Marketing Principles
Table of Contents 1.1 Explain the various elements of the marketing process. 1 Marketing Process: 1 Situation analysis 1 Marketing strategies 1 1.2 Evaluate the benefits and costs of marketing orientation for a selected organization. 2 2.1 Show macro and micro environmental factors which influence marketing decisions. 4 Micro environmental components 4 Macro environmental components 5 2.2 Propose segmentation criteria to be used for products in different markets. 6 2.3 Choose a targeting strategy for a selected product or service. 6 2.4 Demonstrate how buyer behavior affects marketing activities in different buying situations. 7 Supply and Demand 7 Routine buying behavior 7 Complex Decision-Making 7 Internal Factors 7 2.5 Positioning selected product/service. 7 Bibliography 9
1.1 Explain the various elements of the marketing process.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offers that have value for customer, clients, partners and society at large. (Williams, 2013)
Marketing Process:
Situation analysis focuses more on the possible opportunities that will satisfy a customer’s need. This depends on how the product can influence the a specific environment and how the product can control you a specific group you want to target. It is being familiar with the SWOT forces.
Marketing strategies is a process that specifies the information of the market to obtain its effectiveness. Segmentation involves dividing the market into groups, where individuals have similar needs and wants for services and products. It could also be a segmentation of people on the basis of behavior, culture and economic status. (Rajeev, 2012)
Targeting also known as the target market is the potential consumers of a product/service. Targeting helps tap the subset of the customer population most likely to purchase and use the product to effectively achieve maximum sales
1.1 Explain the various elements of the marketing process.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offers that have value for customer, clients, partners and society at large. (Williams, 2013)
Marketing Process:
Situation analysis focuses more on the possible opportunities that will satisfy a customer’s need. This depends on how the product can influence the a specific environment and how the product can control you a specific group you want to target. It is being familiar with the SWOT forces.
Marketing strategies is a process that specifies the information of the market to obtain its effectiveness. Segmentation involves dividing the market into groups, where individuals have similar needs and wants for services and products. It could also be a segmentation of people on the basis of behavior, culture and economic status. (Rajeev, 2012)
Targeting also known as the target market is the potential consumers of a product/service. Targeting helps tap the subset of the customer population most likely to purchase and use the product to effectively achieve maximum sales
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