Task 1- P1 -describe the concept and principles of marketing
A) Dictionary definition for marketing:
“The management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
When marketing a product or service the organisation needs to make sure it will satisfy the customer needs or wants. An organisation will not survive let alone succeed or make a profit if it does not meet the customer’s physical, intellectual, educational or social needs/wants. An organisation will use market research to identify what the customer and consumer wants. This definition means there is a management responsible for doing market research to identify the customer’s requirements then satisfying them. The definition also says profitably, so this definition doesn’t apply to the public sector as much as it does the private and voluntary. Because a public sector is not out to make a profit but to provide a satisfying service. (E.g. A hospital will get a budget and have to provide a service with the money they get.(Public) Cancer Research U.K will sell products and ask for donations, they will hope to make a profit so they can donate it to research for cancer.(Voluntary) Asda sell there products to make a profit. (Private)
“The business of selling goods including advertising packaging, etc.”
This definition says there is a function that links the business with customer needs and wants in order to get the right product to the right place at the right time. The etc is important because advertising and packaging are only a small part of indentifying and satisfying a customers needs. By advertising, packaging and naming a product it becomes a brand and branding a product is good for building a relationship with a customer as giving a product a brand also gives it a “personality”
•Marketing is about satisfying the needs and wants of customers;
• Marketing is a business-wide function – it is not something that operates alone from other business activities;
•Marketing is about understanding customers and find ways to create products that customers want/need or demand.
•Marketing is about building a relation with the customer.
•Marketing is about identifying and understanding what the customer wants and finding ways in which to improve your organisation and products.
B) The 3 different sectors have different aims and objects and each organisation within them have different aims and objectives.
•To make a profit,
•To Expand the business,
•To own a bigger market share than there competitors,
•To be providing customer satisfaction,
•To have good public relations,
•To have well trained staff.
•Provide a service,
•To provide value for money,
•To have a good public relation,
•To show that there organisation is economically friendly, •To have well trained staff,
•To provide jobs.
•To provide help for those who need it,
• To advice people,
•To raise awareness of there campaign,
•To break even, To have well trained staff,
•To make a difference in the world.
Private organisations are set up as sole traders, partnerships, LTDs, PLCs, franchisers etc. These businesses are set up with the main goal of making money.
The Public sector is organisations set up by the government and are set up with the main goal of providing a satisfying service.
Voluntary organisations are set up with the main goal of helping people who need help.
All organisations have around 6 of the same aims and principles these principles help an organisation to survive and strive making sure there ahead of competitors whilst within the law.
The Principles of an organisation are to:
1.Know its customers, who they are, what their needs and expectations are. 2.Know and keep ahead of its competitors.
3.Communicate effectively with its customers to develop the brand...