Discuss the basic elements of the marketing concept. Solved: Discuss the basic elements of the marketing concept. Wh... 2019-01-05

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What Are the Elements of the Marketing Concept?

discuss the basic elements of the marketing concept

After scanning the market, it is being segmented. Competitive advantage helps company to maintain and improve the competitive position of the company in the market. No matter how good your product or service is, if the customer cannot find it, no purchases will be made. Sales promotion strategy is integration of price, product and places. They are developing the products as per the age of the segment.

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Marketing Concept

discuss the basic elements of the marketing concept

Segmentation types are demographic, psychographic, geographic, behaviouralistic. In other words, it is the process of understanding, creating, and delivering profitable value to targeted customers better than the competition. If your price is too low, you will not realize a profit. Promotion includes various techniques employed to promote and make a brand popular amongst the masses. With the marketing concept, businesses begin with market research, looking for unmet needs in the marketplace and speaking with consumers about what new products they would like to see before even thinking about developing a product. A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.

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Marketing Mix

discuss the basic elements of the marketing concept

The customer needs are the problems to be solved by the marketed good or service. To maintain the standard of product and services company constantly examine the buying behavior of customers. The strategy which is selected it should consider organization goals and market situation. The marketing concept arrived after a series of other orientations that marketing companies underwent during the 20th Century. For the above product company should follow differentiated marketing strategy because to match with needs of the consumers within the segment they targeting each segment with a product with its own marketing mix designed. Three types of targeting strategy is follow by companies according to their product company choose target strategy. Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948.

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Elements of Marketing

discuss the basic elements of the marketing concept

He has earned a Bachelor of Arts in management from Walsh University. Although marketing encompasses a broad set of concepts and techniques, there are a number of basic elements that tie all marketing concepts together. Buyers can purchase products either from physical markets or from virtual markets. Its aim is to establish, maintain, enhance long term relationship with customers at a profit so that the objectives of the parties involved are met. Sainsbury is targeting all the 4 segments kids, youth, professionals and age based persons for their new clothing range. The first identifies the purpose and task of marketing, the second the competitive reality of marketing and third the principal means for achieving the first two. It is driven by senior managers, passionate about delighting their customers.

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Elements of Marketing

discuss the basic elements of the marketing concept

Lesser its availability, more would be its price and vice a versa. The micro environmental factors which affect the Sainsbury operations are consumers, suppliers, employees, substitute products impacts. For the new clothing range kids buying behaviour is influenced by psychological thinking. Marketers should also be wary of stimulating consumer demand that can turn into destructive habits, as can be the case with things like alcohol and junk food. So it is important to use right marketing mix at right place. Now serving in online marketing, she also has expertise in business and finance topics.

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Basic concepts

discuss the basic elements of the marketing concept

In order to gain maximum market share, Sainsbury segmented two different segments of market they are: Segmentation by Age and Gender: On the basis of age and gender Sainsbury segment its customers. Price Price is a very important element of the marketing mix. Two or more individuals, groups, or organizations must participate, and each must possess something of value that the other party desires. It makes the customer and the of his or her needs the focal point of all business activities. At times the actual demand level may be below, equal to, or above the desired demand level and the major task of marketing management is to regulate the level of demand. Lately three more P’s have been added to the marketing mix.

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Marketing Mix

discuss the basic elements of the marketing concept

The company was founded by Neenah, Wisconsin in the year 1872. Positive word of mouth goes a long way in promoting brands amongst the customers. The target market is the group of customers at which the marketing strategy is aimed. Marketing orientation include product, production, selling, marketing and social responsibility Brown, 2003. At the time of implementing changes, there are various tools and techniques which. These form the key for the selling company to achieve a competitive advantage. Compare and contrast how Amazon.

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Marketing Chapter 1: Strategic Marketing and Its Environment Flashcards

discuss the basic elements of the marketing concept

Hence the arrival of a market orientation which underpins our marketing concept, where needs and wants are satisfied through the delivery of value to satisfied customers. For their new clothing range Sainsbury should follow exclusive distribution strategy. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet. To determine the proper place to market your product, you must determine where the target audience is shopping for similar purchases. Consumer Psychology All elements of marketing are driven by consumer psychology and behavior. Then marketing companies progressed to a selling or sales orientation whereby products will proactively sold based upon features rather than the benefits to the individual customer and his or her needs.

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