Basic Principles of Marketing
Marketing is important to all organisations. An organisation may have what they believe to be an excellent product or service, but if that product or service does not meet the needs of the customer by offering value at the right time, in the right place and at the right price, it will no doubt fail.
In order to avoid failure and to market successfully it is necessary to research the target audience appropriately and then, with a full understanding of their needs, design a product or service that successfully meets those needs and expectations. This will result in a satisfied customer and a successful business.
To sustain this success, the marketing environment, consisting of the internal and external environments, needs to be monitored constantly. As part of this module we explain why it is important that a company understands how it should adapt its internal environment to take advantage of potential opportunities or avoid threats from the external environment. Even though the company does not have control over it, it is essential to maintain a thorough understanding of the external environment.
Changes in this environment can have a severe impact on the company. Competitors also need to be monitored closely, as these organisations offer the same products or services to consumers with the same wants and needs as us. If we are aware of our competitors’ products, strategies and objectives, we will be able to build and maintain a competitive advantage and become the customers preferred choice.
To survive, a business needs to be able to differentiate its products from those of competitors, in the eyes of the consumer. There are various types of competitors. In this module you will learn how to analyse competitors and how to create a competitive advantage for a product or service. In order to achieve the marketing objectives of the organisation, it is important to understand the marketing function within an organisation.
It is also vital that the marketing process is clearly outlined in order to ensure that each member of the marketing team has a roadmap to follow.