Principle of Marketing
The Principles of Marketing
E1. Produce a marketing strategy for a product or service with a clear understanding of the principle of marketing.
My objective for the marketing strategy is to achieve more profits by making some adjustments to the packaging of Coca-Cola. I want to see whether the demand for Coca-Cola will increase or decrease due to small changes. These changes are that I will replace the opening with a cap on a Coca-Cola can to stop people throwing away the drink due to a lack of storage space. By doing this I hope to gain a bigger market share for Coca-Cola.
Before I start making any changes I need to primary and secondary research in which consumers will be asked whether they would buy the changed product. In order to make the idea a success I will have to develop a marketing strategy which evaluates ways which we can achieve these objectives.
The reason businesses seek to make a profit is that, without a profit, a business is unable to do all the things it wants to do. Without profit the business cannot keep its shareholders happy, it cannot pay higher wages to its employees, it cannot invest in better technology to improve its products and so on.
Understanding customer needs
In order to anticipate change, organisations need to have an antenna that is highly sensitive to changes taking place in the buying population. For example, what is happening to:
The age structure of the population?
Tastes and preferences?
Incomes?
Market research is the antenna of an organisation and is far more complicated then simply asking 100 people if they like as product.
This is the stage where market research starts. It is therefore, the ability to satisfy customers that marks the difference between a successful and unsuccessful organisation. There are only few firms who can provide for individual needs. Most marketing activities are therefore designed to meet the needs of
E1. Produce a marketing strategy for a product or service with a clear understanding of the principle of marketing.
My objective for the marketing strategy is to achieve more profits by making some adjustments to the packaging of Coca-Cola. I want to see whether the demand for Coca-Cola will increase or decrease due to small changes. These changes are that I will replace the opening with a cap on a Coca-Cola can to stop people throwing away the drink due to a lack of storage space. By doing this I hope to gain a bigger market share for Coca-Cola.
Before I start making any changes I need to primary and secondary research in which consumers will be asked whether they would buy the changed product. In order to make the idea a success I will have to develop a marketing strategy which evaluates ways which we can achieve these objectives.
The reason businesses seek to make a profit is that, without a profit, a business is unable to do all the things it wants to do. Without profit the business cannot keep its shareholders happy, it cannot pay higher wages to its employees, it cannot invest in better technology to improve its products and so on.
Understanding customer needs
In order to anticipate change, organisations need to have an antenna that is highly sensitive to changes taking place in the buying population. For example, what is happening to:
The age structure of the population?
Tastes and preferences?
Incomes?
Market research is the antenna of an organisation and is far more complicated then simply asking 100 people if they like as product.
This is the stage where market research starts. It is therefore, the ability to satisfy customers that marks the difference between a successful and unsuccessful organisation. There are only few firms who can provide for individual needs. Most marketing activities are therefore designed to meet the needs of