How to plan writing marketing assignment ?
By Sofia James
Marketing is an essential part of every business organisation. Earlier marketing involved traditional methods, which has evolved in all ways and means to include contemporary approaches. It involves managing relationships, which is utilized for creation and satisfaction of customer needs. Following are some key concepts related to marketing;
- Definition: Marketing includes varied types of processes that includes communications, delivering, exchange and creation of value for clients, customers, society and partners.
- Marketing Concept: Marketing Concept aims at the satisfaction of organisational objectives by anticipation of needs and wants of customers as compared to its competitors.
- Marketing Orientation: It includes concepts related product orientation, sales orientation, production orientation, marketing orientation, customer orientation and organisational orientation.
- Marketing P’s: Harvard Business School Professor Neil Borden identified a number of factors that can affect consumer decision process, which in turn can impact business. P’s consists of Product, Price, Place, Promotion, People, Physical Environment and Processes.
- Marketing Environment: Macro-environment and micro-environmental analysis for arriving at environmental influences need to be understood. PESTLE analysis can help understand political, economic, social, technological, legal and environmental factors. Industry level analysis can be understood by means of Porter’s Five forces of competition. Internal environmental analysis can be understood by means of SWOT factors as strength, weakness, opportunity and threat analysis.
- Marketing Research: Market research process is an essential process that is used to collect data and make statistical analysis for interpretation of an interpretation.
- Marketing Segmentation: Market Segmentation process involves segment, target, positioning for products. It includes geographical, psychographic, behavioural and demographic segmentation.
- Marketing Communication: Promotional strategies include personal sales, sales promotion, public relations, public relations, publicity and advertising.
- Marketing Planning: Marketing Planning Process includes forming a marketing plan including mission statement, corporate objectives, marketing audit, SWOT analysis and budgeting for a marketing plan.