Unit 5 p1 marketing xox

Mervana Khalife Unit 5 P1 Marketing

CIM Definition of marketing: The management process reasonable for identifying anticipating and satisfying customer requirements profitably. Marketing is a way for the business to sell their products and services including market research. Marketing in general is ultimately about information and communication to the customer. It’s not advertising and promoting the product, it’s a way to show off the product and its features to the customer in persuading them to take a purchase.

Types of marketing Market research Standard of quality is set by the consumer, who are the best people to start with as they are the man priority. Primary research can be used to gather comments from consumers. Feedback from market can guide a business towards making improvements to products and services which are needed to keep its customers satisfied.

Spider diagram explain the functions of marketing: Functions of marketing how marketing is used throughout their business.

Marketing mix also depends on other functional areas of the business, such as operations, finance and people. Any business must ensure that each functional areas works willingly with other areas. Example: if marketing department needs new market research, recruitment drive must be coordinated between personal and human resources department.

Organisation will plan a suitable product, charge an attractive price, put the product into the right location or place and use promotion to make customers aware of the product.

Functions of marketing Know their competitors:

Provide products and services that meet needs and expectations:

Use marketing concept theory:

Manage their industry environment:

Research customer’s needs:

Communication:

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Brief explanation of marketing mix (7Ps):

Marketing mix: The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four Ps: price, product, promotion, and place. In most Cases, all elements of marketing mix are important, but it is generally believed that the product itself is the key to successful marketing mix. A good marketing mix needs to be coordinated so that each elements support, and consistent with, the other parts of the mix.

Organisation will plan a suitable product, charge an attractive price, put the product into the right location or place and use promotion to make customers aware of the product.

Main selling point of product is its excellence, and the quality and design of that product must match customers’ expectations. Consumers would expect to see a high price and an upmarket place they are likely to expect to buy the product.

Price Price is how much customers pay for a product and presents good value money. Price is based on the price of the product and how its

Product A product is the appearance of good and services. The product should fit the task consumers want it for, it should work and fit should be what the customers are expecting

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from you and what they’re expecting to get The product should be available from where your target the consumer finds it easier to shop.

Promotion Promotion and advertising can be informative or persuasive. Informative promotion is intended to increase consumer awareness of the product and its features. Persuasive promotion is intended to encourage consumers to purchase the product, usually through messages that highlight its appeal. Promotion is intended Promotion is needed to draw the attention of customers to features of product that will make them want to purchase it and how the customers are informed about the product.

People The people are not the customers it’s the staff. The staff should be trained to do their job properly.

Mervana Khalife Physical evidence the environment and surrounding like equipment, employees could even be one or the result of marketing so sales and profit. Amount of purchases.

Place (location) location decisions are becoming critical as more businesses sell their products in global markets. Taking location decisions is likely to require the application of important measurable techniques.

Brief explanation of market segmentation: Marketing segmentation is when you divide customers in to different types e.g. segments to allow a business to target its products to the appropriate customers. Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in same way or have similar needs‌ to respond with appropriate marketing strategies that satisfy the difference favourites of each chosen segment.

Market communication methods and E-booking: Marketing communication its ways you can communicate with your target audience using marketing technique. Check out the IMC Model (integrated marketing communication.)

Example... could be through direct marketing emailing, social media, TV including celeb endorsement etc.

E-Marketing (Electronic Marketing) is when you make your marketing online e.g. digital.

Corporate communication

Logos

Endorsement

Mission statement Sponsorship

Packaging Advertising

Slogan

Straplines

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Bibliography http://www.tutor2u.net/business/reference/market-segmentation