Importance of Marketing Fundamentals in the Organisation

ACADEMIC SKILLS AND
STUDYING WITH
CONFIDENCE

Table of Contents
INTRODUCTION...........................................................................................................................3
IMPORTANCE OF MARKETING FUDAMENTALS IN THE ORGANISATION....................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Marketing fundamentals in taking up a business is defined as strategies that are adopted
and are the initial ways for any organisation in order to take up the task of marketing. The entire
report deals with the marketing fundamentals and the factors involved (Girchenko, T. and
Ovsiannikova, Y., 2016). The company that is adopted in this regard as example is Tesco. Tesco
is one of the largest retailer chains in the United Kingdom. It is known for its product quality and
the brand it maintains by providing all the groceries that a required for the domestic use.
MODERN BUSINESS STARTEGY
Marketing plays a major role from concept decision till the manufacturing and distribution. The
companies that are less strategic are said to be having a limited marketing role in their
organisation (Kozlovskyi, S.,). Business strategy is not just related to bringing the product only
when it is ready into the market but the innovations and demands that are related with marketing
or to be initialised as a first step. The different stages of marketing are as follows:
Product development: The marketing department in any organisation works along with the
research and development department in the initial stages that will contribute to process
determine and collect the data regarding what kind of products that the customers demand. This
will help in brain the greatest results and the fullest development. Even before the onset of
manufacturing cycle in any organisation the marketing people in the organisation that are related
to the stipulated marketing roles played a vital role in creation of new product (Sadchenko, О).
This stood as a determining factor in fulfilling the consumer needs and how the new market need
will be fulfilled. This with regards to Tesco is such that the Tesco company employees identify
the customer need for a particular product and focuses upon developing the product and based on
that product development marketing is put forth. Every department in the organisation is allotted
with a manager who is in charge of dealing with the customers. Based on the statistical data
about which product is more likely to be sold, the company focuses upon manufacturing the
product in the numerous count.
Introduction and roll out: soon after the product is developed, it will go through a life cycle
where the product will be introduced to its consumers. Whether the market is small or big the
initial sales will probably be low. this phase of introduction of the particular product is essential
to demonstrate the growth of the product which will in return increase the sales of the company.
The pricing strategy will vary from the initial stages to the final stage where the product will