Concept of Effective Marketing Strategy
University: UK College of Business and Computing
Question :
This unit reflects that you are working in a small business which is running by family and they are not aware of the increase in market share so it is essential to identify marketing concept in order to develop information.
- Give brief about the concept of marketing.
- Carry out market research to know about customer demand and activities which are operating in the marketplace.
- Give a brief introduction about E-Marketing and methods used by organizations to E Market their goods & services.
Answer :
INTRODUCTION
Marketing is the crucial tool in which the firm must assess their requirements of their consumers and then incorporate the decisions in order to satisfy those requirements better than the contenders. In this report, various marketing tools are used by the organization for enhancing the sales revenue of the cited organization (Sarea and Hanefah, 2013). Here is the management process via which goods and services move from concept to the consumer. This can be simply said that the marketing of any company is totally relied upon the thinking about the business as per the consumer needs and satisfaction. Marketing can vary from selling as selling concern itself along with the tricks of getting people to exchange their cash for the product. For elaborating the importance of marketing, this does not only communicate about the implementation, function and other benefits of the product but likewise delivers values of products to the ultimate consumers. This project report likewise elaborates the principles and tools of marketing and relevance of E-marketing and diverse components of marketing (Polman and Atwater, 2012).
TASK 1
1.1: What are Marketing and different marketing activities
Production and marketing of goods and services are the crucial thing of economic life in any of the society. Whole organization perform these main basic functions in order to satisfy their commitments to their stakeholders- owners, consumers and society at large. They form advantages in which economists call utility to make, time, place and ownership utility. Regular exposure to the marketing and personal selling leads so many people to connect marketing and selling, or to think that marketing activities introduced once goods and services have been manufactured (Vargas-Hernández, 2012). While on the other hand, marketing most probably comprises selling and advertisement, it encompasses more. Marketing likewise covers assessing client needs, protecting information required to design and produce product or services which match buyer expectations and forming and handling connection along with consumers and suppliers.
Marketing is the most effective tool for promoting any of the product or services in an effective manner. However, this can be rightly said that the management of the ABC chocolate company would make an effective marketing strategy that can be used by the organization for gaining the sustainability in an effective manner. Marketing comprises coordination of four components which are known as the 4 P’s of marketing:
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Determining, selection and emergence of product, Identification of its price, Selection of a distribution channel to gain the consumer place, and Emergence and implementation of promotional strategy.
Marketing activities concentrates on the consumer. Henceforth, a market driven firm starts its entire strategy along with the detailed explanation of its target market: Group of people towards whom organization instructed to direct all the marketing efforts (Phillips and Graeff, 2014). After marketers choose target market, they direct their activities towards profitability fulfilling that target segment. However, they are required to manipulate so many variables in order to attain this target, marketing related decision form could be segregated into four areas such as: product, price, place and promotion. These 4Ps blend to fit requirements and preferences of a particular target market. These are the four variables which the marketer could implement and control in the diverse combinations for forming value to the consumers.
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