Introduction to Marketing Assignment Help
Marketing is defined as a management tools used by a business to attract customers by identifying the needs of customers and satisfying consumer needs profitably. Marketing helps identify the right product at right price and reaching out to the customer in the right place with right promotion. A business is always looking out for the competitors by meeting the customer needs better than their competitors as marketing helps business to organise and reaching out to their customers. Marketing is often referred as the centre of the business as it is essential for a business to promote their product and services. It helps business to research and finding a gap in the market as it act as an aid to them to target a right customer with right product and services for them.
“ Marketing is the management process responsible for identifying ,anticipating and satisfying customers requirements profitably“ -The official academic definition from The Chartered Institute of Marketing (CIM)
Marketing concept is a way to meet business objectives that focus to identify the needs of consumers and producing products and services to meet customer needs better than their competitors. Marketing concept puts customer at the centre of all decisions before any development of product or services. This helps a business to use their money more efficiently as they focus investment on products that people buy rather than using on products which they do not buy. For example. Electric can opener, they undertake extensive market research on how they can improve their product.
The production concept:
This concept mainly focus on creating products and services which can be produce efficiently with low economic scale. This concept assumes that customers will purchase lower-priced items, so demand is driven by availability. Examples, of this concept could be found in restaurants, to increase their profit margins restaurants buy their supplies in cheaper price.
The sale concept:
When a product or service is produced, different techniques are required to convince consumers to buy those product. This concept focus more on beating competitors rather than the need of product or service to its consumers. This concept is commonly known as ‘the hard sell’ as marketing is performed after developing product and service.
- Understanding consumer needs:
By understanding customers need and requirements, businesses identify the right product to produce and to sell at right price at right place with right promotion resulting in selling more products and increasing profit. For example, Asda has expand its world food section and has added many products from around the world which has helped them to attract more international customers.
- Keep Ahead of the Competition:
Being ahead of the competitors helps a business to introduce their new product and services in the market attracting new customers. Business should always watch out for their rivals and provide best services and products its consumer.
- Communicate Effectively with Consumers:
Being able to talk a customer language helps business to understand needs of new product and how people are reacting with their new products. It also helps business to target the specific range of people as different people have different perspective in a certain product or service.
Use New Technology:
Nowadays people are more attracted to online shopping due to their busy life style and increase of new technology in the market. It helps business to communicate instantly with their consumer and is very interactive using advertisements to promote their product and services. Also, used for surveys of their product and collect data for future purpose.
Fig.1 (Marketing mix of 7 P’s)
Good products bring both money and customer for a business. Business targets their customer through decent product by attracting them with good value and quality. Consumer have a tendency to have a good product that are durable and lasts longer.
Pricing helps a business to produce revenue. Businesses used different types of pricing for their product as it helps to produce more revenue. Psychological pricing e.g. £1.99 is an effective plan as customers pay this amount thinking it is below two pound.
Promotion is the strategy to make customers aware of the existence of products and services through advertising, endorsing, daily mailing, free trials and by joint ventures. It benefits business to expose their products with better understanding about the product and its quality.
By identifying right place to sell product, businesses are more likely to find right customer for their product. Places that are easily accessible by the consumers to buy product are better for business.
Employees are the face of business and represent its desired culture. It is very important to have a right staff with good knowledge and training with right skills to provide a better customer service.
A business should know how to get to their customers and should use every possible way to reach out to customers by using media, new technologies or even handing out leaflets individually.
Physical Evidence/ Environment:
Physical evidence helps customer to give general knowledge about the services and the business. Customers want to know about the product before they buy so it is important that a business should present well about its product.