Marketing is the procedure of creating consumer relation by promoting products and services obtaining fair revenue as well as forecasting the near future. Along the way, consumer's needs and requirements are determined, the merchandise is manufactured or the service is launched and through the marketplace the merchandise and services are created open to the consumers.
Different people have defined marketing in different ways. Regarding to CIM, 2001, "Marketing is the management process responsible for discovering, anticipating and gratifying customer requirements profitability". What it means is the fact, marketing is the process of determining consumer needs, producing the mandatory products wanting to gratify the consumers with the product quality products at an acceptable price and earnings.
AMA, 2008 defines Marketing as an activity of producing products while connecting with the consumers and providing offerings that have good value for the money to the consumers and the contemporary society all together.
The simplest meaning of Marketing defined by Adcock et al, 2007 is, "The right product, in the right place at the right time and at the right price". This implies the right product based on the needs of the consumers offered in the right place at the right time with the acceptable price is named as Marketing.
All three definitions of marketing described above involve some similarities and differences. Discussing similarities, all three explanations point at the consumer's needs that ought to be identified before the product is produces. These meanings have used unbiased terms but are inter-linked with one another. For instance, the first description identifies about communication and satisfaction. The second one defines about communication and offerings. The 3rd one identifies about the right product, place, price and time. These all are related to each other because customers are satisfied if their needs are found at the right place, right time, right price as well as ongoing communication and offerings.
Although having similar tips between one another, they also have differences which result this is of marketing. This is distributed by CIM says that the earnings is the results of identifying, anticipating and gratifying consumer needs. But second and third meanings haven't stated anything about revenue. In the second definition, the stake-holders are included but first and third meanings haven't stated them. Evolving to the definition by Adcock et al, i. e. the 3rd definition, they have discussed price which is absent in the first and second definitions.
Marketing itself is a wide term. Therefore, it is hard to establish marketing in the actual world. But all the meanings contribute to the marketing and are inter-related to one another even though the differences is out there in their defining style and focus on.
1. 2 How is a marketing oriented organization not the same as substitute orientations?
There are different companies designed to use different procedure and concentrate on different orientation of business to help the business operate effectively. These orientations will be the guideline of the companies and their lifetime in the market.
Consumer Orientation/Marketing Concept
Production Orientation: In this particular orientation, the companies focus on the merchandise. They don't value what a consumer desires or needs. They usually focus on what the consumers might want. They produce or release new products on the market and then analyze the impact of the product to the consumers. This orientation has a higher threat of being unsuccessful because they don't really know very well what the consumers want. One good example of product orientation is I pad from Apple.
Sales Orientation: With this orientation, the firms concentrate on the sales of the made product. They produce different sales design and offers as well as marketing of the merchandise. They try to sell their products to the consumers by persuading them to buy the product. They don't care whether the consumers want the merchandise or not nonetheless they just try to sell them off. Usually this orientation is mixed and integrated by some companies with development orientation. They produce the merchandise and sell them in a other ways. This is why that this orientation only focuses on the sales.
Financial orientation: This orientation mainly focuses on revenue. Business organizations look for customers who are willing to pay more for the merchandise. They use the least expensive method to produce the products. Usually the costs of these products are saturated in order to earn maximum earnings. This orientation focuses on the earnings and financial belongings. This orientation is not successful to create strong connection with the consumers in a permanent basis and also neglect to stay up with the changing marketplaces.
Marketing strategy: marketing orientation/strategy is the very best and modernized form of business orientation because it starts before the production of the product and carries on even after the product is launched. Before the production, the companies spend cash and time to research the market. From the research, they determine the needs of t he consumers. Based on the needs of the consumers, they produce the product and provide on the market. They use different promotional tools to promote their products to be able to increase their customers. In addition they remove the feedbacks from the customers and try to improve or develop the product in order to extend the live of the merchandise in the market.
The difference between marketing concept and other three orientations are that except marketing theory, no other orientations targets client satisfaction completely. Other orientations only make an effort to increase their business and earn income but marketing orientation targets client satisfaction as well as sustains the relation with the clients. This is the main reason marketing orientation/concept is the most effective guide of business and is preferable to other orientations in any business empire.
1. 3 What exactly are the processes involved with owning a marketing oriented company?
The processes involved in running a marketing focused company are Competitor Research, Marketing Audit, SWOT Evaluation, Pest Examination, Goals, Education, Training, etc. Competitor Analysis involves the procedure where the rivals existing in the market are analysed in order to learn their position and compare them with this company. This process helps us to know the weaknesses and advantages of the products and services. The business can also solve the prevailing problem searching for maintainable marketing. As the business can get information about their competition, they can feel challenging market and for that reason, try to stay in advance from one another.
Marketing Audit is an inclusive, liberated, arranged and periodic analysis of the company's marketing situation, aspires, tactics and activities with an view to shaping future of the company mentioning a technique of action to increase the company's marketing position. The marketing audit is carried out in a regular basis to be able to know all the latest information about the
Any organisation has its culture which defines its goals. In the marketing oriented company, customer care is the main thing and thus should be a customer concentrate from the beginning. Therefore, in marketing oriented customer satisfaction and fulfilment is the main thing in reaching the organisational goals and goals. Even, the motivation factors for such companies depend on the customer's satisfaction and the employees and the staff members are determined towards attaining it.
Secondly, marketing audit is a Proper tool that is in fact used to judge the company's potentials over an interval in a organized way. In a market based organisation, this audit is performed on an interval basis and is really important to learn about the business's true potential in the market, knowing the limitations and thereby preserving new marketing ideas, where the ideas are customer care based.
Training and education is another factor involved with owning a marketing focused company. Organisations are always full of competition and then the workers require a lot of hard work and training. The Company through such programs assists with the skill development and also motivates the employees and this can create worker pride. This will help the company in the long run.
SWOT identifies the Durability, weaknesses, opportunities and hazards. This evaluation is a tool used for auditing and the business environment. It's the first level of planning. This can help in organisation goals, programs and capacities to the sociable environment. SWOT can be categorised into two forms. Power and weakness comes under the inner whereas opportunities and dangers are categorized as the external factors.
PEST evaluation is another process in marketing orientation. This involves political, economic, Public and technical factors. A small business must always abide by the political rules of the precise country. The economic factors are also considered to be able to improve the country's economy and not hampering it. Additionally it is very important to consider interpersonal and technological factors before commencing an enterprise.
1. 4 Critically analyze the expenses and great things about a customer-led orientation.
There will vary companies designed to use different strategy and aim for on different orientation of business to help the business operate effectively. In such a business orientation, there are four main business orientations. But the most successful and effective orientation is the marketing orientation/customer-led orientation.
Customer-led orientation is the guide followed by most of the companies because it is the modern idea of marketing. This orientation attempts to find and research the actual consumers want. Then only the business enterprise organizations/business produce the merchandise that will certainly satisfy the clients.
Despite the actual fact that customer-led orientation is the very best approach to the business enterprise businesses and the consumers, it includes some of the advantages and disadvantages.
One of the biggest features of customer-led orientation is the delivery of customer satisfaction and fulfillment of their needs. Before evolving to create or launch a product, the business first researches the needs and demands of its concentrate on customers. So, there is a relatively high chance of sales and client satisfaction. But the disadvantage of this orientation is the cost of the research to be able to comprehend the needs and needs of the customers on the market. The company or the business has to spend a lot of money and time for research. However, the business enterprise will have a solid and valuable understanding of customers' need through general market trends.
Another benefit of market orientation is that new products that are introduced on the market through research have better chance of success. The business enterprise can attract more customers and can fulfill the customers easily. However the disadvantage of the orientation is that you will see continuous change in the demands of the consumers. So, the continuing future of the marketplace is unpredictable. It really is more expensive to introduce new products every once in awhile because of research in the market which is not possible to forecast the continuing future of the products.
Assignment Part 2 & 3:
2. 1 What exactly are the macro and micro factors that will impact your marketing decisions?
As we all know that marketing decisions should be taken into things to consider by understanding the market and dividing it to different possible sections. We should examine the market in a variety of segments so the business can run effortlessly. In order to help the business to decide the marketplace, Macro & Micro concerns are put in place in the business.
Macro: The business organization must take care of many considerations before starting or introducing any product on the market. P. E. S. T. evaluation is mainly referred to Macro considerations. The PEST research includes Politics, Economic, Community and Technology. The politics status and legislation of the country is highly affects the market. For instance, in U. K. and a great many other countries, people cannot sell alcohols and tobaccos without positioning a legal permission. My company produces various sorts of Smoking cigarettes. So, in U. K. the market of cigarette smoking is quite higher and anticipated to political conditions, my products can be found only in the off-license retailers.
Economic factors also have an impact on the market. The business should know very well what the best price of the product is and where you can make them available. If the region is a citizen of poor people, they cannot manage to buy expensive products. The interpersonal and technological factors likewise have its effects on the marketplace. If my company produces smokes with high amount of nicotine, there will be disruption in the public habits in the society due to their health.
Micro: As like Macro factors, there are Micro considerations which the business organization should examine properly. S. W. O. T. evaluation is the key factors affecting the marketplace. The expanded form of S. W. O. T. is Power, Weakness, Opportunities and Risks.
My company produces smokes with various quality and varieties. The strength of my product is that my company has its farming for cigarette plants and therefore produces high quality tobacco in affordable price. My company also produces smoking cigarettes with low amount of smoking which is extremely popular among females. The main durability of my product is the wide range of products which can be always in demand.
The weakness of my product is the fitness of the customers in a long term basis. We produce high quality smoking cigarettes. So the nicotine present in some variety of Cigarette is high too.
The opportunities come under the business in a various forms. The risk to the business is the product itself because the presentation of my product may demote the product itself due to the packaging. According to the law, we must talk about "SMOKING IS INJURIOUS TO HEALTH" or something like that which warns the clients.
Therefore, these are the Macro & Micro concerns that effect the marketing decisions.
2. 2 Section the market for your product/service. Discuss some possible segments.
Before commencing this business I must first segment the market. Demographic aspect identifies this, gender, income, profession, ethnic qualifications. For my paper processing company, demographic factor will not affect much. It is because everyone use paper products. People owned by kidult hood are usually prone to use paper products in conditions of greeting cards and other newspaper accessories. Usage of papers in terms of copies and catalogs is widely utilized by every age group, love-making, and by every cultural qualifications. Hence, income and profession factor also does not affect negative because people easily afford. Hence, demographic aspect facilitates this business. In the same way, psychographic factors make reference to the psychology of folks.
2. 3 Select a targeting strategy for your product and justify why you choose this approach.
I have chosen paper as my product and I'd choose a differentiated marketing strategy. For the reason that paper has become one of the very most daily used products in the market. Every day the utilization of paper cannot be cut off. It is because people use paperwork in various ways as well as for different use. People generally use documents as copies in offices and schools, cards, tissues, packaging and so on. Hence, if my business could create different kinds of papers then it would surely make a good market.
2. 4 Explain the affect of buyer behaviour on your marketing activities.
According to Maslow's Hierarchy of needs, the purchasers behaviour change with levels starting from the physiological to Self applied Actualization.
First, the physiological needs that are the survival needs (basic needs) come up and when these needs are attained then your needs level increase steadily. In this the buyer tends in attaining the safety and security needs. These include needs getting Insurance, safe and encouraging neighbourhood, and job security, shelter from the surroundings, balance backup and much more. In quick, this stage is focused on getting secure and avoidance to getting back again to the physiological needs. Likewise, after the protection needs now the buyer's behavior change to communal needs. Now, they tend to socialize and get involved into love, care and the affections relating to emotions because they want to attain social stuff to care and also to be cared. Thus, these needs are satisfied through social relations such as friendships, passionate attachments, family relationships, participating in religious beliefs and celebrations. Following the social needs, esteem needs comes next. These needs include desire of personal worthy of and values that produce the individual feel and be unique in the society. Hence, people try to gain more and more financially to reinforce their social requirements. Finally, the level would go to the home actualization where people commence to see into their own true potential and accomplish on something that they really desire for.
My chosen product is newspaper and my business companies different sorts of papers. Since, papers are used commonly in all respects and in several areas in different ways, my product is actually applicable in almost all areas of changing buyer's behaviours and needs. Newspaper product might not fall under the essential necessities of the customer but can fall under safety and security needs indirectly. Such as the use of lender statements, insurance paperwork, proof of ownership and a lot of other similar papers that can offer security or a proof several other activities that people face. Similarly, the Society most importantly use paperwork in huge amount in their lifestyle. They are largely used in several kinds of paper products for interpersonal use such as handmade cards and invitations that can actually help people improve in the devotion related activities. Hence, newspaper does fall under the cultural needs of individuals. Therefore, papers are essential in every contexts even in the esteem needs and self applied actualization.
3. 1 How will you develop your product to maintain a competitive advantage?
I can sustain a competitive benefits by giving good design to the paperwork such as people have a tendency to buy copies, notebooks and other papers which have been beautifully designed comforters and size. Some paper products such as relating to presentation activities, the coverings can be designed with different colours.
Similarly, technology can even be used in a few of the paper products such as safeguarding the personal diary from strangers offering a different password system. This may allow the benefit of personal possessions.
My newspaper business is an extremely common business. So, I have to segment my business and produce different types of paper products. So, goods must be categorised according to the use. Papers relating to storage and presentation, papers relating to official matters, copies and blank pages and those relating to home work and accessories all such things can be studied into account.
Also the most of all is the product quality. If the newspaper quality can be increased then people may easily choose my product. Because of this, I can create amazingly designed copies and notebooks with an increase of smoothness making the customer much easier to write.
3. 2 How will you distribute your product to increase customer convenience?
My product is paper and everyone use documents in different ways and goal. Hence, my customers are all over the place. The thing I need to do is to look at who use my products in high level. I can simply find out that I will be developing a good market more on academic institutions, offices and companies. Therefore, my newspaper products can be produced more easily available to the nearest stationary shops. In addition to this, Schools and offices are occupied places where people largely might not have time to produce a purchase. So, I can make the system available for online order as well. My business can use and check online the email orders and making agreements for delivery. In some instances, where in fact the products are ordered in large amounts can actually obtain wholesalers. So dealer can directly obtain wholesalers who make easily provide to the general public.
Direct sales can even be used in providing cards, invitations and other accessories.
3. 3 What exactly are your charges strategy options?
The costs strategies are establishing prices for the company's product. These strategies count after the organisation's aims and what methods it tackles on the market.
Penetration Strategies: Theses strategies make reference to setting up low prices and creating market for the merchandise.
Skimming Strategies: These strategies refer to making the market for the merchandise even wider by increasing the price and gradually reducing it.
Competition Strategies: These strategies make reference to setting up prices comparing the prices that already are setup by the rivals.
Product line charges: These strategies refer to costs different products within the same product range in several price things.
Bundle charges: These strategies refer to gatherings of products into an organization and advertising them at low prices.
Psychological costs: These strategies refer to setting up the purchase price for the merchandise high so the customers have positive mental effect upon the products quality.
Premium costs: The price is defined high showing its exclusiveness.
Optional prices: These strategies make reference to the advertising of optional items along with the product.
For my newspaper product, I would choose competition strategy because paper manufacturing companies are normal. So, To be able to target a good market I have to go along with the competitors. I'd also bring just a little psychological strategy by keeping the purchase price rate a little high than my opponents to be able to affect the customers psychologically and making them believe that my product is more qualitative and worthwhile.
3. 4 How will you promote your product/service?
In order to make my paper product recognized to the customers, I'd advertise my products through various means and mediums. Since, use of newspaper is common my customers are everywhere and I will not need to allocate big volumes on advertising. It is because there are lots of businesses that use my products because of their production and use. Since, I produce different types of newspaper products such as hard papers for making cartoon boxes, very soft and smooth paperwork for making copies and notebooks plus much more similarly produced paperwork used for credit cards, envelopes and other paper related decorations.
Since, paper products such as credit cards, envelopes, and other newspaper related accessories can be bought from outlets and stores, it can immediately advertise to the customers. Likewise, Medias such as radios, tv sets and internet can be used making people aware that quality papers and newspaper goods are available at affordable prices. Ad such as these help the clients know where they can get these materials.
Online system can even be introduced. Lots of the customers would prefer to buy online because it's quick and simple. Thus, if online order of goods from the online store is open to the customers then your market may become even better and create more competitive edge. Similarly, some of the paper items can be sold with other businesses, such as cards along with bouquet.
Likewise, understanding the psychology of people the merchandise can be designed to be able to entice more customers. For Example: Children have a tendency to buy products that contain external design with cartoons; feminine children tend to buy more of glittery products. Such psychographic issues may also be used for advertising.
3. 5 Consider the components of people, process and physical proof for your marketing combine.
People, process and physical elements are always the primary of any business organisation. Thus, they are required to any or the organisation or business.
My business organisation manufactures paper products along with several other attractive goods. Therefore, very skilled and creative people will be required on administrative areas in my organisation. My company always appears forward in bringing new ideas and designs. So, the employees are given equal chances showing their creativity. With this technique, my business can in fact explore hidden talents that can actually help my business to remain strong. This is about creating new ideas day-to-day and each time. Likewise, people who are not that creative but are able to generate labour will be utilized in the creation process transforming the recycleables into basic products. My business is also based on the internet so there is the existence of online stores. So, I'd assign another division for online activities.
Assignment Part 4:
4. 1 & 4. 3 Explain how the marketing blend for your product would fluctuate in both separate markets of the united kingdom and your home country.
My company produces tobacco from home harvested high quality tobaccos. The product comes in various size and flavor but the quality is the same. The market has different cigarettes from my company like Silver, Silver precious metal, Green and Blue shaded product packaging. The Golden packet consists of cigarettes with 0. 9 mg smoking. Silver Packet is made up of 0. 6 mg nicotine which is lighter than the platinum one. The Blue load up is made up of 0. 3 mg cigarette smoking which is also called light smokes. The Green packet is made up of menthol smoking cigarettes with 0. 4 mg nicotine. All the products mentioned previously come in king-size and super king size.
Place is important factor in marketing combine. My products are made open to different off license retailers and supermarkets. Customers have quick access to the products whenever they want to buy because they can buy the smokes online too. My products never walk out stock because of large range of the merchandise.
Price is quite the same for my products as other smokes on the market. But customers will buy my products because of good value and quality because of their money. I've used competition costing technique for my products and this has increased the sales of my products.
Talking about the marketing status in my country Nepal, the price of my products is cheaper compared to U. K. although the product quality is the same. This is because my company is situated in Nepal and the costs of my products go up in U. K. because they are all exported from my country. The other reason is the difference in per capita income between Nepal and U. K.
4. 2 Discuss the dissimilarities in marketing products and services to organizations rather than consumers.
In a simple definition, Marketing is a process of raising the status of something promoting relation with consumers and forecasting the future in order to gain profit. Individuals are always related to the marketing. However, there are two types of consumers, one is business company and the other can be an individual.
Business to business marketing means selling the merchandise to other business organizations somewhat than specific consumers. Business to business marketing occurs between manufacturing companies. The business company which depends upon the merchandise of other company is the consumer for the company which supplies products compared to that company.
. Mostly these products includes the recycleables that other business use for the production. Those companies who rely upon the products of other businesses are actually the customers for the providing company. This type of marketing will not entail much advertising because the customer company relies only after it. Sometimes this marketing may involve advertising but it's given less concern. Hence, less amount of money is spent in this marketing process. In the same way, business to business marketing is simple because there is always mutual understanding in between the organisations. The supplying company generally know much about the client organisation as these kind of companies can be limited. So, Marketing process a lot more easily done and does not require working into every single aspect. This marketing is not about individuals and what a person wishes for the company but rather it's about the organisational needs.
Likewise, Business to customers is about the customer's specific interest. With this the supplying company does not know much about the customers. Since this marketing refers to individuals, the organisation finds uncountable amounts of customers in market. Furthermore, there are both chances of getting rather than getting their transactions into the business. Hence, this marketing requires focusing more on advertising and it is not possible to cope with each and every customer to get their attention. So, large amount of money is allocated to this marketing process.
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