Marketing Principles – Coursework Example
Unit: 4- Marketing Principles HND Business management Module Andreia Areal d0114157 Ina Rasa Contents 0 Introduction 3 2.0 Discussion 3
2.1 Marketing definitions 3
2.2 Elements of marketing process 4
2.3 Table showing the various elements of marketing 4
2.4 Marketing myopia 5
2.5 Marketing orientations 5
2.5 Benefits and costs of a marketing orientation to Google Company 6
4.0 References 6
MISSION STATEMENT: TO MAKE THE WORLD’S INFORMATION USEFUL AND UNIVERSALLY ACCESIBLE.
The Marketing process is the way by which companies determine the kind or needs that may be of value to the customer. Communication and business developments form the major components of the marketing process. It creates ways that govern sales techniques, business developments, and effective communications. Google Company has to carry out research to help identify the need of the customers. (Kotler & Armstrong, 2011).
2.1 Marketing definitions
It is an ongoing communication between the company and its customers aimed at educating and informing while ensuring the relationship lasts longer. The Chartered Institute of Marketing defines marketing in 2013 as a management process that is mandated to identify, anticipate, and ensure the customers need meets profitably. American Marketing Association in 2013, defined marketing as an activity, set of institutions, and ways of increasing communication and exchanging contributions that have value for consumers, clients, associates and the public at large. Dr Philip Kotler in 2007 stated that marketing is an art and science of developing and providing value to meet the needs of the target population (Kotler & Armstrong, 2011).
2.2 Elements of marketing process
The process of marketing involves activities that include pricing, design, advertising, and other strategies. Such activities have to be done during marketing. Elements of the marketing process entail research, planning, tactics, and strategy (Pride & Ferrell, 2003).
2.3 Table showing the various elements of marketing
A market research entails finding out what the market’s needs. Data gathered during research helps the company to develop products that will suit consumer wants. If Google company has to increase its sells and remain in the market for a longer period, then a market research has to be done. Data obtained from the market will enable the company to continue to develop products that will satisfy consumers’ needs.
These are decisions made by the company to help them compete favorably in the market. Such decisions are developed from data collected during research. Google company has to develop new goals and plans which are strategic. The decisions are based on the data collected that enables the company to outshine competitors.
Planning explains how the company intends to achieve its goals. The marketing department of the Google company plans for the expenditure and makes sales forecasts to help achieve its goals. The plan is usually reviewed from time to time.
Companies use immediate plans to become competitive in the market. Such plans or tactics are usually short term. Google company uses such plan to provide products that are of value to the consumers and thereby help to meet their needs.
2.4 Marketing myopia
Is a situation where the company focuses on the immediate approach when marketing their products rather than basing on consumers’ needs. This may make the company unable to adapt to abrupt changes in the market. Google Company should avoid such kind of approach as they market their product around the world. (Adcock &Ross 2001)
2.5 Marketing orientations
Product-orientation involves a company developing products without having to focus on the customers’ needs. This kind of approach may often lead to unsuccessful ventures. The market-oriented approach is where the company develops a product with a focus on the customers’ needs. The products developed depend on the information obtained during marketing research. The type of approach usually leads to successful businesses. Production orientation occurs when the companies produce a lot of products in order to bring the cost down. Such company believes that producing the products in masses will result to the cost declining and thereby profit maximization. Sale orientation involves developing products and selling it to the consumer. The approach however may not bear fruits having in mind that the best strategy involves doing market research before developing the product. Market research is usual for the business to prosper. For Google Company to continue doing well in the market, they have to spend enough capital in carrying out market research so as to produce products that consumer wants (Kotler & Armstrong G, 2011)
2.5 Benefits and costs of a marketing orientation to Google Company
Google Company has for many years utilized market oriented approach. The company has always targeted consumers’ need in developing their products. This has enabled the company to build loyalty and develop regular customers. The customers have also become resistant to products produced by other competitors due to brand loyalty. The company has continued to gain huge profits because of high quality products and value. Market oriented approach, however, has some shortcomings. Google Company may end up lacking the guessing and foretelling, associated with the attempt to predict product trends and demands of the customers (Adcock &Ross 2001). For the company to implement a market-oriented approach, many resources should be utilized for market research.
For any company in London to thrive in a competitive market, it should consider doing a market research to help identify the customers’ needs. This ensures the products developed are based on the customer needs and thereby utilizing their purchasing powers. Managing a mix and learning about the customers’ macro and microenvironment are vital components during the marketing of the various products.
Kotler, P and Armstrong G. 2011. Principle of marketing 4th edition, Pearson education.
Adcock, H. and Ross .2001 Marketing: principles and practice, FT/ prentice hall. Drummond
Pride, W. M., & Ferrell, O. C. 2003. Marketing: concepts and strategies (6th ed.). Boston: Houghton Mifflin Co.