The marketing theory holds the view that achieving organisational goals and objectives depend mainly on knowing the needs and would like of customers as well as making certain these needs and wishes are satisfied efficiently and effectively better than competitors. Therefore, unlike the production and sales ideas that happen to be product and sales centred and which place little or no focus on whom and just why customers buy something, marketing concept is customer-centred. For example, it emphasizes on knowing and providing the right product for customers somewhat than finding the right customers for a product. A market-oriented firm directs its effort on continuously and constantly collecting and gathering information about customers' needs and carefully review this information across their departments for the creation of customer worth.
In marketing, interpersonal responsibility entails agreeing to a duty to provide equivalent value to business earnings, client satisfaction and the well-being of the society. Today, business organizations strive to put into consideration the sociable and environmental implications of their actions on the modern culture at large and this according for some marketing experts is referred to as societal marketing concept. This is of the view an organization should make an effort to meet its customer in a way not likely to prevent the well-being of the society in which it works.
Question One (B): Consumers are also known as king, describe this affirmation from noteworthy marketing meanings and concepts.
Today, every business activities progressed round customer and businesses make customer their priority in their daily business operations. This is referred to as modern marketing concept.
The term "MARKETING" is derived from the term "MARKET" this means an agreement that is put in place where buying and selling occurred. Market consists of people who have the desire and capability to buy a specific product or service.
Marketing can be defined as the management process in charge of figuring out, anticipating, and satisfying customer requirements in a profitable way (Chartered Institute of Marketing).
The management process in the above definition refers to managerial functions such as planning, organizing, staffing, directing, managing and coordinating.
IDENTIFICATION: Finding out potential product or service needed by potential consumers.
ANTICIPATION: Looking forward or being optimistic about a service or product.
SATISFACTION: Achieving the needs of customers contently.
REQUIREMENTS: Refer to what's needed by customers.
Marketing can be defined as a public and managerial process whereby individual and organizations derive what they need and want through creating and exchanging products of worth with one another (Kotler and Armstrong, 2004).
It may also be thought as a real human activity aimed at satisfying real human needs and wishes via an exchange process (Kotler, 1980).
Human need and want are two different things but they are being used interchangeably nowadays.
NEED: Individuals need occurs whenever a particular person feels physiologically deprived of basic essentials like food, clothing and shelter.
WANT: A want is merely a felt need. It really is just what a person seems he needs and which is definitely not required for success. This is molded by someone's knowledge, culture and personal characteristics.
. Shared consent or agreement
. Capability to communicate
. Freedom to accept or reject offer
. Must include at least two participants
. Involving get-togethers must want to deal with each other
Having said these, it is plainly seen from the above explanations of marketing that conference and fulfilling the needs of customers is the pivot centre of marketing.
Question Two (A): Every marketing organisation operates in a complex and strong business environment. Identify and explain various micro and macro environmental parameters impacting marketing companies in UK.
A business will not operate in vacuum. It has to interact and change to the environment within and outside its business wall surfaces. These environmental factors effect either positively or elsewhere on business businesses. Therefore, marketers must placed into consideration how the next factors can impact business life.
. Company's guidelines and strategies
. Aims and quest statement
. Marketing mix
. Company's culture and philosophy
. Disrupt the execution of set plans and strategies
. Threaten to effect a result of industrial action
MANAGEMENT: The management of an organization is billed with the functions of planning, organizing, staffing, directing, controlling and coordinating of business activities to achieve desired outcome. They also set regulations and strategies needed for the achievements of objective establish by the organization. A poor and incapable management will inhibit business procedures.
SHAREHOLDERS: Are often thought to be owners of business. They have got the to vote at the Total annual General Meeting of your business and possess voting right to sell shares performed by them. And if done, can make the business enterprise prone to take over.
COMPANY'S Insurance policies AND STRATEGIES: An insurance plan can be explained as a statement of acceptable types of procedures which does apply across a business while a strategy is a way (long run) where a company or a business plans to achieve a set target. Crumbled regulations and strategies will probably inhibit the achievement of business targets while fine-tuned and straight forward one will do better.
OBJECTIVES AND MISSION STATEMENT: An objective is merely what the required outcome or end result which a business wants to attain. Businesses should set objectives which are time-bound, specific, genuine, measurable and attainable.
A mission assertion of any business or a business states summarily, the actual objectives of that business are. A mission statement sets out the vision and ideals that expose the fundamental basis of business businesses which motivates employees and managers to handle their contractual tasks.
MARKETING Mixture: The marketing mix represents the four tools also known as the Four Ps. It involves product, price, place and campaign. Effective and efficient combination of the elements will deliver positive final result for a company.
PRODUCT: A product is a good, service or idea wanted to satisfy consumer's needs.
PRICE: It's the value exchanged for the product.
PLACE: It is the means of getting the merchandise to the consumers.
PROMOTION: Represents means of communicating or passing of information about the merchandise between the vendor and buyer.
IMMEDIATE EXTERNAL ENVIRONMENT
A. CUSTOMERS: Are people who patronize what a business offered on the market either for use or for a later re-sale. If customers are not satisfied with the products and services provided by a business and changes in consumer preferences may prompt a person to move for better opponents' offering.
B. SUPPLIERS OR CREDITORS: Are businesses or people who provide the resources an organization to create goods and services because of its customers. They are able to influence an enterprise if they won't give credit, may charge high interest rates and can also take legal activities for non-payment.
C. Opponents: Are those who offer similar or equivalent goods and services similar to ones an enterprise offers.
D. COMMUNITY OR World: Can pressurize authorities to tighten laws and legislation, may take unlawful action such as sabotage, and could refuse to purchase products.
E. Federal government: Unfavourable government fiscal and monetary policies have an effect on business.
F. PRESSURE GROUPS. e. g. trade and labour unions: They could threaten to boycott.
GENERAL EXTERNAL ENVIRONMENT
A. Political/legal environment
B. Economic environment
C. Socio-cultural environment
D. Technological environment
POLITICAL ENVIRONMENT: The machine of government, politics instability and unrest, administration policies, regulations and legislations i. e. work law, company law, international trade rules all go a long way in influencing marketing decisions.
ECONOMIC ENVIRONMENT: The amount of government intervention in the economy i. e. authorities spending, development level i. e. developed or expanding current economic climate, interest and exchange rates, per-capital income, Gross Household Product (GDP), basic demand, taxation and inhabitants are all major issues to place into consideration.
SOCIO-CULTURAL ENVIRONMENT: I. e. social category, lifestyle, culture and values and changing consumer preferences are factors that have an effect on business especially if competitors' offering are better.
TECHNOLOGICAL ENVIRONMENT: Technology has and it is continuously influencing the marketing environment. For instance, the arrival of internet and other technical developments in the regions of production procedures product innovation; computerization and new discoveries are constantly changing and influencing how businesses operate.
Question Two (B): Understanding any market takes a comprehensive classification by segments. Identify and describe various basis of market segmentation by proposing the segmentation requirements you can use for just two products in various markets.
In order to effectively and proficiently manage marketing attempts and to better satisfy customers needs and wants, many organizations categorize them into groups. This is known as market segmentation.
Market segmentation can therefore, be defined as the process of dividing the market i. e. potential consumers into specific, identifiable and homogenous groups or sub-market predicated on different needs, characteristics or behaviours with the aim of reaching such groupings with a specific marketing mixture.
It is important to notice that the total amount of time over which a product may be withdrawn from the marketplace depends essentially on lots of factors such as relevance to basic needs of consumers and product adaptability in the light of financial trends.
Question Three (B): Decision of the organisation to attempt either intensive or selective distribution strategy is contingent on some factors. Identify and describe the factors accountable for the decision of a strategy using both professional and consumer products as illustrations.
The activity of distribution is merely the management plan of making goods and services available to the intermediaries or final consumers for use or use. Effective distribution is of great importance to the business enterprise specifically for the accomplishment of marketing goals.
EXTENSIVE DISTRIBUTION: This involves making goods and services available as widely as is feasible through various programs which are available. It really is associated with market penetration charges strategy that involves establishing a low product price to entice a large numbers of customers.
SELECTIVE Circulation: This involves choosing fewer means of distribution. Here, a little number of retail outlets are chosen to spread a product. It is associated with price skimming strategy. A price-skimming strategy is used when a high price is made in order to recuperate costs of creation as fast as possible. Selective syndication is often used for products such as computers, videocassette recorders and technological items with high development costs.
FACTORS DETERMINING CHOICE OF CHANNEL
The needs and needs of consumers go an extended in determining which channel to utilize. For example, ostentatious customers may prefer selective distribution channel while industrial users will favor dealing straight with the manufacturer.
PERISHABILITY: Perishable products such as flowers, tomatoes and vegetables require a syndication channel that is fairly shorter especially in hot weather. Perishable items most times move from makers to consumers.
BULKY PRODUCTS: Heavy and large product such as cement are best transferred through train and sea travelling while it surpasses transport crude olive oil through pipeline travelling.
SPECIALIZED AND STANDARDIZED PRODUCTS: e. g. Sony and Samsung personal computers are better relocated through selective channel. High-tech products usually move from manufacturers to consumers.
There is way better chance of selling directly to merchants or final consumers if manufacturers of a certain product are numerous. A single manufacturer may not have the resources to sell directly to consumers.
THE AMOUNT OF URGENCY: This refers to the degree to which a particular product is urgently needed at any time.
COMPANY'S Insurance policy: An insurance plan can be explained as a declaration of acceptable techniques which does apply across a business. It may be the insurance policy of a business to continuously embark on the utilization of either extensive or selective syndication strategy to make its products open to customers. Company may also decide not package immediately with customers and may
DISTANCE INVOLVED: The distance to be protected must also be put under consideration. It is unadvisable to transport perishable goods over long distance.
COST INVOLVED: Some products can be transported using various programs. The cost of a channel and its own substitutes must be looked at.
Question Four (B): Prepare marketing mixture programmes for just about any consumers' product and hospitality service. Compare the combine elements for the two.
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