Got a tricky question? Receive an answer from students like you! Try us!

Principles and practice - Assignment Example

Only on StudentShare
Author : ykoch

Summary

Name: Title: Principles and practice Instructor: Apart from the internal structure, marketers need to consider the external environmental influences on a business and the changing trends. Consumer behavior in every industry is influenced by both internal and external factors…

Extract of sample
Principles and practice

Thus trends in external environment can have a major on consumer choice and preferences and therefore, it is important for marketers to be aware of such trends. Underlying trends are relatively slow moving changes in the marketplace that may occur for a number of reasons. A successful marketers needs to keep track of these changes and respond accordingly. The nature of the trends is likely to differ; sometimes they are consumer led and sometimes business led. However, businesses must realize that in order to gain a competitive edge and better satisfy the customers, these trends are needed to be taken into account. Macro factors are those that have an indirect impact on the business, also known as PESTEL. It includes factors that create opportunities and threats to business and is categorized as the far environment. These include variables such as political, environmental, socio-cultural, technological, economic and legal. With respect to marketers of cosmetics products, these factors play a crucial role and can have a significant impact on the industry structure. Political factors consist of laws, government agencies and pressure groups that influence and limit various organization action plans. For instance, legislation affecting cosmetics business has increased worldwide. Also, various laws exist that protects companies, consumers and interest of the society at large. ...
Download paper

Related Essays

Marketing Management Principles, Practices and Religion
On the other end, faith, which happens to be the greatest provider of meaning in all people’s lives fails to register not even a single statement on the radar of nearly every mainline of marketing reading materials published in the past rigid couple of decades. This apparent and particular paradox is the systemic provider of the backdrop to this paper. Today, different analysts are examining the berthing idea of adjoining politics and religion into the broadened marketing camp. There are brief contemporary reviews of religious marketing, where analysts are undertaking comparison of politics…
14 pages (3514 words)
Marketing Principles and Practice
According to the modern days context, the consumers are highly been encouraged by using different marketing strategies that are implemented by the modern organisations. Therefore, consumers’ buying decision is one of the complex facets for the modern organisations in terms of successfully attaining profitability and customer retention. With due regard to this context, the marketers always seek to identify the various changes of the stimuli that influence the buyers on their purchasing decisions. It is important for the marketers to recognise the characteristics of buying process of the…
8 pages (2008 words)
Marketing: Principles and Practice
The main defy faced by various marketers entails the complication in understanding some of the basic factors that influences purchases of products among different customers. This challenge applies to all type of products marketers ranging from fast selling products in the market to high street fashions. Customers age, level of education, taste, gender, income, and brand have a role in determining factors that helps in the selection and purchases of different products in the market. Marketing aspects plays a fundamental role in influencing customers’ perception on a product. Factors that…
8 pages (2008 words)
principles of marketing
Goal setting phase sets the overall goals of the business. It requires outlining a mission and corporate objectives for the business (Egan & Thomas 2012). Newham College has a mission ?to expand and improve lifelong learning? (Newham 2007). To achieve this mission, Newham believes in ‘open access provision, relevant to the diverse range of needs in its local communities’ (Newham 2007). Its corporate goals include continuous capital investment to increase facilities for learning and enhance access to education. Over the last ten years it has invested ?15 million capital (Newham 2007) to…
5 pages (1255 words)
Marketing in Practice
Marketing is based on five Ps namely product, place, price, promotion, and people (Russel 2008, p.12) and through marketing, marketers identify market needs, and prices that consumers will be willing to pay for products addressing those needs (Blythe 2005, p.4); using people in global markets by communicating the specific places where they can be found, and their prices. This way, promotion marketing increases sales substantially, in addition to collecting market feedback regarding consumer tastes and preferences, and addressing specific market needs. Marketing promotion strategies offer great…
13 pages (3263 words)
Full case study in Jobber, D. and Ellis-Chadwick, F. (2012)Principles and Practice of Marketing(7thed). London, McGraw-Hil
This would reveal the extent to which the company followed the formal process of marketing planning. Dixons was a product oriented company when it stated its journey in electrical retail segment. Their followed the strategy “stack-em high – sell-em cheap in brightly coloured stores.” This strategy validated the fact that Dixons focused more towards selling good product in well-designed stores, but customer satisfaction was overlooked and it did not occupy centre position in the strategic approach of the company. A general formal marketing planning process is segregated into four parts…
7 pages (1757 words)
Full case study in Jobber, D. and Ellis-Chadwick, F. (2012) Principles and Practice of Marketing (7th ed). London, McGraw-Hill H
This would reveal the extent to which the company followed the formal process of marketing planning. Dixons was a product oriented company when it stated its journey in electrical retail segment. Their followed the strategy “stack-em high – sell-em cheap in brightly coloured stores.” This strategy validated the fact that Dixons focused more towards selling good product in well-designed stores, but customer satisfaction was overlooked and it did not occupy centre position in the strategic approach of the company. A general formal marketing planning process is segregated into four parts…
4 pages (1004 words)