Marketing Is The Life Blood Of Any Organisation Marketing Essay

Marketing Is The Life Blood Of Any ecesis Marketing EssayWhen plurality c wholly up of commercialiseing, most would immediately think of it as a melodic phrase toilsome to get the consumer to purchase its proceedss. yet the ideal of sell and the food foodstuff touch on is much more interwoven than that assumption. Today, practically all(prenominal)thing is marketed to some degree. The marketing of goods is the most obvious one, until now you keep consider places to be marketed, think of the government ministers mass exodus every saint patricks day under the guise of marketing Ireland to the rest of the domain of a function Organizations, such as colleges and universities market themselves to prospective students. Sporting events such as the Cheltenham race festival or the sise nations rugby engage in marketing. Even people be marketed as Kotler tears out, some people confuse done a masterful job of marketing themselves- think of Madonna, Oprah Winfrey, the gy re Stones, Aerosmith and Michael Jordan (Kotler, 2006 p8)The Ameri sack Marketing Association defines marketing to be marketing is the activity, driven of institutions, and processes for creating, communicating, delivering, and exchanging offerings that brook value for clients, clients, partners, and society at large AMA. (2007) Definition of Marketing. usable http//www.marketingpower.com/aboutama/pages/definitionofmarketing.aspx run Accessed 10 March 2010. As I antecedently tell the process of marketing is much more than a vendor move to convince a consumer to purchase their product. It is about delivering value to the consumer, get togethering guest motifs, meeting or exceeding springerer expectations, creating strong brand identity, triumphant new guests and retaining current ones and companies being able to adapt to changing market conditions.The process of marketing occurs in a dynamic environment (Bradfield, 2010), that is invariably changing, however a core conce pt in the marketing process is the so called marketing mix or the 4 ps of marketing, firstly referred to by Jerome McCarthy in 1960. Available http//www.youtube.com/watch?v=KkBvzS_fJ2gfeature=related Last Accessed 11 March 2010. The marketing mix refers to product, damage, place and promotion. When you talk of a product or service, you have to offer a product that fits the need of the consumer. Today, consumers have more choice than previous generations and are more demanding. It should sate other criteria such as product durability, product differentiation, i.e. what take forms your product condense out from the crowd, what features does your product have, is there subsequently sales care/warranties and so on The hurt of the product being offered has to exact into account how much customers are willing to pay for your product and for the producer to make a profit. This is a difficult question to answer as a product that is priced to a fault high in relation to other produ cts may not divvy up well, however sometimes a higher price in the minds of consumers equals bankrupt quality for which some consumers are prepared to pay a gift for. But on the other hand a product that is priced besides low, possibly on the assumption that it will win on price alone, may not sell well either as it is considered deficient to other akin products cod to its low price.The place in the marketing mix is all about how the product or service gets to the consumer. It must(prenominal) be convenient for the consumer to access the product. This element of the mix is evident in the get of businesses like Amazon.com that allow consumers to shop for goods 24/7 and have the goods delivered to them. And the last element of the mix, promotion refers to how the consumer is made aware that the product exists, of the benefits it give the bounce bring to them and the value of the product. As I said at the counterbalance of the paragraph marketing occurs in a dynamic environ ment and marketing thought is constantly changing. It must be pointed out however as Gareth Morgan shows in his book Riding the waves of change, that the 4ps takes the view from that of the producer, in that everything in it is from their point of view. Whereas marketing thought today tends to put the consumer at the centre and everything is accommodate towards meeting their needs rather than that of the producer.From a marketers point of view, it is impossible to satisfy everyone all of the time so marketers engage in what is called market segmentation. A market segment consists of a pigeonholing of customers who share a resembling narrow downcast of needs and wants.(Kotler, 2006 p240) When marketers identify a market segment they outhouse they identify their efforts on that group. Markets hobo be broken up on a number of different basis.The process of market segmentationIn marketing a product or service an organization can follow a mass marketing strategy or it can use the process of market segmentation. The mass marketing strategy(tied into the exertion concept, which I will detail in the next section) is plausibly now an out-of-date method of marketing for most products referable to the sheer variety on offer to consumers. In pursuing a mass marketing strategy, a company targets a market as whole and offers the one product or service to the whole market. The company hopes for higher profits by engaging in mass production and mass distribution techniques, thereby lowering its overall costs. Examples of previous mass marketing strategies was Coca booby who at first only produced one size bottle of coke. (Kotler, 2003, p279)The market segmentation process is what is practiced more commonly today. A market segment consists of a group of customers who share a similar set of wants. (Kotler, 2003,p279) In defining a market segment, Kotler talks of a seven-spot step process. The first step is to group customers who have a similar needs. For example w ith cars you can identify groups who have a need for people carriers. The next step is for individually identifiable market segment to secernate it down further by classing it according to other variables such as demographics(gender, race, age etc), behavioral patterns(usage, user status etc), and geographic variables.The third and fourth step combined is to take each segment that has been broken down and to establish how attractive each segment is to the organization based on factors such as profitability and segment size. Step five, after identifying a particular segments unique needs, the company must set forth a set of benefits to satisfy those needs (The product of the marketing mix) and it must modulate a price for the product.The sixth step is to determine the attractiveness of each segments positioning strategy and finally to expand the positioning strategy to imply the whole marketing mix.Marketing ConceptThe marketing process is all about the customer. The philosophy that the customer is faggot and is the core of the business. Kotler again speaks of six competing concepts under which the process of marketing is carried out. They are the production concept, product concept, marketing, selling, customer and societal concepts.The production concept is as I said previously tied in with mass marketing. The production concept does not take into account the consumers needs, rather it focuss on building a product and and so trying to sell this to the consumer. The production process favors low cost due to high volume manufacturing.The product concept concentrates on building wear quality products, with more features in the belief that is what consumers want. The selling concept is probably the concept most people equate with marketing. This is where a producer actively tries to sell its goods/services to consumers by with(predicate) advert and belligerent selling. The risk with the selling concept is producers hope that consumers who do fall for the hard sell, will in reality like the product. Obviously consumers may like the product and return to do more business but on the other hand they may hate it and actually bad mouth the product to friends.The marketing concept is more customer orientated than the previous concepts. Here the customer is king and everything the business does is centered on the needs of the customer.Marketing Plan BarryDoyleDesign Jewelers1.Executive abstractBarry Doyle Design(BDD) Jewelers is a husband and wife operation that has been in business for some(prenominal) grades. Barry has learned the trade from his father whilst Adrianna is a qualified gemologist. It specializes in custom made high end jewelery as well as safekeeping a range of modern and Celtic themed railway line jewelery. The business has targeted the unite sector quite successfully in the then(prenominal) and through its web come out is likewise chasing international customers, especially those of Irish ancestry who would b e interested in its Celtic line.2. Situation AnalysisBDD Jewelers products have been very well real and they have a percentage of returning customers. To grow the market, product consciousness is called for through marketing at trade exhibitions and hymeneals party fairs, an upgraded web site and a more visible shop location, funds permitting. The key target markets are couples seeking to marry, individuals looking for a unique product and those who make one off purchases for special occasions etc and to expand the business through targeting of galleries willing to stock the production jewelery.Due to the weakness of the US one dollar bill against the Euro in the last year, international sales has been slow, however with the expectant rise in the US economy that situation is expected to revert to past positive performance. The wedding market remains stable with modest maturation forecast for the next year.3. Market DemographicsDue to the the firms use of the Internet, it has n o delineate geographical area. However a rough estimate is that 70% is from the interior(prenominal) market while 30% make up the international side. The customer base is evenly split between men and women. The largest age group who make a purchase is those in the 25-40 bracket and in the mid(prenominal)riff to high income bracket.3.1 Market NeedsBDD Jewelers provides its customers with a wide variety of jewelery. As a business it seeks to provide to its customers jewelery of the highest craftsmanship coupled with unique and contemporary designs. A first class after sales service is provided, jewelery resizing and jewelery repair.4. cram AnalysisStrengthsGood reputation among customersCentral locationQuality slynessGood access and relationship with suppliersWeaknessesPoor shop visibility particular(a) marketing budget in comparison to larger retailersDue to business size possible problems in meeting supply requirementsOpportunitiesGovernment incentives for abject businessThrea tsEconomic slowdown can have a veto effect on the amount of discretionary income people have for opulence itemsInferior quality products5. Market AssumptionsThe fore casted market reaping in the sector for the the next 3 to 5 years is 9%. The little terror of new custom made jewelers to the market remains small, due in part to the high skill involved and start up costs, however the larger jeweler chains may become more aggressive in their pricing and marketing which could affect sales of our stock production lines.6. Strategic IntentThe businesses core marketing objectives over the next year is to make inroads into getting the stock production line into third fellowship retailers such as niche high end jewelers (galleries)and to develop the wedding market with more visible promotion of the business at wedding fares. An overhaul of the website is required to make it look more appealing.In the mid to long term, a new future premises is needed(most likely in the same general area) with more exposure to pedestrian traffic. With projected growth in the business, the employment of more skilled craftsmen to met demand for the custom intentional jewelery side of the business. The possibility of forming partnerships with Irish distributors in the US market with the serve well of the IDA.7. Marketing Mix StrategiesBDD Jewelers marketing mix is made up of the pastimeA. Product..Will strive to produce the highest custom made jewelery alongside a more affordable yet equally high quality range of stock jewelery.B. Price..Will vary according to specific customer requirement such as gemstones for the setting or the level of detail required. In the stock range, price is comparable to major retailers.C. Promotion..Due to high return for custom designs, it is felt that an change magnitude marketing campaign be engaged upon. This will be compassd through magazine advertising, networking, website links, the yellow pages and trade/fashion shows.D. Place..For international ly received orders, livery is via UPSFedEx express delivery. Domestic orders can also be shipped with tracking or can be picked up in store.8. Sales ForecastIn year one, months 1 to 3 will be spent trying to establish a foothold within the gallery market. It is expected after month 3 sales to this sector will begin incrementally. within a three month period sales will be rising also in the wedding market sector due to an increase in the visibility of the business at wedding fairs and an advertising campaign in magazines etc.9. ImplementationIn order to achieve desired results, the following milestones must be met on time and in budget.A. The development of the planB. Identify the channels to be used in the marketing planC. Establish a review process