PRINCIPLES OF MARKETING

Principles of Marketing Assignment

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Principles of Marketing Assignment

Task no. 1a

The marketing process is very simple. It aims to follow certain steps to create value for the customers as well as for the business. In the process, the company starts with identifying its customers and understanding them in-depth. Then, the company creates value for the customers through their thorough understanding. Then, the company also maintains good relationships with its customers for long-term gains. Finally, the company is able to reap the benefits of customer value creation in the form of value created for the company per se. This value comes in the form of profitability, sales, and customer retention.

The specific steps in the marketing process include understanding the market and the customers, designing a customer-driven strategy for marketing, building integrated marketing programmes in line with the strategy, creating delight for customers and maintaining relationships, and finally deriving the value for the business (Kotler and Armstrong, 2008).

Task no. 1b

The marketing orientation approach suggests that the businesses adopt a strategy of product development where the new products are developed to meet the needs and wants of the customers. This is in contrast to the product oriented approach where the businesses first develop the products and then the customers come to buy those products. Most markets are now moving to the marketing orientated approach, except the cutting-edge technology companies that develop the products and the customers follow (Tutor2u, n.d.).

The Tasty Food Restaurant must also develop a customer orientated approach. This will require providing only those goods and services that the customers want and desire. Therefore, the restaurant will first have to carry out marketing research to identify the needs and wants of its customers. Then, the restaurant will be able to develop and offer only those products and services that the customers are wanting. This will result in huge benefits to the restaurant. First it will result in customer retention and customer satisfaction. Next, it will also create brand and customer equity for the business. The increase in revenues is obvious. Further, it will also result in higher corporate image and reputation of the business.

The marketing oriented approach is quite simple to implement at the restaurant. The restaurant will have to do exactly as the customers demand. However, this might require some product development and service modification costs initially but the return on investment will be very high. This will also create long run profitability for the business. In addition, there will be a significant increase in the customer base of the business.

Furthermore, it is clear that the restaurant may have its own competencies like the best dishes that it prepares. However, it can only offer the menu to its customers that they want and desire. Moreover, it will also have to incorporate significant service delivery changes if the customers desire so.

Task no. 2

Introduction

This report aims to propose the definition of new customer market segments for our business. It has been observed that the building of the new housing ...