TPRINCIPLES OF MARKETINGG
Name: Sidra Jameel Id no.: BB-25144 Course: Principles of Marketing Instructor name: Ma’am Sobia MARKETING
The action or business of promoting and selling products or services, including market research and advertising. Q: importance and significance of marketing?
IMPORTANCE & SIGNIFICANCE OF MARKETING
Marketing is an ongoing process that helps to provide what the client wants and needs whilst allowing the business to be prepared to respond to change. If you have a salon, restaurant or other business you must make sure that potential customers are aware of your presence, they need to know what you offer, how you differ from the competition and what you can do for them. FOR EFFECTIVE MARKETING WE NEED TO:
* Assess exactly what customers need and want
* Monitor changes in the marketplace
* Anticipate future trends
* Promote the business
THE IMPORTANCE OF MARKETING HAS INCREASED FOR SEVERAL REASONS Economic growth
There has been a big increase in the disposable income of many consumers and this has resulted in a growth in demand for products and services in a far wider range of choice. Fashion
There has been a considerable change in fashion, taste and lifestyle of consumers. Many more women consider a visit to the hairdresser or therapist a necessity rather than a luxury and men are become increasingly more aware of the therapeutic treatments that are available. Technology
Firms are constantly inventing, designing and launching new or more advanced products onto the market offering increased benefits to the consumer. Competition
The number of businesses competing for the consumer’s attention is constantly increasing therefore marketing is vital to each business in maintaining its market share. Q: Define each of the four P’s and C’s?
Products are the goods and services that your business provides for sale to your target market. When developing a product you should consider quality, design, features, packaging, customer service and any subsequent after-sales service.
Place is in regards to distribution, location and methods of getting the product to the customer. This includes the location of your business, shop front, distributors, logistics and the potential use of the internet to sell products directly to consumers.
Price concerns the amount of money that customers must pay in order to purchase your products. There are a number of considerations in relation to price including price setting, discounting, credit and cash purchases as well as credit collection.
Promotion refers to the act of communicating the benefits and value of your product to consumers. It then involves persuading general consumers to become customers of your business using methods such as advertising, direct marketing, personal selling and sales promotion.
To find what the customer wants and needs. Then create the product, service or solution.
Consider all the costs involved in satisfying your customers, including costs that customer themselves will have to incur to satisfy their need.
All the interactions between your organization and customers.
How and where does the customer want to purchase.
Q: explain the difference between share of customer and customer equity? Why these concepts are important to marketers?
SHARE OF CUSTOMER
| CUSTOMER EQUITY
* Share of customer is the percentage of customers that buy a company's product of all customers purchasing in that product...
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