ASSIGNMENT

Marketing Principles Assignment

Marketing Principles Assignment

Task One: Understanding the Concept and Process of Marketing

Q1.1 Using a relevant definition of marketing, describe the marketing concept and the marketing process?

According to the American Marketing Association, a updated definition of marketing is noted to be as any set of activities, institutions and processes used for creating, delivering, communicating and exchanging offerings that have value for the clients, society, customers and partners at large (Keefe, 2008, pp.29). This particular definition of marketing is inclusive in nature and acknowledges the role of direct and indirect marketers to the marketing process.

Conversely, Svensson (2001) comments that marketing concept is one of the most important and famous marketing concepts ever to be developed in the context of marketing literature. The researcher notes that marketing concept focuses upon the needs and wants of the customers. In addition, this concept mandates that the customer's needs and wants should be at centre point of all the marketing process planning and development.

Likewise, marketing process is the means of channelizing the marketing concept into a deliverable set of actions and strategies (Netmba.com, 2013). This process is composed of the following functions:

Situation Analysis: through which the strengths, weaknesses, opportunities and threats of a firm are evaluated.

Marketing Strategy: involves market segmentation, selection of the target market, positioning of a product to the target market and the value proposition to the target market.

Marketing Mix Decisions: comprises of the four tactical decisions of product, price, place and promotion.

Implementation and Control: proposes the phase where the marketing plan could be modified to accommodate the changes in the consumer needs and preferences.

Q 1.2 Describe marketing orientation. Using an organization of your choice, evaluate any costs and the possible benefits of becoming marketing orientated?

Harrison & Shaw (2004) describes market orientation as the integral factor for any type of organization to gain competitive advantage. This is achieved through the firm being customer oriented to be able to develop the right set of offerings to them. Market orientation is also said to be directly related with contributing to the overall high performance of a firm. Likewise, any organization can become market oriented through adopting the following:

Customer orientation: is related with the better understanding of an organization's or a product's target market.

Competition oriented: this mandates the organization to be privy of all their direct and indirect competitors. As this would help them to constantly improve themselves and make their products and services relevant to their consumers.

Inter-functional coordination: this principle reflects that the organization must be aware of their internal resources. Especially, of their employees and taking measures to mobilize them into becoming a productive resource for the organization.

Conversely, to discuss the advantages or benefits of a market oriented culture for a multinational organization such as Nestlé Co. can reap. These benefits include being responsive to the changing customer needs and wants. As well as, being able to identify opportunities and taking advantage of market gaps to develop new product offerings. However, the disadvantage to Nestlé of adopting a market oriented culture is that it ...