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University Marketing Principles and Practice

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Added on  2020-01-07

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Explain key marketing concepts and terminology applicable to the given organization Marketing concepts deal with the major factors of concern that are required to keep in mind for the making better strategic planning and increase sales in business. The five concepts are: Production concept: Consumers usually prefer widely available products and that too in less expensive and cost effective prices. This concept mainly focuses on the need of customers and idealizes their opinion to be much favorable as they think, the more good a product is, the more customers will be

University Marketing Principles and Practice

   Added on 2020-01-07

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University Marketing Principles and Practice_1
Marketing Principles and PracticeContentsa. Explain key marketing concepts and terminology applicable to the given organization..........................3b. Identify the role of marketing strategies and programs in achieving Nike’s objectives,including ethical considerations..............................................................................................................................................5c. Explain how marketing concepts and principles are used in Nike’sdaily organizational operations.......8d. Explain the relationships of the marketing functions to other functional areas in Nike.........................10Page 2 of 13
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Marketing Principles and Practicea. Explain key marketing concepts and terminology applicable to the given organizationMarketing concepts deal with the major factors of concern that are required to keep in mind for the making better strategic planning and increase sales in business. Marketing itself is a huge concept that evolves around the surrounding factors and make a gist of integrated format of business objectives. There are generally five basic marketing concepts which varies in their functional aspects. As per the needs of the market, the marketing concepts are developed and upgraded with the required changes of the market. The five concepts are:Production concept:Consumers usually prefer widely available products and that too in less expensive and cost effective prices. This concept mainly focuses on operations and hence can be referred to as operation oriented concept. During the invention of production concept, it took the maximum size of the market in a huge formation during the 1950s. During this era, business fields and organizations were mainly concerned with the productions and manufacturing. Along with that efficiency of the firms also mattered. Says Law states that supply creates it's own demand. Managers of the concerned organizations focus on achieving great and higher level of out at lower costs and high quality along with intensive distribution strategy. According to the demand of the market, the marketing strategies are ought to adjust with the needs of expanding market, but however, this intensive distribution strategy does not help the company to survive in the market, if they do not adapt themselves to change and become flexible. Primarily, the needs of the customers are given less importance and need of increasing output is given much priority. It does not matter what exactly the customer wants but how the company will produce output.Product concept:Page 3 of 13
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Marketing Principles and PracticeConsumers do favor for the products with most trustworthy quality, innovation and performance.This concept mainly focuses on the need of customers and idealizes their opinion to be much favorable as they think, the more good a product is, the more customers will be loyal to their products. Uniqueness is a factor that customers look for in products and that opposed to the competitive products. This concept is hugely seen and applicable in niche markets like electronics and technologies. There is a chance that this concept leads to marketing myopia and therefore, the companies need to give serious attentions on innovation and features providing the customers requirement and priority. The companies that follow this concept must concentrate on the technologies so as to achieve the optimum customer satisfaction by producing innovative andexcellent features.Selling concept:The customer base and market focuses on products and services that are highly promoted by the companies. Marketing of the products and services is the essential factor that takes all the credit apart from just selling the items. Unless people fall for the products and grow a liking for them, itis not possible for the company to make customers buy them. Selling and promotion are given much priority to achieve marketing success. Companies strive to persuade the customers who areinert and thus, by creating effective promotional strategies, the inertness of the customers are converted into buying motive through highly innovative planning and selling actions.Marketing concept:This is most needed concept for any type of organization and this focuses on the marketing targets and delivery of products along with the competitive nature of the fields. Marketing strongly put stress upon the fact that brand name is important to attract customers. It is important Page 4 of 13
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