Principles of marketing
Teacher: Mr. Rosales Angelito
Subject: Marketing 101
Marketing involves a range of processes concerned with finding out what consumers want, and then providing it for them. This involves four key elements, which are referred to as the 4Ps. A useful starting point therefore is to carry out market research to find out about customer requirements in relation to the 4Ps.
There are two main types of market research - quantitative research involving collecting a lot of information by using techniques such as questionnaires and other forms of survey. Qualitative research involves working with smaller samples of consumers, often asking them to discuss products and services while researchers take notes about what they have to say. The marketing department will usually combine both forms of research.
The marketing department will seek to make sure that the company has a marketing focus in everything that it does. It will work very closely with production to make sure that new and existing product development is tied in closely with the needs and expectations of customers.
Modern market focused organizations will seek to find out what their customers want. For example, financial service organizations, will want to find out about what sort of accounts customers want to open and the standard of service they expect to get. Retailers like Argos and Homebase will seek to find out about customer preferences for store layouts and the range of goods on offer. Airlines will find out about the levels of comfort that customers desire and the special treatment that they prefer to receive.
A useful definition of marketing is the anticipation and identification of customer needs and requirements so as to be able to meet them, make a profit or other key organizational objectives
Marketing Mix Of all the marketing models, the principles of the marketing mix are the most commonly taught marketing theories and perhaps the most frequently utilized marketing tools in the development of organizations’ marketing strategies. The term marketing mix is believed to have first been used by Neil H. Borden in 1965. The original marketing mix consisted of twelve components fact finding and analysis, planning, pricing, branding, channels, selling, advertising, promotions, packaging, display, servicing, and handling. Over the years these principles of the marketing mix have evolved into the 4P’s product, price, place, and position.
The marketing mix is the written polices used by marketing managers to define the organizations’ marketing processes. In conjunction with the managerial accounting procedures, the marketing mix formulates the internal functions needed to drive the operations toward achieving the corporate-level strategic goals and objectives. One of the primary purposes of the marketing plan is to enable the company to sustain its competitive advantage over the competition. No matter how good the product, the right marketing plan is vital to maintaining a profitable return on sales.
- FIRST P, PRODUCT -
The first of the four P’s in the marketing mix, product, can be described as the tangible assets the company has for sale or its intangibles such as services. Consumers’ demands play an integral role in the production processes, the demand will determine the quantity and quality of the merchandise manufactured and distributed. As demands change so too will there be a need for changes in the quantity and/or quality of the products produced.
- SECOND P, PRICE -
Simply stated, the price in the four P’s is the dollar amount the sellers charges for their goods and/or services. It is essential that the seller establishes the price point that will cover operating costs and, at the same time, remains...
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