Production orientation focuses on producing quality goods and services at the best price without the consideration of the market demand. It relies on the statement that consumers will favor quality, innovative and performing products. Companies that apply this concept focus on their capabilities based on the experience and the resources available. Sales orientation is based on the idea that goods and services are purchased more when the company promotes its products. It focuses on application of aggressive marketing techniques to achieve consumers’ attention.
Introduction Building strong brand equity has many advantages, in addition to the fact that it creates strong bonds between consumers and their products; it gives competitive advantage to the firm and makes it less susceptible to be replaced in the market. It also makes the brand less elastic in terms of price change and makes it easier for the brand to grow. In the pursuit of building strong brand equity, two main questions need to be answered: 1. What makes a brand strong? 2.
Product Price Place Promotion Why do we need a marketing mix? Simply we need it in order to put the right product in the right place, at the right time, in the right time. Marketing is defined as identifying customer needs and wants and maintaining profitable long term customer relationships by satisfying them. Therefore a business must develop a product to satisfy a particular need. It should be priced fairly for them to purchase.
There are measures that need to be set to avoid product failure and loss of revenue that is looking at the possible profit that can be made from the investment, if the product is economical in terms of its price and the market potential. This stage also takes into consideration how the product will be launched and marketed so that the public is fully aware of it and had all information on the product to make an informed decision when purchasing the product. The type of media is selected and the department responsible for making the media and the public aware of the product is identified. A projected budget is drafted, including targets for sales of a product at a certain
Schultz (2001) argues that the 4Ps have less relevance today, but they made sense the time they were invented. Further, Kotler et lal argue that the 4Ps of marketing mix have a number of weaknesses in that they omit or under-emphasize some important marketing activities. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products). In addition, other important marketing activities (such as packaging) are not specifically addressed but are placed within one of the 4Ps groups. Another key problem is that the 4Ps focus on the seller’s view of the market.
Quality is a multi-dimensional term particularly in relation to service provisions. In service provision quality refers to series of actions that take place in order to satisfy the needs of the customer. Bernnett (1992) defined it as, “quality product or service is one that is fit for its intended purpose and is produced at an acceptable cost.” This therefore implies that if all the features of the product or service are such that the benefits conferred satisfactorily meet the customer’s needs then the enterprise is achieving its objectives on quality provision. The main objective of the case study The main objective of the study is to relate staff performance and how their work culture affects the quality. Customers’ needs and their satisfaction
Value proposition Formal Definition: A value proposition (VP) is a statement that clearly identifies what benefits a customer will receive by purchasing a particular product or service from a particular vendor. Alternative Definitions: A value proposition is a promise of value to be delivered, communicated, and acknowledged. It is a belief from the customer about how value (benefit) will be delivered, experienced and acquired. A value proposition is a statement which identifies clear, measurable and demonstrable benefits consumers get when buying a particular product or service. It is a principle of customer value, with customer insights driving the company’s marketing activities.
The second one is the price of the competitor's product. Understanding how both direct and indirect competitors price their products is a great starting point for pricing the own one. In addition, the reason why the customer of the competitor purchases that product will also help analyzing the reasonable price. The last one is determining price sensitive. The vendor should understand the effect of consumer choice because the price has to take into consideration what the customers feel is reasonable.
LO1 Explain the role of marketing and how it interrelates with other functional units of an organization P1. Explain the key roles and responsibilities of the marketing function. Marketing is the process by which individuals and groups obtain what they need and want through exchange the values with others. Marketing is an important part of business which is more than selling and advertising. According to Gary Amstrong and Phillip Kotler, the marketer have to understand the marketplace and customer needs so that they can develop their products and services then gain profit from the customer.
This approach can enable the organisation under consideration to gain benefit in controlling costs while fulfilling the demands of consumer services (Basu, 2001). The function of consumer service is considered as a designed standard for the satisfaction of consumers in such a way that the business intends to deliver to its consumers. Moreover, the order processing is designed for taking the consumer orders while executing the specific aspects of the consumers’ demand related to the products (Ellis,