Marketing - Concepts and Principles
Marketing is a fragmentary procedure of preparation and executing the marketing mix (product, price, place, promotion) for product services or notes to make exchange between persons and organizations.
The managing process in charge for identifying, anticipating and satisfying customer requires profits.
The product theory is based on the idea that customer’s will select lower priced products that be willingly available.
The selling theory is based on the belief that customer’s need to be persuaded to buy through aggressive selling and promotions.
The types of company’s who embrace this type of concept believe their product is innovative and the best.
The marketing concept company’s that embrace this belief believe they should meet their objectives by satisfying the needs of the customer.
Marketing, traditionally named as one of the core functions on the business side. The others being finance, operations and human resources of any enterprise, refers to the act of engaging target customers in an effort to convince them to use a particular product or service.
The markets change a lot so it’s important for organisations to keep up with changes going on because if there left behind then they will lose out lot of money because of competition. For example Tape cassette players and record players were once a very huge international market. But eventually CD’s were created and the rest was history.
A lot of competition can have a big effect on other competitions. For example if you buy a game for £30.00 and another shop sells it for £20.00 then you will lose out.
Communicating successfully with customers is about supporting the product you are trying to sell. In the market, high levels of promotional support are required for the product to be recognised.
The usage of technology is now considered to be a big key to marketing principle. The surfacing of internet...