Transcript Marketing - My NVQ Resources

Level 3 Diploma in Business Administration
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Unit 320 (B&A 59): Principles of business
Handout 15: Marketing
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Level 3 Diploma in Business Administration
Definition of marketing
According to the Chartered Institute of Marketing:
‘Marketing is the management process responsible for
identifying, anticipating and satisfying customer
requirements profitably.’
www.cim.co.uk
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Function of marketing
To ensure the organisation produces the right product at
the right price and to get that product to the customers who
will buy it.
Without marketing, it is unlikely that the organisation will be
able to attract customers to buy its product/services.
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Roles of marketing
The marketing department is likely to be involved in the
following:
• carrying out market research
• identifying/sourcing potential new products
• product/service development
• setting the market price of products
• promoting products/services
• advertising
• identifying potential customers for sales
• public relations
• customer service
• identifying distribution channels for products.
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The marketing mix
The 4Ps
• Product
• Price
• Place
• Promotion
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Product
The right product for customers:
• What they want – the product meets their needs
• Provides quality and value
• Provides the benefits they are looking for
• Products can also be intangible – eg a package holiday
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Price
• The right price to represent value for the customer
• Must also achieve profit for the organisation
• Must be competitive
• The higher the price, the higher the perceived quality
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Promotion
• The way the organisation communicates the benefits of
its products to a customer
• Must be cost-effective
• Must be suitable for the product/service
• Starts with the employees
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Place
• The right place to attract customers – shop
window, Internet
• Also covers how the organisation gets the
product to the customer – distribution
• Right place, right time, right quantity
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The 7Ps
• A tool appropriate to marketing services rather than
physical products
• Adds three further criteria to the 4Ps:
• people
• process
• physical evidence.
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People
• People that provide the service – the staff
• Must have adequate knowledge and training
• Must have the right attitude to provide customer
satisfaction
• Are the representatives of the organisation and
all it stands for
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Process
Systems the customer has to go through in order to access
the service:
• How they make initial contact
• Waiting times
• Ease of use
• Access to information
• Helpfulness of the staff
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Physical evidence
• Evidence that the service has been performed
• Customer can see that they have received the service
• Also applies to evidence suggestive of the quality of
service before it is received
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