Btec National Diploma Level 3 Unit 3 Introduction to Marketing
Jordan Tavaglione Unit 3
Task 1- P1 -describe the concept and principles of marketing
A) Dictionary definition for marketing:
“The management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
When marketing a product or service the organisation needs to make sure it will satisfy the customer needs or wants. An organisation will not survive let alone succeed or make a profit if it does not meet the customer’s physical, intellectual, educational or social needs/wants. An organisation will use market research to identify what the customer and consumer wants. This definition means there is a management responsible for doing market research to identify the customer’s requirements then satisfying them. The definition also says profitably, so this definition doesn’t apply to the public sector as much as it does the private and voluntary. Because a public sector is not out to make a profit but to provide a satisfying service. (E.g. A hospital will get a budget and have to provide a service with the money they get.(Public) Cancer Research U.K will sell products and ask for donations, they will hope to make a profit so they can donate it to research for cancer.(Voluntary) Asda sell there products to make a profit. (Private)
“The business of selling goods including advertising packaging, etc.”
This definition says there is a function that links the business with customer needs and wants in order to get the right product to the right place at the right time. The etc is important because advertising and packaging are only a small part of indentifying and satisfying a customers needs. By advertising, packaging and naming a product it becomes a brand and branding a product is good for building a relationship with a customer as giving a product a brand also gives it a “personality”
• Marketing is about satisfying the needs and wants of customers;
• Marketing is a business-wide function – it is not
Task 1- P1 -describe the concept and principles of marketing
A) Dictionary definition for marketing:
“The management process responsible for identifying, anticipating and satisfying customer requirements profitably.”
When marketing a product or service the organisation needs to make sure it will satisfy the customer needs or wants. An organisation will not survive let alone succeed or make a profit if it does not meet the customer’s physical, intellectual, educational or social needs/wants. An organisation will use market research to identify what the customer and consumer wants. This definition means there is a management responsible for doing market research to identify the customer’s requirements then satisfying them. The definition also says profitably, so this definition doesn’t apply to the public sector as much as it does the private and voluntary. Because a public sector is not out to make a profit but to provide a satisfying service. (E.g. A hospital will get a budget and have to provide a service with the money they get.(Public) Cancer Research U.K will sell products and ask for donations, they will hope to make a profit so they can donate it to research for cancer.(Voluntary) Asda sell there products to make a profit. (Private)
“The business of selling goods including advertising packaging, etc.”
This definition says there is a function that links the business with customer needs and wants in order to get the right product to the right place at the right time. The etc is important because advertising and packaging are only a small part of indentifying and satisfying a customers needs. By advertising, packaging and naming a product it becomes a brand and branding a product is good for building a relationship with a customer as giving a product a brand also gives it a “personality”
• Marketing is about satisfying the needs and wants of customers;
• Marketing is a business-wide function – it is not