HNC – Unit 4 Marketing Principles ATHE – Unit 5.6 Marketing Principles & Practice. MARKETING. Learning Outcomes: Understand the concept and process of marketing Be able to use the concepts of segmentaion , targeting and positioning
HNC – Unit 4 Marketing Principles
ATHE – Unit 5.6 Marketing Principles & Practice
Understand the concept and process of marketing
Be able to use the concepts of segmentaion, targeting and positioning
Understand the individual elements of the extended marketing mix
Be able to use the marketing mix in different contexts
Understand the role of marketing in business
Understand the principles of marketing
Understand the application of the marketing mix in a specific business
Be able to develop a marketing plan for a specific product or service
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
‘American Marketing Association’
CIM's Definition of Marketing
"Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably"
“ Satisfying needs & wants through and exchange process”
To increase sales revenue
To improve and maintain image of the product or the business
To increase market share
To target a new market
To target a new market segment
The marketing concept rests on four pillars:
1. Production orientation
Mid 19th century – 1920’s.
Business focusses on production processes. Make it and they will buy! Demand exceed supply
2. Sales orientation
1920’s – 1960’s
Rise of aggressive hard sell. Less demand so harder to sell
3. Market orientation
Customer at the "heart" of the business; all activities in the organisation are based around the customer. The customer is truly king!.
Try to understand customer needs and wants, then implement marketing strategy based on their market research; from product development through to product sales.
Once sales have begun further research will be conducted to find out what consumers think about the product and whether product improvements are required.
As markets continuously change, market research and product development is an ongoing process for a market orientation company
What costs and what benefits can you think of for a company to adopt a market orientated approach?
Marketing process consists of:
Options – plans
Considers INTERNAL & EXTERNAL influences on marketing planning through analysis
Internal – SWOT
External - PESTLE
What factors would you look at / what questions would you want to ask of your internal systems etc?
In small groups you will be given a well know company for which you are asked to undertake a SWOT analysis of that company.
National government, local government, trade associations, the EU, regulatory bodies.
Market structure, government policy, trading bodies, taxation, interest rates, trading blocs.
Demographics, culture, attitudes, current issues.
Technological – innovation effecting:-
Products, materials/components, processes, distribution, marketing/administration.
Waste disposal, conservation, natural resources.