Principles and Practice of Marketing by Jobber/Ellis-Chadwick

Product Information

Primary sources-this is fresh research ie information being collected for the first time to solve a particular problem or gain insight into a particular event. This information is collected through questionnaires,interviews,observation,fieldsurveys,opinioncalls,experimentation,aptitude tests etc. Distribution planning-this involves forming relations with distribution intermediaries,physical distribution,inventory management,warehousing,transportation,the allocation of goods and services,wholesailing and retailing. Physical environment-this includes factors such as climate and infrastructure e.g. roads, water supply,electricity,telephone etc.

A great way to create reliable, repeatable processes is to document them. For example, you can create official spreadsheets and instruction manuals that anyone can reference when certain issues come up. You can also create training materials so that all new employees receive the same training and handle tasks the same way. 7. Physical evidence A firm must set a price for the first time when the firm develops or acquires a new product,when it introduces its regular product into a new distribution channel/geographical area and when it enters its bid on new contract work. Sloot and drop poor ideas as early as possible.it tries to reduce the number of ideas to one attractive practical few.in improving ideas and screening items the company should avoid;Ensure fairness in relation with competition based on the rule of ethics(avoid unfairness ie low/high cost). A certain number of potential respondents particularly the least educated may be unable to respond to written questionnaires because of illiteracy and other difficulties in reading.

Product concept-this was a belief system adopted by business men before 1920.the belief was that consumers will favour products that offer the most quality(design ) performance and features to them. If u design a product in a way that looks attractive,consumers will have to buy the product.

What Are Marketing Principles?

Ensure maximum production according to the priorities of various sectors laid down by the government i.e quota system. MKIS- is a system that consists of people equipment and procedures that are used to gather, sort, analyse,evaluate and distribute needed timely and accurate information to marketing decision makers.it helps managers to analyse,plan,implement and control various activities in the organization. Content marketing. This is typically long-form content such as blog posts, videos, ebooks, podcasts or webinars. Ensuring customer relationship management-this is the overall process of building and maintaining profitatble customer relationship by delivering superior customer value satisfaction.this is achieved mainly through; Sales promotion. A sales campaign is a special offer designed to stir up interest around your product.

Customer orientation-the firm must carefully define customer needs from the customers point of view.this is important because a satisfied customer: Unstructured survey-the interviewer probe respondents and guide the interview according to their answers. This is a framework which helps to structure the approach to each market. The mix is a bundle of variables offered to the customer. This is a tactical/operational part of a marketing plan.it is composed of the elements below Creativity – Creativity in advertising is important for small businesses as often they do not have the funding or resources that large corporations would have. Is a distinct unit within a brand or product line that is distinguishable by size, price,appearance or some other attributes.

Market research should take a deep dive into your audience: their traits, desires, needs, and behaviors. Market segmentation can help you identify these key considerations, which then sets you up to deliver star products that they really love. Marketing does everything it can to reach and persuade prospective buyers while sales does everything it can to close the sale and get assigned an agreement/contract.

vi) Goal incompatibilities-Each member of the marketing channel has his/her own goals and if these are incompatible, conflict arises.Product Mix Width: Refers to how many different product lines the company carries (for example Coca Cola International has one product line: soft drinks). Competitors-ask competitors what they like about competitors products.also buy the products yourself,analyse it and then make a better product. Target return pricing-the firms determines a price that will yield its target rate of return on investments.if the firm doesn’t reach expected unit sales,the marketer can prepare a break even chart to learn what would happen at other sales levels based on different prices.the manufacturer will then use different prices and estimate the probable impact on sales volume and profits. Like we mentioned earlier, this marketing principle covers most of the strategies and tactics that people think of when they think of marketing and advertising .