Marketing Case – Ab Chemicals
To: Managing Director of AB Chemicals
Date: 10/12/2009
Task 1 (Assessment Criteria 1.1, 1.2, 1.3 and 1.4)
I do consider AB Chemicals to be a marketing oriented organisation, now I will explain the marketing concept.
Marketing is an ongoing procedure of preparation and implementing the marketing mix (Product, Price, Place, Promotion, and Packaging) for products, services or ideas to match existing and potential customer needs.
Marketing includes advertising, distribution and selling, also when working in this sector the organization/business will need to predict the customers future needs and wants, which are frequently revealed through market research.
Fundamentally, marketing is the development of producing or directing an organization to be successful in selling a product or service that people are willing to buy.
The main characteristics and elements of the marketing concept is the procedure of how a new product is brought out. They are a many different elements, such as:
The 4 Ps
SWOT and PEST ANALYSIS
Marketing is indispensable to the accomplishment of any business. A business major aim is to facilitate businesses to meet the needs of their actual and potential customers, whether it is for profit or not. For a business to be successful, it will be required to:
Understand customer needs
Understand and keep ahead of the competition
Communicate effectively when its customers satisfy customer expectations
Co-ordinate its functions to achieve marketing aims
Be aware of constraints on marketing activities
The most important factor of marketing is recognizing customer needs and wants. For example Ford will use marketing to recognize what kind of cars people will want to buy and the features that should be built into those cars. Ford will find this out by carrying out market research.
Marketing objectives are an essential part of the marketing plan as they provide direction for activities to follow. Without clear objectives it is difficult to evaluate what a marketing plan is trying to achieve or whether a plan has been successful. It is usual to translate marketing objectives into quantifiable ‘result areas, such as market share, market penetration or growth rate of sales.
When preparing marketing objectives it is potentially more rewarding to use the SMART approach when writing up these objectives, these are: