This is a solution of marketing principle assignment help, in which we discuss, Developing marketing principle Can help your company cope with aging system and limited resources that can lead to fragmented principle marketing.
According to the definition of American Marketing Association, “Marketing is the activity, set of instructions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
Explain the marketing concept and principles.
Marketing Concept and Principles:
The reason of existence of a company and the basis of selling and marketing efforts are always guided by a concept, which the company follows. Mainly 5 concepts are there.
- The Production Concept: In this concept, marketer believes that the customers prefer mostly the product which is inexpensive. So, they focus on economies of scale by reducing the cost of production and producing in bulk quantity. This concept is mainly followed in developing countries where most of the customers are driven by price than any other features.(Welch, 2004)
- The Product Concept: The marketer follows this concept focus on producing products that will be best in quality and performance. The concept follows continuous up gradation and modification of the product and offering innovative features every time to the customers. It requires high investment in research and product development. Sometimes, the marketers neglect other variables of marketing that needs improvement rather than the product. Thus results in poor identification of market needs and opportunities.(Kotler, 2008)
- The Marketing Concept: In this concept the marketers focus mainly on identifying customers need and satisfying them better than the competitors. This concept is the best in practice as takes into account all the marketing variables and how it can be utilized to gain customer’s acceptance.(Kazmi, 2007)
- The Societal Marketing Concept: Fulfilling the expectations of target market and provides value for money that ensures customers and society’s well being.(Marketing 91, 2016)
- The Selling Concept: In this concept marketers aggressively try to sell the products and clear the inventory and to do that they take strong promotional strategies. (See more about : Marketing Planning Assignment)
Principles of Marketing:
- Understanding the needs of the customers.
- Satisfying them by their expected products or services.
Explain the concept and use of the marketing mix including the extended marketing mix.
Marketing mix is a combination product, price, place and promotion in order to fulfill customers need.IN case of service marketing it has extended to people, process and physical evidence to provide overall satisfaction to the customers.
- Product: The product is designed based on the utility, characteristics, usages, design, usefulness determined by the customers. For example: HUL has various product line within personal care segment, with unique characteristics matching different customers need.(CIM, 2015)
- Price: Setting the exact price that the customers perceive and as per their affordability that provides them value for money. The marketers take different pricing strategies like penetration pricing, price skimming etc and also provide discounts, price off to attract the customers.(Richter, 2008)
- Place: It includes designing the most convenient option to avail the product. The market, its distance from the locality, intermediaries, warehouse, types of products etc are considered in designing place. For example, Burberry has boutique outlets as well as online shopping option to meet the requirement of different customers. Some people prefer to buy grocery items from nearby outlets and some from departmental stores where can get all varieties of products under one roof.(Kotler, 2002)
- Promotion: Promotion mix is designed to convey the details of the products and services to the customers. Advertising, Sales promotion, Public Relation, Personal Selling and Direct Marketing etc are used to promote a product and positioning the brand in the market. Advertising uses print and broadcasting media, outdoor and online media whereas sales promotion includes in store promotions such as discounts, buy one get one free, loyalty programs, bundle pack etc that entice a customers to buy a product. Companies generally choose integrated Social Marketing to target all the mass.
- People: When talking about people it means the main backbone of the organization especially for the services industry. In hospitality industries they are the representative of the company to the guest, so they should be well efficient, groom enough in interpersonal skills that can bear the prestige and standard of the organization.(Entrepreneur, 2004)
- Process: Designing the procedure of work is important in hospitality industries.
- Physical evidence: It involves the physical existence of the service organization, its logo, ambience, dress code of the service persons that creates a lifelong impact on the customers. As services are intangible in nature, so it is needed to position the company in the mind of customers.(Marketing 91, 2016
Lastly, it can be concluded that Marketing is a never ending function of Management implemented by the marketer as a combined effort that starts with Research, then Product development, price setting, selection of distribution channels and promotional strategies, recruiting staff, training them, selling the product or service and at the end post purchase feedback of the customers. It is a process to understand the changing needs of the customer’s and satisfying them by offering their desired solutions for products or services. This satisfaction of the customers leads to making loyal customers who generates profitability for the organization, good will and strong brand name in the market which helps to cope with completion in a sustained manner.
- , S.H.H. (2007). Marketing Management. Excel Books.
- Kotler, P , Armstrong., G., Wong., V. & Saunders., A.J. (2008). Principles of Marketing. Financial Times Prentice Hall.
- , P. (2002). Marketing Management. Pearson Education.
- , T. (2008). International Marketing Mix management. Logos Verlag Berlin GmbH.
- , J. (2004). Market Orientation. Pearson Education.
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