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Marketing Principles - Report Example

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This work called "Marketing Principles" focuses on the main marketing function as promoting the various elements of the marketing process that include product, price, place, and promotion. From this work, it is clear about the benefits and costs of marketing orientation, macro, and micro environmental factors which influence McDonald’s marketing decisions. …
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Marketing Principles
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Download file to see previous pages A marketing function at SleepWell can be significant in promoting the various elements of the marketing process that include product, price, place, and promotion. Product is an important element for the business as it ensures customer satisfaction. Product differentiation ensures provides customers with a wide variety of items to satisfy their needs. It is also important to determine the right marketing mix of products that will attract various consumers. Price is the second important marketing element that focuses on setting prices that will enhance profitability and also ensure the affordability of the products to consumers. This will help the business to attract and retain customers. Place involves enhancing the availability of the products to consumers. Strategies for distribution to ensure customers get a product when and where they need it are important for profitability. Promotion involves raising awareness regarding the product to new and existing consumers. It can increase sales as the business is able to inform customers about the benefits of using the products.
The marketing orientation is beneficial to the business as products are developed with the customer needs in mind. It is aimed at satisfying customers and hence the business is guaranteed to attracting consumers (Porter, 1998). The business is likely to be successful as customers will be able to associate with the business due to its capacity to offer what they want. This strategy helps to offer the product at the right price because it is based on information acquired from customers and therefore they play a role in determining the way the product is sold. It helps to outdo competitors who may not understand consumer needs. SleepWell can enhance its competitiveness by conducting market research and offer products based on the information obtained from potential consumers. However, the costs of market orientation may emerge as a result of constantly changing consumer needs. It is expensive to change the production strategy every time the consumer needs change. Moreover, some products may become obsolete due to changes in consumer behavior thereby leading to losses.       ...Download file to see next pages Read More
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