Marketing – Unit 3
Describe how marketing techniques are used to market products in these 2 organizations.
A definition of marketing : The management process through which services move from concept to the customer. It includes the four elements called the 4 P's of marketing: 1. Product - identification, selection and development.
2. Price - determination of its price.
3. Place - selection of a distribution channel to reach the customer. 4. Promotion - development and implementation of a promotional strategy.
It is the process of communicating the value of a product or service through positioning to customers. Marketing can be looked at as an organisational function and a set of processes for creating, delivering and communicating value to customers. There are five competing concepts under which organisations can choose to operate their business; the production concept, the product concept, the selling concept, the marketing concept, and the holistic marketing concept. Objectives of Marketing - Private Sector
An organisation's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan.
Market Leadership is defined as a brand, product, or firm that has the largest percentage of total sales revenue (the market share) of a market. A market leader often dominates its competitors in customer loyalty, distribution coverage, image, perceived value, price, profit, and promotional spending. Brand awareness is the extent to which a brand is recognised by potential customers, and is correctly associated with a particular product. Expressed usually as a percentage of target market, brand awareness is the primary goal of advertising in the early months or years of...
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