Marketing Principles

Topics: Marketing, Marketing plan, Strategic management Pages: 7 (1904 words) Published: April 4, 2013
1.Marketing Principles
Case study of Osim International Ltd
A. Definitions of Marketing
The activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. The four 'Ps' of marketing are product, place, price and promotion. It includes research, targeting, communications (advertising and direct mail) and often public relations. Marketing is to sales as ploughing is to planting for a farmer—it prepares an audience to receive a direct sales pitch. Marketing is traditionally the means by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services. However, since the emergence of digital media, in particular social media and technology innovations, it has increasingly become more about companies building deeper, more meaningful and lasting relationships with the people that they want to buy their products and services. The ever-increasingly fragmented world of media complicates marketers’ ability connect and, at the same, time presents incredible opportunity to forge new territory. Marketing is a really great way to identify what grabs people and gets them excited about your brand and give it to them, involve them in the process. B. Satisfaction of customers’ needs and wants

Customer satisfaction refers to the extent to which customers are happy with the products and services provided by a business. Customer satisfaction levels can be measured using survey techniques and questionnaires. Gaining high levels of customer satisfaction is very important to a business because satisfied customers are most likely to be loyal and to make repeat orders and to use a wide range of services offered by a business. There are many factors which lead to high levels of customer satisfaction including; Products and services which are customer focused and thence provide high levels of value for money. Customer service giving personal attention to the needs of individual customers and after sales service - following up the original purchase with after sales support such as maintenance and updating (for example in the updating of computer packages). C. Marketing Audit

The marketing audit is a fundamental part of the marketing planning process. It is conducted not only at the beginning of the process, but also at a series of points during the implementation of the plan. The marketing audit considers both internal and external influences on marketing planning, as well as a review of the plan itself. The marketing audit is basically a structured analysis and review of your current marketing activities carried out through an examination of your marketing strategies, tactics and objectives. The audit is also undertaken to highlight problem areas and identify opportunities with a view to recommending a plan of action to improve the overall marketing performance for the company. The Audit consists of two key areas; the external audit and the internal audit and should normally be undertaken, at the very least, on an annual basis as part of your overall business planning and objectives. The marketing audit also proves to be an extremely useful tool when contemplating market entry as it allows your management team to assess the attractiveness of the market in which it seeks to enter. The external audit takes into consideration the overall MACRO environment such as political, economic, social/cultural, technological, environmental and legal factors that may or may not affect your business activities. It also encompasses your competitive environment known as the MESO environment, i.e. what and who are you competing against and how could this threaten your current market share and...
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