Marketing Principles
Marketing Principles
Task 1 – Understand the concept and process of marketing
1a) Following are the elements of the marketing process
* Marketing strategy : Targeting * Marketing strategy : Segmentation * Marketing strategy : Positioning
* Marketing strategy : Targeting : One need to focus on the following elements * ·Economic factors * ·Demographic elements * ·Technological trends * ·Political/legal events * ·Social/cultural environment * ·Competition
Many marketers rely upon the intellectual individuals to get this information , some of the information are collected on daily basis like competition and some on annually like social and cultural environment
* Marketing strategy : Segmentation
Customers are different and they have different needs , so if some one deals will all the customers and provide them all with the same services that does not work .
At one time coca cola was producing just the 6.5 , it was acceptable at that time but now its an obligatory thing for coca cola to provide its drinks in differnts sizes ,diet to survive the market
Now a days marketers cannot afford to ignore the segmentation as they know that their competitors are watching and they know what the segments are . For expamle if u enter into a market and entrducd a sevice which is for everyone and your competitos is providing the service to individual needs like tailored made so people will go for the services provided by your competitor
* Marketing strategy : Positioning
This is very powerful concept of brand positioning and was popularized by the two practitioners name as , Al Ries and Jack Trout .
Brand positioning is the concept in which you position your brand as somewhat beneficial to the targeted customers . It shoud be directly or indirectly related to the customer satisfaction, and in business the benefit should be economic .
1b) Benefits and costs of a marketing orientation for a
Task 1 – Understand the concept and process of marketing
1a) Following are the elements of the marketing process
* Marketing strategy : Targeting * Marketing strategy : Segmentation * Marketing strategy : Positioning
* Marketing strategy : Targeting : One need to focus on the following elements * ·Economic factors * ·Demographic elements * ·Technological trends * ·Political/legal events * ·Social/cultural environment * ·Competition
Many marketers rely upon the intellectual individuals to get this information , some of the information are collected on daily basis like competition and some on annually like social and cultural environment
* Marketing strategy : Segmentation
Customers are different and they have different needs , so if some one deals will all the customers and provide them all with the same services that does not work .
At one time coca cola was producing just the 6.5 , it was acceptable at that time but now its an obligatory thing for coca cola to provide its drinks in differnts sizes ,diet to survive the market
Now a days marketers cannot afford to ignore the segmentation as they know that their competitors are watching and they know what the segments are . For expamle if u enter into a market and entrducd a sevice which is for everyone and your competitos is providing the service to individual needs like tailored made so people will go for the services provided by your competitor
* Marketing strategy : Positioning
This is very powerful concept of brand positioning and was popularized by the two practitioners name as , Al Ries and Jack Trout .
Brand positioning is the concept in which you position your brand as somewhat beneficial to the targeted customers . It shoud be directly or indirectly related to the customer satisfaction, and in business the benefit should be economic .
1b) Benefits and costs of a marketing orientation for a