Marketing Fundamentals Assignment Pdf
Added on 2021-02-19
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MARKETINGFUNDAMENTALS
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1 A...........................................................................................................................................1Marketing process.......................................................................................................................1Stages of Marketing....................................................................................................................2Role Of Marketing Mix...............................................................................................................3Stakeholder engagement and their impact on marketing activities of an organization...............5TASK 1B.........................................................................................................................................7Tactical communication tools for generating awareness and interest in the project,..................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONMarketing is a management process that is concerned with the process of manufacturing ofgoods and services to delivering them to the customer. Its basically all the activities likeidentification of customer needs and wants, manufacturing of goods and services, pricedetermination, selecting an appropriate distribution channel and promotion of goods andservices (Rowles, 2017). The main objective of marketing is to achieve profit with maximumcustomer satisfaction. Marketing fundamentals are the marketing essentials that are necessary inorder to make a marketing strategy effective. Apple is one of the largest tech companies in theworld by market size and revenue. Headquartered in California, United States, Apple companywas founded by Steve Jobs in the year 1976. Apple serves worldwide and has over more than130000 employees. In 2018, Apple was recognized as the most valuable company in the world.Marketing has played a significant role in Apple's success. The current report will focus ondifferent stages in marketing mix, role of Apple's marketing in creating value for its customersand stakeholders engagement and their impact on the marketing activities.Task 1 AMarketing means activities which are done by the company to promote goods and services. Itinclude various activities done by the company like selling, advertising and more. Peopleworking in corporate mainly focus on advertising to market their goods to the target audience.Corporate generally include celebrity endorsement, good phrases and many social media tools.Marketing processAnalysis of opportunities available in the market: The first thing that the companyshould start with is analysing the opportunities that are available in the market. It is related to theneed & wants of the customer. There is always a need of a better product in the market whichcan fulfil the demand. A new company should always focus on those opportunities which arebeneficial in the long run for the organisation. The company can take help from marketinginformation system which is MIS. It plays a significant role in providing useful informationabout the market. The company does effective research to find the information aboutcompetitors, trends in the market, customers etc. which is useful for the company. Apple doesvarious research in the market to find the demand of the customer. The demands are alwayschanging and so company should also make appropriate change in the product with time.1
Selection of the Target Market: This is a very important process in marketing as thereis selection of the market. No company can target the whole market so the market is divided intodifferent segments and the best segment should be chosen to meets its strength and opportunities.There are certain categories in which market is divided which include market segmentationwhich means the whole market is divided into different customers with each having same wants,characteristics and which need different marketing mix and strategies. Target marketing meansthat two or more segments should be selected and they should be targeted. It is very difficult fora company to target the whole market and so after succeeding in these market it should targetother ones. Third category include market positioning which means that positioning the productof the company in the minds of the customers as compared to the goods of competitors. Thecompany tries to offer a competitive edge of its product in compared to the product of thecompetitor so that his product can have good image. Apple has always offer a competitive edgeof its product in compared to other brands. Its products are costly but then also are purchased bymany people(Zhao and Balagué, 2015).Development of marketing Mix: After making the strategy of the marketing, thecompany is ready for panning of marketing mix. Marketing mix consist of various variablesmixed by company to get desired results. The marketing mix consist of four P's which areProduct, Price ,Place and Promotion. Product means the goods which are made by the companyfor the market. Price means the amount or money paid by the customer to purchase it. Placemeans the production plant should be situated at a place which ensures minimum cost of labourand various factors like easy transportation, availability of raw material. Promotion means theincrease in sale of good to customers by providing better information to the customer about theproduct. Product of Apple is very good but the price is high in comparison to other brands butthe promotion of the product and marketing of Apple is very high.Management of marketing efforts: It is the critical phase of development of marketingstrategies. Market analysis should be done to identify the strength and weakness of market. Thereshould be market planning so that all the objectives are achieved. Last is marketingImplementation in which developed plans and strategies are properly implemented in the market.2
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