Preview

Market Research Pass 1 Unit 3 Business Btec Level 3

Powerful Essays
Open Document
Open Document
785 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Market Research Pass 1 Unit 3 Business Btec Level 3
Marketing Research for
Pass1
Unit 3
Definition
The management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy. As a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's emeritus professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs."

Read more: http://www.businessdictionary.com/definition/marketing.html#ixzz25h1HF3mw

Marketing, Advertising and Sales - a definition

Marketing is not advertising. Marketing is finding out what people want, why they want it and how much they’ll spend. Don't confuse marketing with advertising.

Advertising is the promotion of a service or product or company. It features a strong call to action and promotes the benefits of that being advertised.

Sales is sales! It's converting an inquiry or lead into a contract or shipment. Sales is not market research, business development or advertising http://www.online-marketing-scotland.com/Marketing/Whatismarketing/tabid/62/Default.aspx

. Product/Service • What does the customer want from the product/service? What needs does it satisfy? •What features does it have to meet these needs? •Are there any features you've missed out?
•Are you including

You May Also Find These Documents Helpful

  • Good Essays

    The management process through which goods and services move from a concept to the customer. It consists of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy.…

    • 628 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Many people would say that marketing and sales are exactly the same thing. However there are differences and understanding these differences is what makes people see that one is needed for the other to work. There are questions that should be asked such as what marketing strategies work best for the sales team and will help the company more, and how to explain to sales associates exactly what marketing is. For an employer, explaining what sales is to the marketing team and what marketing is to the sales team is imperative to the daily operations of the company. Most people know what sales is, considering it is the act of selling a service or good to a customer. What most do not fully understand is what marketing really is. While there are a lot of technical definitions of the term ‘marketing’, there are also a lot of interpretations of the definitions and all companies use marketing to a different degree and in different aspects.…

    • 712 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Advertising is a type of communication that is meant to persuade its viewers, readers or listeners to take some action. It normally includes the name of a product or service and how it could benefit the consumer; it is also used to persuade potential customers to consume that particular brand and not other competing brands. Modern advertising developed with the rise of mass production in the late 19th and early 20th century.…

    • 1107 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Lodging Inductry

    • 24746 Words
    • 99 Pages

    Finally, the chapter introduces the various components of the marketing mix: promotion, product, price, and distribution. Distribution is sometimes called place and the marketing mix is called the 4 Ps. Marketing also includes research, information systems, and planning. If marketers do a good job of choosing the appropriate target markets and presenting an effective promotion mix, the result will be attractive products and satisfied customers. This would include identifying consumer needs, developing a good product, and pricing, distributing, and promoting it effectively. This chapter introduces all of these terms and gives an overview of their place in the marketing world.…

    • 24746 Words
    • 99 Pages
    Powerful Essays
  • Powerful Essays

    Marketing & sustainability

    • 1346 Words
    • 5 Pages

    What exactly is marketing? Is it just convincing people to buy products through various media? Billboards, TV commercials, junk mail and magazines filled with advertisements? From the consumer’s perspective, that is how it seems (Kotler et al. 2010, p. 5). But from a business’s standpoint, marketing is viewed very differently. Marketing is viewed as being based on an exchange relationship between a business and its customers, where a business offers something of value, and customers purchase this product, which provides the business with the means to continue producing this item of value (Moscardo et al. 2010, p. 277).…

    • 1346 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    Business level 3

    • 1386 Words
    • 4 Pages

    Advertising: advertising is a way of displaying a product or service in a attractive way to a customer in a non-personal presentation.…

    • 1386 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Advertising is the paid, impersonal, one-way marketing of persuasive information from an identified sponsor disseminated through channels of mass communication to promote the adoption of goods, services or ideas.…

    • 375 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Advertising aims to promote the sales of the company, its products and services, and making the consumer informed about what all the product or services are meant to be. It is a way to make the public aware about what exactly the company is selling.…

    • 6684 Words
    • 27 Pages
    Powerful Essays
  • Powerful Essays

    Marketing is one of the terms in academia that does not have one commonly agreed upon definition. Even after a better part of a century the debate continues. In a nutshell it consists of the social and managerial processes by which products (goods or services) and value are exchanged in order to fulfill the needs and wants of individuals or groups. Although many people seem to think that "marketing" and "advertising" are synonymous, they are not. Advertising is simply one of the many processes that together constitute marketing…

    • 4280 Words
    • 18 Pages
    Powerful Essays
  • Good Essays

    distribution channels. The 4Ps of marketing have been the key areas where marketing managers allocate scarce corporate resources to achieve the business objectives.…

    • 1521 Words
    • 7 Pages
    Good Essays
  • Powerful Essays

    Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's retired professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. In other words, marketing has less to do with getting customers to pay for your product as it does developing a demand for that product and fulfilling the customer's needs.…

    • 4181 Words
    • 17 Pages
    Powerful Essays
  • Best Essays

    Cerelac Advertising Campaign

    • 2501 Words
    • 11 Pages

    Advertising can also be defined as a paid, non-personal communication about products, services or ideas by an identified sponsor through the mass media in an effort to persuade or influence consumer behavior. It is an important tool of marketing where it helps a consumer to choose the best product or service from various different products or services being offered.…

    • 2501 Words
    • 11 Pages
    Best Essays
  • Good Essays

    -Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operations. It is an important business function as net sales through the sale of products and services and resulting profit drive most commercial business.…

    • 863 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Sales

    • 1696 Words
    • 7 Pages

    Marketing programs are designed around four elements of the marketing mix; products to be sold, pricing, promotion, and distribution channels. The promotion component includes advertising, public relations, personal selling, and sales promotion (point-of-purchase displays, coupons…

    • 1696 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    ethics in advertising

    • 1418 Words
    • 6 Pages

    Advertising could be defined as "a paid form of nonperson communication about an organization and/or its products that is transmitted to a target audience through a mass medium." Therefore one kind of promotional activity, separate from publicity (free), sales promotion (not forms of communication), and personal selling (not impersonal nor through a mass medium).…

    • 1418 Words
    • 6 Pages
    Powerful Essays

Related Topics