Business Btec L3 Unit 3 P1
Definition of marketing:
The simple definition of marketing is the selling and promoting services or products. Marketing is also defined as meeting the customers’ needs.
Effective marketing is based on a number of things for example; the product must reflect lifestyle to suit the customer’s needs; must have some sort of special features to create interest in order for the product to sell; must be a quality product; be affordable and value for money to be successful on the market.
There are 4 key concepts also known as the 4P’s which contribute to the definition of marketing.
Product or Service: *The product must be a reflection of the customer wants and needs and must be fit to fill the gap in the market. * The features used for the product must be useful to the customer as including a lot of expensive features in the product that the customer will not use will be unnecessary. * It should be a product that is easily understood and simple to use for the customer’s benefit. * The size, colour, image and style should be effective and attractive for the product to sell and for the customers to have an interest. * How will the product be different compared to the competitors product? * The products cost from production to the manufacturing should be kept to a minimum and still be profitable.
Price: * The value of the product should be high in the customers’ eyes. For example the Apple products have a high value on the market due to their status and well known reputation. * Price needs to well think out in sense of shares and profitability for example: will increasing the price slightly gain extra profit or if the products price is decreased slightly will this gain and extra market share. * The product should consider applying some sort of discounting system to attract customers for example 10% off for students etc… * Consider thinking of the price of your product carefully in