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Marketing assessment Outcome 1 1. Identify three key characteristics of the marketing concept. Marketing is about being consumer orientated. All the marketing and the business activities involved should be directed to create and satisfy consumers’ needs and wants. The goal should be consumer satisfaction in order to succeed. The product or service which is being offered should be purely focused on customers/consumers. Market research is another key characteristic in order to succeed as it helps organisation to determine what consumer’s needs and wants are. By conducting market research it helps understanding what consumers are seeking for and finding ways to provide products or services which customers demand as it very vital.…show more content…
James has to know what his competitors charge before setting a price to attract customers. This can also be justified as competitor’s environment as your competitors influence your business by the actions that they take from the prices they charge to the services they offer. It is a pressure on James to keep up with the competitors in order to keep up in the market to survive by meeting customer’s needs and wants and to encourage sales. (Source: The macro environment affects a firm on a long term basis. They are factors which cannot be controlled by the firm and affects them in such a way that a firm has to adapt to the situation in order to survive for example technological changes when the internet was introduced a lot of business decided to launch websites to attract a wide range of customers from all over the world and also raise awareness of their existence in order to keep up in the market. The economy also has a strong influence on a firm for example recession which can be worrying for a business that has to amend their prices which can affect their sales. If referred to the case study, in James case he was affected by the macro environment due to recession which had him worried as the raw materials that he purchased for his business was expensive
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