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Marketing Fundamentals Assessment 1

   

Added on  2020-01-16

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Marketing Fundamentals Assessment 1 (Part A)A)Marketing ConceptsThe are five different concepts of marketing. The marketing concept is the attitude that business decisions should be based on what the customer wants. The marketing concepts have evolved in past years from the production concept to the marketing concept. 1.Production concept Companies that use this concept believe customers want products that are easily accessible and affordable.2.Product concept The most important priority for customers is the quality of the product.3.Selling concept Assumes that customers are looking for aggressive sales and promotions from companies.4.Marketing concept Customers want to see the product meet the their wants and needs more than the competition.5.Societal Marketing Company should make marketing decisions by considering consumers wants, the company's requirements, and society's long-term interests.The Body Shop is customer focused business and they are constantly launching newproducts.(The Body Shop About Us 2017)Marketing Process6.UNDERSTAND customer needs and wants7.DESIGN customer driven marketing strategy8.CONSTRUCT integrated marketing program9.BUILD profitable relationship10.CAPTURE value from customersCustomers are the focal point of the all marketing activities. It is all about satisfying customers needs and wants.B) Why is Marketing important to your chosen product, service, company or institution?My chosen company is The Body Shop, a British cosmetic and skin care company. The Body Shop was founded 1976, when the story of the company began it was oneof the only ethical brands in the market.
Marketing Fundamentals Assessment 1_1

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