, designs and services that customers want. The customer's needs and wants are always changing. Another meaning of marketing concept
'The marketing concept is the attitude that business decisions should be based on what the consumers wants.' Also need to work out how to satisfy the consumer while still making a profit.
Here are some examples of the company which focus on customers wants and some company which doesn't think about customers wants. "Ford" Car Company only produces black cars long time ago. They only think customers will buy black cars no matter how. At first people are like to buy black cars because they don't have much choice. As the technologies are moving forward, they're so many cars company like BMW, Mercedes, Toyota which produce various car designs and various colors. So, customers are not willing to buy from Ford anymore. Their likes are changing and they can choose from others too. So, for the "Ford", its customers are not willing to buy anymore. As the customers' needs and wants and lifestyles are changing, they will buy the products of any company which have verity of choice, fair price, various designs or services. That's why; the business has to think about the customer's likes, needs, wants, what is the trend, what technology or method need to use? Apple and Samsung are the most famous technology companies which produce smart phones, computers in the world now. So why do the customers like? Because they have something that customers may likes. Such as technologies, colors, functions, design and prices. They produce the best smart phones in the world; they know what a customer likes and what will satisfy them. No one wants to hold the handset with key pad in these days. So they produce touch screen with the best quality and with various functions. They're so genius and they researching and keep an eye on the competitors and customers, environments and trends all the time. That's why the company also needs to research all the time. Need to watch what will the competitors do? What are the trends? What technology or method should use? What make the customers satisfy?
The Marketing Process: Strategy and Planning
For the business we need to plan and need to use effective strategies. And also need to scan environment.
Situational analysis- External (Macro) and Internal (Micro)
External – The Macro Environment
The macro environment can be described in terms of four key components.
S- Social + culture
This PEST method is effective for all business. Let's see how it's work.
Here is an example, I want to sell, leather jackets in Africa and I won't use this method. Is that possible? No, I'm sure my business won't work out. No one will buy. I need to think the social, culture, environment and also economic of Africa if I want to sell leather jackets. So, that's why "PEST" method is important for the business and we need to plan and analyze the...