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Reflect and Evaluate Brand’s Marketing Principles, Essay Example
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In managing activities of an organization, marketing is an important area that generates trades thus involves planning, controlling, managing, and analyzing activities. The activities are concerned with creating and maintaining high customer levels in terms of satisfaction and delivery of services or product. Business functions of an organization relates to marketing and innovation. Wilkie and Moore dividing marketing development into four eras: First era: The fields’ foundation between 1900 and 1920. Here, economists focused on production while attention was required on distribution. Second era: the fields’ formalization, which was between, 1920 and 1950. Third era: Paradigm shift between 1950 and 1980 where mass marketing dominated and focus was on looking at the filed on a marketing manager perspective. Concepts such as marketing orientation, segmentation, 4Ps, and branding were developed. Fourth era: Mainstream fragmentation between 1980 to present times (Wilkie and Moore 54-55). The major marketing principles include product, place (channels of distribution), price, and promotion, also known as the 4Ps. Moreover, marketing principles are a set of guidelines used in guiding the company when doing market campaigns and includes conducting market research among others.
Product
This is the most important part in business and can be a tangible item or service rendered in exchange for money or other compensation forms (goods and services). Marketing looks into deciding the right product, that is if the needs of the customer are clearly understood then a concise decision is reached. Businesses communicate to customers why their product is unique from that of their competitors. Furthermore, customers understanding of the product and associated benefits must be clearly stated. For example, consumers buy a product like a car because it supplies them with transportation services. The physical product in such instances is the vehicles, which delivers service to the consumer (Kotler and Armstrong 29). Nevertheless, services supplied by other vehicles like places, ideas, people, organizations, and activities. When an individual is bored, travel to various destinations becomes the norm, or engage in physical activity in health club, or even adopting different life philosophies. Brand X has successfully assessed the benefits, attractiveness, reliability, expectations, competition, and functionality of the product. The branding of Brand X is of high quality and managed to pull many people to buy the product. Many people have embraced the product and have found different benefits of the product with regard to their tastes and preferences.
Price
Purchasing of the product depends on this element and is a profit determiner. In addition, it influences the perception and availability of the product, and in some instances, high prices on an item gives the consumer the perception of product quality. Moreover, if businesses can rely on product quality in terms of competition, then a lower price also generates business. Brand X has managed to distribute the product due to their delivery mechanisms and considerations of the customer and thus the correct channel of distribution has been effected. The price of Brand X seems to be a major problem because the product is highly priced and yet customers are still willing to buy. It is therefore, vital for marketers to consider reducing the price to a standard price that gives allowance to many people to enjoy the product through satisfying their needs, which is the most profitable aspect of a business. The price of Brand X keeps changing due to the market, but this has not affected the sales and it is necessary to deal with prevailing market problems that deter businesses from successfully capturing a large market. Majority of the people using the product are young and therefore, it is vital for marketers to come up with prices comfortable for the young considering that most of them are unemployed or depend on the allowances of their parents. Discounts, credit terms, and retail prices are some of the measures that can be taken to improve on pricing in order to commensurate the price with the perceived value of the product offered. This helps to prevent customers from turning to competitors products.
Promotion
Promotion is all about getting the word out concerning the goods and services and is done through advertising of product and services. This creates awareness among consumer and incentives like special events, coupons, and sampling can be used. Brand X has managed to use promotion mix like direct mail, sales promotion, advertising, personal selling, trade fairs, and exhibitions to reach a vast number of consumers in the market segment. These promotional mixes have helped marketers to communicate with the customers directly and have an experience of how the product is perceived. This gives them a chance to make improvements for the future by looking into maintaining quality of production and maintaining high standards of product. It is evident that Brand X is well known by many consumers due to the vast promotion done and by creating awareness; consumers are able to spread the word around concerning the product by buying. Awareness creation is essential because it gives consumers the ability to decide on which product to settle on and assess the variety of products available in the market. In regards to promotion, Brand X has embraced the new technologies available in the market and has reached a large group of people hence, many of the youths are confident of the product quality.
Place
An effective marketing plan looks into the location for offering the product and or service. In some instances, physical stores are more effective compared to online services. Accessibility is an element to look out for when it comes to situating the business (Fuchs and Diamantopoulos 1775). The place for Brand X has inconvenienced many of the consumers because it has an online office and no physical location. This is the most recent form of doing business, but a physical location helps the young people interact with the product before purchasing it to determine its effectiveness and efficiency. It is vital for marketers to situate tan office where all young people can be able to assess the place for purposes of product development, and testing in the future.
Works Cited
Fuchs, Christoph, and Diamantopoulos Adamantios. “Evaluating the effectiveness of brand positioning strategies from a consumer perspective”. European Journal of Marketing 44.11/12, (2010): 1763–86.
Kotler, Philip, and Armstrong Gary. Principles of marketing. Upper Saddle River, NJ: Pearson Prentice Hall, 2012. Print.
Wilkie, L. William, and Moore S. Elizabeth. “Expanding our understanding of marketing in Society”. Journal of the Academy of Marketing Science 40, (2012): 53–73. Print.
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