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Marketing Principles - Essay Example

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Marketing Principles

These approaches include effective competition through production of superior commodities cost effectively. Key marketing activities involves identifying exceptional consumer needs and tailoring products or services that will best serve their needs (Nellis & Parker, 2006, p). Therefore, producers should scrutinize the available market and identify deficiencies in order to design unique product for that specific market or create a new market for the available products. The marketers should ensure they design goods for specific groups because different people have different requirements for the same products. The products should be designed differently in terms of colour, packaging, size and pricing among other features to meet varying consumer tastes (Fuller, 1997, p.13). For example, Wilkinson has different products for different categories of consumers. This enables them to cover wider market and make greater revenue due to increased sales. Similarly, by designing their products differently, the company is able to satisfy the needs of different clients more effectively. Marketers design marketing activities to satisfy different aspects of consumers needs. These include Products, Price, Place, Promotion, People, Positioning and packaging (Parkin, 2002, p.6). Consumers buy products and services for various reasons and for different purposes. Marketers should understand the needs for consumers in order for them to sell those commodities which consumers want most. They should carryout informative campaign to let consumers know that the products they require are available, and at what price, how to use them (Hill, 1998, p.13). The promotion activities should aim to influence consumer conduct by making them feel that certain product is capable of satisfying a specific need which other products from different sellers are not able to satisfy. Wilkinson has been facing stiff rivalry from other retailer in UK especially supermarket. They have reacted to this rivalry by designing new products for different market (Business Case Studies LLP, 2013). Their main targets today are students hence they are designing products which are more appealing and preferred by students (Dicken, 1998, p. 5). The marketers should ensure the product or services they offer are within the proximity of the potential consumers. For example, in Business Case Studies LLP (2013), Wilkinson has established their outlets close to learning institutions to ensure that students are able to get their products near their institutions when they need them. Wilkinson products are lowly priced to ensure they overcome rivalry and entice the student population in their business. Those products are attractively package to appear presentable to student consumers. Companies should develop different approaches to create, sustain and expand the market of their commodities in order to overcome their rivals in the same market. To achieve this, companies should ensure they have a wide range of consumer products in the market in order to win clients from different backgrounds. Wilkinson reacts to varying consumer needs as a retailer of various commodities like food, home, garden, office, and health and beauty products (Business Case Studies LLP, 2013). They sell groceries and supermarket goods to ensure clients get varieties of consumer goods under one roof. When developing a ...Show more

Summary

Principles of Marketing (Name) (Institution) (Subject) (Tutor) (Date) Marketing refers to overall activities involved in transmitting goods and services from producers or sellers to consumers or buyers. It involves different activities aimed at creating satisfaction for producer and consumers (Salvatore & Diulio, 2011)…
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