marketing

MARKETING CONCEPT:

The broad definition of marketing describes it as the combination of all activities designed to generate and facilitate any exchange intended to satisfy human needs and wants. In this case, Kumar intends to market Swift’s runner shoes to Bangladesh. For successful marketing of the product, Swift has to prepare a marketing plan which consists of various tools like the 4 P’s of marketing, target marketing, segmentation, positioning etc. The promotional mix is also formulated which consists of advertising, direct selling, sales promotion etc which helps in the promotion of the product.

The marketing principle or concept : The central idea is the ‘matching’ between a company’s capabilities and the various wants of the consumers to achieve the objectives of both parties. (McDonald, 1999). It is also defined as the philosophy of doing business that emphasizes customer orientation and coordination of marketing activities in order to achieve the organization’s goals. The management of the marketing mix consists of the various tools and techniques that are available to marketers in order to implement the marketing principle.

The marketing planning process is basically explained as a systematic way, or a logical sequence of identifying a range of options, choosing few of them, scheduling them, setting the marketing objectives and the formulation of plans for achieving them.

Marketing planning is very essential for the proper running or any organization considering the complex and hostile environment for the operating company. Each of the typical objectives that the firms set, such as maximizing factors like profit, return on investment, revenue and minimizing costs has their own special appeal to the different managers depending on the nature of their particular function. (Miller & Layton, 2000)

THE 4 P’S OF MARKETING :

Marketing mix – Defined as the combination of elements such as product, pricing structure, distribution system and promotional activities that are used to satisfy the needs of an organization’s target market and accomplishing the firm’s objectives. When entering a foreign market, the company has the choice of pursuing basic marketing mix options such as: the mix remains unchanged, certain elements could be modified or a totally new mix can be formulated. (Keegan & Green, 1997)

Thes...

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...ntry – Bangladesh. The report develops the marketing mix, describes the product relates to all the 4 P’s of marketing. It also creates the promotional mix consisting of factors such as advertising, sales promotion, direct selling of the running shoes to the international market. Different marketing tools and concepts such as segmentation and positioning of the product have also been considered in this report.

REFERENCES :

Dommermuth, W.P. (1989) Promotion: Analysis, Creativity & Strategy (2nd ed.) PWS-KENT Publishing Company, Boston

Keegan W.J. & Green, M.C (1997) Principles Of Global Marketing. Prentice Hall, New Jersey

Kiel, G., Lusch, R.F., McColl-Kennedy, J.R. & Lusch, V.N. (1992) Marketing Concepts And Strategies (1st ed.) Thomas Nelson, South Melbourne.

Lamont, D. (1996) Global Marketing (1st ed.) Blackwell Publishers, Oxford.

McDonald, M. (1999) Marketing Plans: How To Prepare Them, How To Use Them. (4th ed.) Butterworth Heinemann, Oxford

Miller & Layton (2000) Fundamentals Of Marketing (4th ed.) McGraw-Hill Company, Boston.

Paliwoda, S.J & Thomas, M.J (1998) International Marketing (3rd ed.) Butterworth Heinemann, Oxford