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Report on Marketing Principles (Doc)

   

Added on  2020-07-23

11 Pages2245 Words58 Views
MARKETINGPRINCIPLES

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Product Decision.............................................................................................................................1a. Consumer products..................................................................................................................1b. Products' three layers..............................................................................................................2c. Products life cycle...................................................................................................................2PRICING DECISION......................................................................................................................3d. Define pricing point of product with proper identification of pricing strategy used bycompany......................................................................................................................................3e. Define tactics behind adopting market skimming strategy.....................................................4Place Decisions................................................................................................................................4f. Channel of distribution............................................................................................................4g. Level of distribution intensity.................................................................................................5PROMOTION DECISION..............................................................................................................5F. Define communication strategy which is to be adopted by company for enhancing the salesof selected product with proper justification...............................................................................5g. Define which advertising policy adopted by this company....................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONThe term marketing principles means deciding the framework of organisation which is tobe followed in right manner. In firm, the term marketing activity is quite different from sellingactivity. The main aim to gather attraction of potential customers and clients in goods andservices. It is wider concept which involves functions like researching, promoting, selling anddistribution of good and services. To make it effective, the marketing plan should be defineproperly which is inclusive of product, promotion, distribution and pricing. The marketingfunction is related to element of P4s. In this assignment the focus is to be given on P4s functionabout laptop. To achieve desire growth, there is need to undertake this analysis in corrective way(Truong and Hall, 2016). This term is very essential in order to ensure growth of firm. . Thegrowth of firm is totally dependent on activities of marketing. The strategy of marketing functionshould be build effective so that entity can achieve its desired success.PRODUCT DECISIONa. Consumer productsProduct is one of the essential part of marketing mix, if company is providing satisfactoryproducts and services to its consumers then it will support in accomplishing goal of entity.Laptop is the consumer product which have been selected in the project. Laptop is commondemand of recent era (Truong and Hall, 2016). Dell, Asus, HP etc. are many firms those whichare providing quality laptops to its valuable clients.1

Illustration 1: Three layers of LaptopSource: (Marketing Management Blog T1 2015, 2015)b. Products' three layersProduct is the thing which is purchased by consumers for specific purpose, three layers ofLaptop are core, actual and augmented. It is essential for marketers to understand particularneeds of clients in each layer and accordingly offer them laptop. Primary reason of buying laptopis to manage their documents effectively and manage some records. It is easy to carry thus,people purchase it for official use also (Achrol and Gundlach, 2014). Core products layer isanother part in which customers buy it for its brand image, appearance etc. On other handaugmented products are such things in which product has featured of actual products and plusprovides additional services as well such as tremendous installation, services and warranty etc. c. Products life cycleProduct life cycle consists of four stages; introduction, growth, maturity and decliningphase. All these stages impact on company's profit and sales volume to great extent. In theintroduction stage organization build awareness of products among population. In the growthphase firms work to increase its market share (Yu-Jia, 2012). For that they offer attractivediscounts and adopt promotional strategies so that they can meet with the demand. Maturityphase is next stage in which competitors may offer similar products, in this stage companies arerequired to make some changes in its products in order to make its different from others. In last2

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