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3 principles of marketing
3 principles of marketing
3 principles of marketing
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Marketing is a form of communication between a seller and a consumer. During this conversation, the main objective of the seller should be to communicate the value of the service or the product that he or she wants to sell, and convince them that they either need or really want this product. Having the appropriate skills to transmit this message to the buyer is the key to a successful marketing carrier. Marketing is made of the four Ps, which are: the identification, selection, and development of the product, the determination of its price, the selection of a distribution channel to reach the consumer’s place, and the development and implementation of a promotional strategy. The basic focus of marketing is thinking about their clients and what are their need and desires. This is why the VALS method gives the advertisers an extra advantage when it comes to targeting the buyers because by dividing them in groups, they understand what each group of buyers looks for in a product. …show more content…
This system group’s consumer’s in order to predict their decisions when purchasing a product. First of all, lifestyle is a psychological, social and marketing term that attempts to crate a pattern and identify consumer decisions, and the factors used in the selection of products. The patterns that are found vary from beliefs, values, and interest in people’s lifestyle. As a result, these patterns reflect the beliefs, and interests of people. In marketing, VALS explains these patterns that arouse from the need to understand human behavior. People in their lives go through different stages, and each stage affects some aspects of their
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
The report also tells us how BCG matrix can be used as a guide for
Compare and contrast two marketing strategies: 4Ps and value approaches to marketing. The 4Ps approach to marketing was introduced in 1950s and is now viewed as a traditional approach to marketing. Unlike the value approach, which is more focused on delivering value to a fantastic read the customer, the 4Ps approach is more focused on the product itself.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach
Marketing includes a huge range of domains which are considered to be significant. The main purpose of a marketer is to merchandize a product. Moreover, marketer needs to advertise it and sustain a product on a market among its competitors. Further, the study indicates intentions of consumers to buy or not to buy certain products. Moreover, it represents motivation theories and what is to be considered to influence customers. Basically, marketers need to consider various psychological factors before launching a product. Before establishing a market, products undergo different analyses, various motivational theories (Maslow’s hierarchy of needs, trio of needs), cognitive learning theory, customer perceptions, consumer buying behaviour, moments of truth, customer relationship groups, external and internal factors, advertisements, promotions, sales and other tools that makes a difference on customers’ minds.
According to Shimp (2007), there are five important factors which determine the purpose of advertisement in terms of marketers’ communication with consumers. He listed these five factors as follows: “(1) informing, (2) influencing, (3) reminding and increasing salience, (4) adding value, and (5) assisting other company efforts.” (p.246). To clarify that, the first most important aspect is informing people which means company needs to enhance the awareness of the consumer about their products by mentioning its advantages and features. Advertising also affect the products in two ways. Firstly, by basic demand, which build consumer desires for old products of the company and secondly, refers to a new brand of the company. In addition, effective advertising can retain consumer’s mind fresh about the image of a brand which develops the trace of the memory where consumers have to choose between two or more products. Moreover, it may change the product quality, create new, well-designed and elegant product and change consumers view towards the product. Lastly, by effective advertising program, company may save money and time as s...
Value Management is a process through which the efficient advantages of a project are made explicit and evaluated reliable with value system determined by the client. (John Kelly, Steven Male & Drummond Graham, July 2003). The theory of value depends on the connection concerning the satisfaction of numerous contrasting needs and the resources utilised in satisfying them. That is the satisfaction of numerous contrasting needs must be maximised and the use of resources must be minimised (Maximum benefit at minimal cost). Value Management and Value Engineering are strategies concerned with characterising, maximising and attaining to "value for money". At the starting phases of a project, value management gives an uncommonly capable
Marketing is one of the most important aspects of the business industry today. As noted early on in class lecture, the customer is the center focus of a business, however it is marketing that essentially bring the business functions together. The Marketing Concept focuses on making a decision based on the needs and wants of target markets to deliver value better than competitors. The Marketing Concepts helps an organization or company operate with greater efficiency by reducing costs and risks, having competitive advantage against competitors and increasing profitability and customer equity. In today’s world, many businesses have successfully implemented the marketing concept in order to achieve competitive
The research on consumer behavior assists the organization recognize and forecast the purchase behavior of the consumers while they are purchasing a product. Thus, the study of consumer behavior helps the marketers not only to understand what consumer's purchase, but helps to understand why they purchase it (Kumar, 2004). There are a lot of elements which can influence the purchase decision of consumers such as social influences, cultural influences, psychological factors and personal factors (Super Professeur, 2011). Understanding these factors helps the company to market the product on right time to the right consumers in order to generate more profits. On the other hand, if the marketers fail to understand these components that might influence consumers, they will fail to convince the consumers to purchase that product or will fail to meet the demands of consumers. However, consumer behavior is one of the stimulating and challenging areas in marketing studies being a human activity focused on the products and services. Thus understanding the behavior of the consumers is a great challenge. Moreover, it is not easy to get a full picture of consumer behavior as customers make plenty of different buying decision every day and they usually do not know exactly what influences their purchase. In short, basing on all
If the lifestyle marketing perspective is used then we must look at patterns of behavior to understand the consumers. We can better understand how lifestyles and products are related by looking at consumer choices in a variety of product categories, and also by identifying the set of products and services that are associated with a type of lifestyle in a consumers’ mind.