Marketing Pricipels

3756 Words Mar 12th, 2015 16 Pages
| 2014 | | |

[ Marketing Principles] | |

Contents Introduction 2 LO 1: Understanding the concept and process of marketing 2 AC 1.1: Explain the various elements of marketing 2 AC 1.2: Evaluating the approach of Amazon towards marketing 3 LO 2: Using the concepts of segmentation, targeting and positioning 4 AC 2.1: Product opportunities in changing family structure providing consumer companies 4 AC 2.2: Identifying appropriate market segmentation 5 AC 2.3: Appropriate targeting strategy for product launching 5 AC 2.4: Buying behavior of customer depending on product. 6 AC 2.5: Amazon Fire product’s position in target market. 7 LO 3: Understand the individual elements of the extended marketing mix 8 AC
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There are a quite a few examples of where some very potential product got them exiled due to not running proper marketing activities. So, marketing is one of the most essential business elements.

LO 1: Understanding the concept and process of marketing
AC 1.1: Explain the various elements of marketing
As it was said earlier marketing is a process of creating a profitable relationship with the customer which includes value creation and proper presentation.
There are five major steps in a basic procedure of marketing. Which are-
Mission: At first the marketer has to know that why he is doing that business. What is his sole purpose regarding this business. Moreover they have to know what they want to achieve in future.
Situation analysis: Then the marketer needs to make his SWOT analysis- finds where his strength, weakness, opportunities and threats lies and react according to that.
Objective: Here the mission is divided into various objectives. Because a mission is no attainable at time but various objectives can.
Implementation: Success of an effective marketing plan depends mostly on this part. Here all the plans and writings come into action.
Evolution: This is the last but one of the most important step of marketing. If the process is not evaluated on a regular basis it is ever tough to find the deviations from the actual
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