Marketing Principles Essay

1339 words - 5 pages

Marketing Principles

Marketing is all about understanding the customer and ensuring that
products and services match existing and potential customer needs.
Marketing is essential to a business and without it a business cannot
give its customers what they want.

There are five main points to marketing and they are,

· Understanding customer needs

· Understanding and staying ahead of competition

· Communicate with customers to satisfy expectations

· Co-ordinate its market functions to achieve its' marketing aims

· Be aware of marketing constraints.

These points seem very obvious and basic, and yet they are all very
in-depth, and very important to a business that is involved in
marketing. If a company has its marketing strategy wrong, then it
could result in financial hardship for the company.

Understanding customer needs
----------------------------

In order to anticipate change, Pepsi need to have an antenna that is
highly sensitive to changes taking place in the buying population, for
example what is happening to,

· The age and structure of a population

· Tastes and preferences

· Income

Market research is the antenna of an organisation and is far more
complicated that asking people if they like a particular product.

I started to understand my customers needs by doing my primary
research into what people actually want. I have tried to adapt Pepsi
to offer exactly what people within my target band want from Pepsi.
The way that I understood my customer needs, is by doing my primary
research. I asked people in a random sample survey to complete my
questionnaire I recorded the responses that I received. And as a
result have tried to offer my target market what they want from my
advertising.

Understanding and keeping ahead of competition
----------------------------------------------

One of the key factors in any market is the existence and strength of
competition. In a competitive environment organisations are forced to
be on their toes. They cannot allow rivals to gain advantages and
bigger market shares by offering lower priced goods or services. This
is the same for Pepsi In order to be successful, Pepsi will have to
gear their activities to being better than all of their competitors.
To keep ahead of the competition constant research, and opinion asking
needs to be done, both using primary and secondary sources of
information. I had to understand how my competitors operated and try
to stay ahead and more functional than them in areas such as price,
and promotions.

Communicate effectively with customers to meet expectations.
------------------------------------------------------------

An effective network of communications is essential for any form of
promotional activity. It will enable Pepsi not only to...

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