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mgroup assignment marketing plan
Typology: Assignments
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Markating concept is a marketing strategies that entreperneur need to understand the target customers needs, want and demand, so he can develop product pr sevices that are of value to the customers.
The first element of marketing concept is relatoinship markating. Relationship marketing is to build a long-term win win and satisfiying relationship between the parties involved.This is accomplished by marking a conscious effort to understand the needs and wants of the other parties and to offer competitive prices for the companies offerings.
The second element is analysis of the marketing environment. Marketing environment separated to two part it is internal environment and external environment. Marketeers need to analyse and identify internal strengths, weaknesses anf external oppotortunity and threats and work out suitable strategies so that internal capability matches with external opportunity.
The external environment analysis is made up with the microenvironment and the macroenvironment. The microenviroment ia consist of components that have a direct influence on the organizations’s ability to develop marketing strategies that create beneficial exchange of value with the customers.The microenvironment factors include supplies it is the parties that provide the resourses for the production of product and services, marketing intermediaries it are the channel members, or middleme, that assist a business to distribute its products to the customers, customer, competitiors are other organization that offer similar or alternative product or service, and the public it refer to the general public, media publc, financial public or any group thet direct interest in the oraganization.In addition, the macroenvironment factor are uncontrollable variables in external environment. It include demography factors is the study of the vital ststistics of the population, enconomic factors that is of particular concern to marketeers includes consumer income, inflation and recession. Political-lrgal factor it is include laws, policies, regulations restrictions affect the marketing strategies development, culture factor it is influence basic on belief, values,
preferences, perception and how people behave and view things, technological factor and natural factor it is affected by the natural environment as many utilize natural resources as inputs.
Next, the internal environment analysis refers to the culture, members, events and factors within an organization that has the ability to influence the decisions of the organization, especially the behaviour of its human resource. Here, members refer to all those people which are directly or indirectly related to the organization such as owner, shareholders, managing director, board of directors, employees, and so forth.
Marketing mix refer to marketing strategies, that are strategies of product. Price, promotion, and place it’s call 4Ps.
First, element is product. Product refer to firm’s tangible offer in the market. The success of marketing work is first anf foremost contingent on my product. First, the marketers can engaging in market research to understand the buyers’ needs. Marketers also can speakinh to thier customers to see what needs to be added or changed about their current product or service line. Monitoring industry trends to identify a potential demand in their market. Next, marketers also need to examing the competition. Marketers also can force on their product pacaking such as product design to attract the new customer.
Second, element is price. Price is importent as it is the only ‘P’ thet given money to the marketer. To obtain optimal result in price marketer must speak to customer to determine the ideal selling price. Marketer cam work with the product team to ensure the product can be developed in a cost-effective manner that world ensure profitability at their target price point. Next, meet with finance to determine