Social responsibilities in relation to marketing.
Social responsibility of an organization is demonstrated by showing concern for the environment and the people with whom the business transacts. These values are expressed by everyone within the firm including the owners and salespersons. An organization can also manifest social responsibility by participating in social activities that help the society. In this way, they can gain loyalty from customers.
Basic types of marketing opportunities.
Diversification by entirely selling new products to a new market.
Market penetration is done by selling more products to an already existing market this is achieved through an aggressive approach to marketing.
Market development which is the sale of existing products to a new market by opening a new store and increasing channels of distribution.
Product development by selling of new products to an already existing market this can be achieved by introducing a new flavor of a product.
The marketing mix.
This is a planned combination of elements of a marketing plan for a product which consist of product, promotion, place and price. The elements are adjusted to a point where a right combination that serves the customers need for a good while generating maximum profits.
An example of market segmenting.
Market segmentation subdivides a market into different types so that a business can target its products to relevant consumers.
Demographic segmentation where companies get their products to the correct population by considering factors such as gender, race, age, income and many others. For instance, if a company produces cosmetic products: it can segment its market by demographics such as age and gender. The company can create different perfumes for men and women, the same for cosmetic products. It could also target customers of various ages by providing cosmetic products which remove wrinkles for old customers and skin toning products for the younger customers.
The Scientific method of marketing.
This is a systematic approach to marketing which consists of; Problem identification and definition, data accumulation, formulation of hypothesis and testing the hypothesis using experiments, interpretation of results and repetition of steps until a viable solution is found.
Giving an example, explanation of five types of products when defining marketing.
Shopping products - These are products of which consumers compare features such as price, quality, style and suitability before they select and purchase produce. They are not frequently purchased, and a lot is considered before a customer buys it. Examples include furniture and clothes.
Convenience goods - Products or services that are frequently bought without great comparison when purchasing them. They are low-priced and accessible at many locations. They include; fast foods, detergents, salt, etc.
Unsought goods - These are products that either a customer is not aware of or has knowledge of them but does not put them into consideration when buying products until they have a need for them. For example wheelchairs, funeral services, etc.
Specialty goods - They are product and services which have unique traits or whose brand identifies with a particular group of people. Customers put in an individual effort in purchasing them. A good example is a specific car such as a like Lamborghini or designer clothes like Valentino.
Industrial goods - These are products and services required in the manufacturing process of other products. They are mainly consumers by business organizations. They include specific chemicals, steel, installation, and operation supplies.
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