MARKETING PRINCIPLES

Marketing Principles

Introduction1

Description1

PART A: Elements of Marketing Process2

1)Analysis of marketing opportunities:3

2)Selection of Target Markets:5

3)Development of Marketing Mix9

4)Managing Marketing Efforts10

PART B: Marketing Orientation of EasyJet11

Mission Statement12

Market Orientation of EasyJet12

Cost and Benefit Analysis13

Conclusion16

Marketing Principles

Introduction

There are different management approaches and orientation of any business enterprise. There is a fundamental belief that these management perspectives are part of customer's acceptance of products and services of companies. Marketing is a key function of business management that not only works on providing company's products and services to customers, but it also evaluates internal capabilities to determine success or failure of any profitable business company.

This essay highlights two functional areas of marketing principles. The first section talks about various elements of the marketing process that includes analyzing marketing opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort. The second section evaluates the cost and benefits analysis of a marketing orientation for selected organisation. These two elements are based on the foundation of concept and process of marketing product or services of any organisation.

Description

There are multitude of perspectives, definitions, and views about marketing. The Chartered Institute of Marketing, UK offers following definition for marketing: “Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably” (CIM, 2009, pp. 5-7, 9). This mouthful of definition reflects that customer is at the core heart of marketing and businesses. The study of market factors and forces, optimisation of benefits for the development of company's position, and getting the right product or services at the right price are essence of marketing.

Sometimes, the definition of marketing is misunderstood or wrongly defined within the narrow context of selling or advertising. The whole story of marketing defines it as a key management discipline to enable the interpretation of needs, wants, and desires or customers to the producers of goods and services. This interpretation between producers and customers can either exceed or match them to deliver to their target group of customers. The public and private sectors are highly valuing the marketing skills with the increasing competitive pressures (CIM, 2009, pp. 5-7, 9). The marketing professionals are directly contributing to the economic wealth of a nation. The skills of marketing professionals are attracted to retain customer base and build sales avenues to generate profits. These profits will be used to reinvest as a part of a cycle of prosperity.

PART A: Elements of Marketing Process

The definition of marketing exceeds the discussion of a process planning and execution to meet needs of consumers. The function of marketing requires understanding of wants and needs of consumer. Needs assessment is the part of marketing research. The nature and scope of market has broadened market consideration connected through individuals and organisations. It is relevant for for-profit and non-profit entities. The elements of marketing process modify distinct aspects of industry required according to the modifications of marketing principles that includes particular needs, core of marketing, marketing mix, and efforts of marketing management. There are five elements of marketing process:

Analysis of marketing ...