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The Main Elements of Marketing

Marketing is the process of getting goods and services to the consumers. It involved identifying potential market, developing right product, communicating with the market, pricing & distributing product to consumers.

The way sellers focus their attention to sell their product to specific group of people is called target market-they   target specific potential buyers by seeing  their interest & propose how they would meet their needs inline with their needs of products.

The exchange of items with money or promise of money (credit) to get goods and services is called selling. It involved the interaction of buyers and sellers. The goods are items provided in the market-there are different varieties of products valued in different prices.

The services provided is intangible ( things you cannot touch); it is the action carried out to suit buyers needs & wants; example taxi services.  The main aim of marketing is to sell product. The selling is one of the process of marketing.

In order for selling to takes place, the stages of marketing must be carried out well. It is measured by how much it (product) has been sold to customers. The product can be either goods or service. Same approach used in goods and services.

The Marketing Environment

The suitable place with its cultures, level of competition laws of countries & technology, create Market environment. It  (Market Environment ) influence the marketing strategies for businesses.

Cultural Practices

The culture affect market strategies, it is one of the element of marketing environment. The culture for different places differ; for instance, if products suited to sell in highlands may not be well in coastal. Their taste & preference may differ. Land Rover in highlands and taxies in in towns and cities is one of the example for it.

Level of competition

The two or more firm selling same types of product in  a particular location steer up competition among them. The level of competition determines their market strategies. The competition arise because the businesses want to get their market share. Example, Both Digicel & Telicom fighting for market share of mobile phone market. The Digicel get higher market share by establishing billboards around the countries than Telicom. 

The greater sales signifies that firm has the larger market share. In order to get larger market share, businesses;

  • Establishing network tower
  • Marking advertisement in;
  • Newspaper ( Post courier or National)
  • Writing companies news letter
  • Radio
  • Social Media
  • Website
  • Promotion
  • Establishing its brand name ( name given to particular product by manufacturers)

Government Laws

The National Executive Council (Parliamentarian) enacted laws to protect businesses in their countries. It protect businesses from making false claim and issuing out misleading advertisement. The government enact laws for packaging so that product is fit for the purposes.

Available Technologies

The stages of production affected by different technologies. For Instance, if there’s no refrigerator, fishermen will be limited in marketing its product; thus, the companies must have technological designing of very best refrigerator to store their product. There are different technologies;

  • Transport technologies
  • Sea
  • Air
  • Road
  • Media technologies
  • Radio
  • Television

The Important of Market Research

The market research refers to gathering of information about market or potential market for particular product. The two main types of market research are;

  1. Primary Market Research: refers to effort made by businesses  to find out about the market such as conducting a survey.
  2. Secondary Market Research: information collected by other organization used by businesses to make their market research. Example National Statistical Office collected current updated population.

Small businesses use Primary Market Research than large businesses. They also give out sample of product to people whether they like it or not-this is to find more about market instead of wasting lot of money trying to sell something.

Assignment Activities: (Short Questions for you to answer)

  1. Marketing involve the series of steps or stages. List and explain each stage
  2. Is advertising the same as marketing? Explain your answer in one paragraph.
  3. Explain what is meant by marketing environment.
  4. How do cultural influences the marketing of the product? Explain in one paragraph and give example for it.
  5. Why is it important to  be careful with marketing a product, when even when there is very little competition? One / two paragraphs.
  6. Who do the government laws seek to protect? Explain your answer.
  7. Write down five well-known brand name.
  8. Why is market research important? Explain in one or two paragraphs.
  9. Which type of market research is more likely to be undertaken by a very small business.

You answer all these questions after reading the marketing information and send it to infor@businessinenglish.com. Write it down in a word document and then convert it to PDF file and send it to us. This is the foundation course goes in-line with diploma in Business English and Advance business course.

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