Marketing Fundamentals Assignment: Analyzing Marketing Strategies

This assignment explores the fundamental concepts and processes within marketing, focusing on their application to a new perfume launch by Rapid Fragrances. The solution defines key marketing concepts such as the selling, societal, production, marketing, and product concepts, highlighting their unique approaches and objectives. It analyzes the importance of marketing for the company, emphasizing its role in revenue generation, production optimization, and improved buying power. The assignment also reflects on the student's initial perception of marketing, contrasting it with a more comprehensive understanding gained through the subject, which includes various marketing strategies and their specific applications. The assignment includes references to relevant marketing literature, providing a well-rounded analysis of marketing fundamentals.

MARKETING
FUNDAMENTALS

Table of Contents
a) Define the concepts and process within Marketing, including what generally is accepted
as the focus of all Marketing activities?.........................................................................................1
b) Why is Marketing important to your chosen product, service, company or institution?............1
c) Discuss briefly how these insights have changed your original perception of what
Marketing was before starting this subject.....................................................................................2
REFERENCES................................................................................................................................3

a) Define the concepts and process within Marketing, including what
generally is accepted as the focus of all Marketing activities?
A new business entity named Rapid Fragrances want to launch new perfume in the
market. The process of promotion of business entity's services and products to the target
audience is known as marketing (Baines, Fill and Page, 2013). Different approaches are used for
the success of the marketing which are as follows:
Selling concept: Consumers preferred those products which are aggressively promoted or sell.
Societal marketing concept: it is same as the marketing concept but it also preserves the
society's and consumers well being.
Production concept: The product which is inexpensive and widely available is preferred more
by the costumers.
Marketing concept: This concept focuses on the target audience in a particular market and
delivers the product better than competitors.
Product concept: This concept believes that customers becomes loyal if they get more variety of
product and more benefits from products.
b) Why is Marketing important to your chosen product, service, company or
institution?
Marketing is very important for Rapid Fragrances as they are going to launch their new
product as a perfume. By effective marketing, purchasing power and production can be
converted into consumption (Bergman and et.al., 2011). If Rapid Fragrances do better marketing
of their new perfume than the production of the company will increase. Further, this mass
production will tend to lower costs as production and costs are inversely proportional. Moreover,
this low costs of the products will improve the buying power which indirectly results in the
raising of living standards of the people. Revenue generation of the cited firm depends upon the
marketing. Marketing improves the sales and demands which results in the profit for the
company (Chaffey, Smith and Smith, 2012). By the help of marketing, the cited company will
able to make more effective and faster decisions such as how much to produce, what to produce,
when to produce, how to transport or store, etc. As the cited organization is launching new
perfumes therefore, they have to focuses more on the marketing of the product.
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c) Discuss briefly how these insights have changed your original perception of
what Marketing was before starting this subject.
Before starting this subject, my perception was that the marketing means only promotion
of the product. I was thinking that the promotion of the new perfume of Rapid fragrances is
marketing. But it is not true because promotion is not the only thing included in the marketing,
promotion is only a part of marketing. However, after completing this subject I understand that
marketing includes various concepts like Selling concept, Societal marketing concept,
Production concept, Marketing concept and Product concept (Kays, Crawford and Weigand,
2012). There are different work for different concepts i.e. selling concept deals with the sells of
the product, production concept deals with production of the goods, Product concept focuses on
the performance, quality and innovation of the product, marketing concept is used to promote the
brand, whereas societal concept is same as the marketing concept but it also preserves the well
being of society and consumer.
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REFERENCES
Books and Journals
Baines, P., Fill, C. and Page, K., 2013. Essentials of marketing. Oxford University Press.
Bergman, T. L. and et.al., 2011. Fundamentals of heat and mass transfer. John Wiley & Sons.
Chaffey, D., Smith, P. R. and Smith, P. R., 2012. eMarketing eXcellence: Planning and
optimizing your digital marketing. Routledge.
Kays, W. M., Crawford, M. E. and Weigand, B., 2012. Convective heat and mass transfer. Tata
McGraw-Hill Education.
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