Introduction to marketing
Role of Marketing
Definition of marketing
Marketing is the process of understanding the market within which a business operates and satisfying customers’ needs in order to meet the business’s objectives. Concept of marketing
Marketing concepts aims at identifying, anticipating and satisfying customer need with motive of achieving profit in a socially acceptable manner. The role of marketing within a particular organisation will depend on the organisation’s overall objective. When the marketing department has a SMART objective it can then implement its marketing strategy – commonly referred to as the marketing objectives. The marketing mix or the 4Ps. The marketing mix consists of the following: Price – Businesses must set a price for their products (goods or services) that meets both the customers’ and organisation’s expectations. Setting a price too low may attract a lot of customers but might not be profitable for the business. Its objective would be therefore not be met. Product – A marketing department also needs to consider a successful mix of suitable products or services. Researching to competitors and customers will help a business to develop a successful mix of products – a product portfolio. Promotion – This is the process of informing customers about products and persuading them to buy them. There is little point having a successful product that is priced to meet customers’ expectations and provide the business with the required level of income to meet its objectives if the customer doesn’t know about it. Place – The final part of a traditional marketing mix is to consider how customers can buy the products. There is a wide range of ways to reach customers. Some businesses sell direct to the customer; some sell to someone else who then sell on to the end consumer. Marketing mix: An integrated strategy for marketing a product, which normally includes price, product, promotion and place. The production concept
This is where the business focuses on creating economies of scale in production and distribution of a product or service. This assumes that customers will purchase lower-priced items, so demand is driven by availability. For example construction firms will purchase cheaper building materials to increase profit margin. The sales concept
This is where a product or service is produced and personal selling and other high-pressure selling techniques are used to convince customers to part with their money. You would see examples of this in a company specialising in double-glazing.
The overall aims and objectives of Apple:
* To maximize profit.
* To be the dominant high-tech brand in the whole world.
* To invent products that will be useful, handy and sleek that will appeal to all. * Consumers all over the world, with a special focus on developed countries like Canada and the US, Europe, and the populous Asian countries like China, Japan, India and South Korea.
The overall aims and objectives of Microsoft:
* Launch new tech operating systems.
* Sell products to customers.
* Increase market share; beating competitors.
* Think of ideas for products.
* Increase brand awareness
The marketing aims and objectives of Apple:
Apple wants to be known as the provider of the youngest, newest, hippest and most chic-designed products on the market. Their entire marketing strategy revolves around a simplistic style which increases brand awareness. A secondary marketing objective Apple want is that they want each of their products in various segments (the iPhone, the iPad, etc.) to be used in complement to each other. They'd like to create a generation that is defined by the Apple lifestyle. Apple also want to improve customer views such as using recyclable material and being environmentally friendly, this shows that apple are green. Apple want to increase market share
The marketing aims and...