The individual elements of the extended marketing mix: 7 3(a) products development in competitive advantage: 7 3(b) distribution is arranged to provide customer convenience: 7 3(c) How prices are set to reflect organizations objective and market conditions: 8 3(d) Promotional activity is integrated to achieve marketing objectives: 8 3(e) the "Seven P" of marketing model: 8 Task 4: Be able to use the marketing mix in different contexts: 10 4(a) the similarities and differences of the marketing mix at Amazon and Argos: 10 4(b) Illustrate differences in marketing products and services to business rather than consumers: 0 4(c) Argos learns from Amazon's experience as an international market: 10 Conclusion: 1 1 Introduction Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Many people think of marketing only as selling and advertising. And no wonder - every day we are bombarded with TV commercials, direct-mail offers, sales calls.
However, selling and advertising is only the tip of the marketing iceberg. Today, marketing must be understood not in the old ensue of marketing a sale - "telling and selling"- but in the new sense of satisfying customer needs.Selling and advertising are only part of a larger "marketing mix" - a set of marketing tools that work together to satisfy customer needs and build customer relationships. Task 1: The concept and process of marketing: 1 (a) what is marketing and the process of marketing with diagram: What is marketing??? The process by which companies create value for customers and build strong customer relationship in order to capture value from customers is called marketing. Marketing is a social and managerial process by which individuals and organizations obtain what they need want through creating and exchanging value with other. It is very much important.
Process of marketing: Marketing process has a simple five step model.One to four steps are work on understand consumer, create customer value, and build strong customer relationships. And final step try to create superior customer value. It creates value from consumers in the form of sales, profit and long term customer equity. Without "process of marketing" can work easily to get the success.
We can show the simple marketing process: Figure: Marketing process A marketing manager can follow this process to get his success. Understand the marketplaces and customer needs and wants is very important to customer satisfaction. Consumers need and demand can fulfill by design customer driven marketing strategy. This process say us how can we do the best in marketing.I(b) Marketing orientations: Marketing management orientation wants to make a profitable relationship between management and customer. There are five.
Those are production concepts, product incepts, selling concepts, marketing concepts and social marketing concepts. Those are called marketing orientations. Marketing managers must ensure that their marketing dollars are well spent. In today and past many marketers spent freely on big. The production concept: The production concept idea is consumers will favor products that are available and highly affordable.
Marketing management is eager to design strategies that will build profitable relationship with their consumers.The product concept has to focus on the production of the organization. Management should focus on improving production ND distribution of products. The concept is the oldest orientated concept.
The production concept is a useful philosophy in some circumstances. The product concept: The product concept idea is the consumers will favor products that favor the most in quality, performances and innovative features. The concept is trying to say that product and improvement are an important part of product. This concept is focusing on the development of product to increase their profit. Without using this concept we can't achieve our destination.Focusing only on the company's product also leads to market myopia.
Marketing management has to know about what product the consumers need and want. The selling concept: The selling concept idea is that a consumer will not buy enough of the product unless it undertakes a large-scale selling and production work. This concept focuses on selling business rather than creating long term customer relationships. Numerous companies now-a-days started following the selling concept, which grasps that consumers will not buy enough of the corporation's products lest it undertakes a large-scale selling and promotion effort. The assumption is not up to date.The marketing concept: The marketing management embraces that triumphing organizational goals depends on knowing the requirements of target markets and delivering the desired contentment better than competitors do.
Under the marketing thought consumer focus and value are the paths to sales and profits. At this point the company not only sells their product to the consumer but also obliges their consumer after sell and also satisfy the consumer prerequisites. The societal marketing concept: The societal marketing concept enquiries whether the pure marketing concept over- kooks possible encounters between consumer short-run wants and consumer long run prosperity. The societal marketing concept focuses on not only consumer curiosity but also on society's long run attention.The social marketing concept means that marketing policies should deliver value to consumers in a way that maintains or advances both the consumer's and society's prosperity.
Civilization will think about enhancement of human welfare, consumer will think about want satisfaction and the company will think about profit. Task 2: The concepts of segmentation, targeting and positioning 2(a) New product opportunities does the changing family structure provide for consumer: Usually the market comprises of many types of customers, products, and need with a competitors. So the dealers should know which segments offer the best opportunities. The customers can be served by us in many ways.
Service in various ways based on geographic, demographic, cryptographic, and behavioral influences. The process of dividing the market into distinct groups of buyers is called the market segmentation. They may have different needs, features or behaviors and who might require separate products or marketing programs. For a large company like Amazon the market segmentation is very much important. The structure of family of product can be changed by the new product opportunities of Amazon.
Because the new product may be need the new customer. So the companies need to change the strategy of market segmentation. Here the process of segmentation should modify the customer by. (b) identifies the market segments: A group of consumers who respond in a similar way to a given set of marketing efforts are called the market segmentation which the market segment works with those consumers who have same need.
For this the company needs to fragment their customer. The company Amazon who doesn't have the sketch of customer by attitude or chirography's includes here. Based on geographic, demographic way they can also divide their market. In geographic way Amazon has the chance to subdivide their marketplace.
The ways to select market segmentation are demographic way. As a result Amazon ought to follow one of those market segmentation way. Amazon doesn't contain the profile of fresh customer. For this the company should know where the customer comes from.
By this they have geographical idea.For those geographical areas companies may have specific strategies. 2(c) Identify and explain market targeting strategy for new product: To begin with the company needs to explain market segments. Henceforth the company can enter one or many of these segments.
Market targeting is trying to evaluate each market segment's attractiveness and selecting one or more segments to enter which is necessary. By which a company can profitably generate the greatest customer value should select those target market segment. For new product the company needs to select those segments which can have the attention of target customer. It is very important. So first of all they need to find out the market segment.That means they should know where they want to sell their phone and who the customer are.
After the segmentation they should select the target market. So now they can start the marketing program to reach the real customer. 2(d) Consumer buying behavior: The business market is vast. In fact, business involves far more cash and items than do consumers shop. In some ways business markets are similar to consumer markets. Both comprise population who adopt buying roles and makes purchase choice.
This purchase choice is the pivot of the market's exertion. Most of the large companies research on consumer purchase choice. Consumer buying decision can change easily. So the companies need to care about this.At the most basic level marketers want to know how business buyers to various marketing stimuli. Marketing program can satisfy the consumer by know actual need and want and fulfill it.
This is the most successful step to use in consumer demand. Consumer relationship is taken a big place in marketing process. Many sellers make mistake to paying more attention to some specific customer but all of customers are important. (e) Target market positioning: The concepts of exchange and relationships between the buyers and customer lead to concept of a market. A goods position means that the place the product occupies virtual to competitors products in consumers thinker.
A market is the set of actual and budding buyers of product. An organization needs to find out the possible customer value of market which provided the competitive advantages upon which to build the position of product. A successful organization obviously depends on their target market. All of the organizations have to focus on their target market and follow TTS rules and regulations and understand their appropriate target market.
By using a favorite place for target market can get great opportunity. It is very useful term in our business environment. To create a good business environment has to make a respectable position for target market. Tasks.The individual elements of the extended marketing mix: 3(a) products development in competitive advantage: A firm can attain new products in two ways. One is through acquisition and the other is through firm's own new product development efforts.
Acquisition - by purchasing a hole company, a patent or a license to produce someone else's product. By buying new product we mean original products, product improvements, product modifications, and new brands. The main thing for companies which offer the customer to buy is product. So to maintain the quality of a product is very significant. The development of the product based on the individual elements of the extended marketing mix.Three are modern market development can be arrange to use the marketing strategy.
Under the organization there are so essential elements can develop the market mix. 3(b) distribution is arranged to provide customer nonviolence: Any business can be successful through using proper distribution of products. Selling directly to consumers Selling through retailers Selling through wholesalers These are the distribution networks. 3(c) How prices are set to reflect organizations objective and market conditions: Price is a kind of thing that is paid by consumer for the cause of buying products. More broadly, the sum of all the values that a consumer has to give up in order to gain the benefits of having or using a product.
The fundamentals of price are list price, discount, allowances, and payment period and credit terms. Consumers will not fancy the product whose price is high. Before pricing the product, the company should think about the ability of the target market consumers. The company could allow the payment period for large price. So we can say price setting is very important for our business position.
3(d) Promotional activity is integrated to achieve marketing objectives: On behalf of marketing objectives, promotion is one the elements of marketing mix. Accomplishing a marketing objective requires a diversity of integrated strategies, and promotional activity plays a vital part in that amalgam.Promotion has four As of marketing, the others being product, price and place. The promotion classification focuses on strategies a business to provide information to consumers about its products. Organization can have to spend a lot of money in marketing process. Marketing distribution spend money for marketing promotion to extent the communication to the customers.
Promotional foundations are advertising, personal selling, sales promotion. Promotion of a product means that the business is trying to get the target customer and tell them about their product. 3(e) the "Seven P" of marketing model: Seven p" is the most important thinks in marketing. In the overhead we converse about the seven p of marketing mode.There are 3 p which is physical evidence, people and process. This three P are less important but sometimes we need to use this.
Physical sizes of occupies are not same. So a product for long guy is not suitable for short guy. Here we think fat and thin people. So we need to think about the physical signal off product. The next is people.
The people test changes from society to society, country to country, and also creature to creature. So we need to think about the publics. The last one is process. This involves the whole thing that we need to do for send the product to the customer.
It is an important because processes sometimes make variances to brand market place.Task 4: Be able to use the marketing mix in different contexts: 4(a) the similarities and differences of the marketing mix at Amazon and Argos: Marketing mix is an amalgamation of seven elements: product, price, place, promotion, people, process and physical evidence. Usually association segments its market based on consumer behavior, demographically, physiographic, physically. We see Judiciously, we can Amazon stab to find out the solution how to satisfy the customer. On the other hand Argos trying to concealment the market with their product. They give the more attention to product than the consumers.
They have to focus on the quality of product and give the best service to the consumer. (b) Illustrate differences in marketing products and services to business rather than consumers: There are so many business organizations have different kinds of products. An association changes their products and services according their market demand. It is so important to make up lack of the marketing process. We have the condition where we need to adopt on a product that both Amazon and Argos could influence to the target market. Also other organization like Supersede, Tests and baby shop also runs health and beauty service and products to customers.
We have to try to make our best product for the customer. Amazon tries to please the consumer with their best service. Argos tries to style the better product. They don't think about the consumers.
Subsequently our decision is encouraging for Amazon. (c) Argos learns from Amazon's experience as an international market: Amazon is an international company. It can control its marketing strategy very prudently. As a new comer Argos can learn many things from Amazon. They must know how to the make the marketing strategy and how to unpremeditated them.
In what way to reach the global customer, how to do the marketing strategy, this types of answer can bounce Amazon. International market has more occasions than domestic market. When to global market there has some significant alteration that differs domestic marketing to international marketing. International market has so many big opportunities to get their success.
Normally domestic marketing has nonentity to do with radical relative. But international marketing have good radical relative. Conclusion: So ultimately we can say that Marketing is very important for an organization to introduce the product and service in the market place. Principles of marketing introduce us to the essentials of marketing I. E. Key concepts, methods of analysis, strategies, and tactics.
Amazon and Argos are two leading company all over the world. For sustaining in market for long term they (Amazon and Argos) provide all kinds of benefits. Without proper marketing any organization can be successful and advance towards their aim.
