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Marketing

Identify and describe the Marketing principles which can be applied to the marketing of products or services, including ethical and legal constraints?

Marketing is about trying to understand customer requirements and to ensure that products and services are of the highest possible standards in order to fulfil potential customer’s wants and needs.
Marketing also focuses on ways in which the business can have an effect on the behaviour of customers.
Marketing is a key element to the success of all businesses. Its primary aim is to enable businesses to meet the needs of their present and future customers and should be able to:
Understand consumer needs: With current Markets changing all the time it is vital that organisations continually look for new exciting products and marketing opportunities. It is also important to understand the wants and needs of customers. Needs can vary significantly between different groups of people and incorporates factors such as age and sex.
Keeping ahead of competition: Competition is a key factor with any organisation and is something all organisations want to try and avoid. Unfortunately in this day and age is it virtually impossible. Therefore businesses consider their competitive markets and try to evaluate the competitive prices in order to provide a better product or service. They can use these strategies to meet the needs of their customers.
They need to have unique goods in order to stay ahead of competitors. For example a totally new product will be exclusive, but also providing and selling goods before other competitors is a good way to keep ahead. This can be items such as the latest console games or DVD’s.
Communicating effectively with consumers: Even a well designed product which is superior and cheaper priced then its competitors may experience poor sales if promotion of the product is ineffective. In many markets where competition is close, clever marketing techniques and promotional support is fundamental if...