Marketing Plan For A Product Concept - 1940 Words

Marketing plan Product Product concept The Total product concept refers to the bundle of services offered by a product/service. For example Healthy happy foody total product can be explained as all the benefits customers receive by using the product, from service of providing food to fresh and healthy options to eat. Total product concept is used by the customers when evaluating the products among different business and they distinguish benefits and go for the product which provides them with best value for the money paid (Elliot, Rundle-Thiele Waller 2012, p.216). Due this reason, businesses use total product concept to differentiate their products from competitors and create a unique position for them in the market. The total product concept can be analysed using four levels Core product, Expected product, augmented product and Potential product. Product differentiation When thinking about the food industry, one must understand that there is a wide variety of products are offered. Different companies provide different products to different markets. Whether they use psychographic, demographic or geographic segmentation to divide these markets, they try to make their product more appealing than those of similar restaurants. Restaurants differentiate themselves first through their dining experience. Quick service restraurants such as KFC, McDonald’s etc, will typically offer unhealthier, lower quality food, and, according toShow MoreRelatedExplain The 4 Ps Of Marketing1194 Words   |  5 PagesMarketing Marketing is the process where goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P s of marketing. These 4 P’s include product, price, place and promotion. Marketing Objectives Marketing objectives are the group of targets set by a business when promoting its products/services to potential customer that should be achieved within a given amount of time. A company s marketing objectives for a particular product might includeRead MoreThe Evolution Of Company Orientations Toward The Marketplace1506 Words   |  7 PagesMidterm Marketing 1. Describe the various stages in the evolution of company orientations toward the marketplace. Why is it important to have a Holistic Marketing Concept Orientation? Chapter 1, Session #1 Handout. Marketing concept is management philosophy according to which a company s goals can be best achieved through determination and satisfaction of the customers stated and unstated needs and wants. The economic environment is difficult and with many challenges, and marketing is the toolRead MoreThe Evolution Of Company Orientations Toward The Marketplace1513 Words   |  7 Pageshave a Holistic Marketing Concept Orientation? Chapter 1, Session #1 Handout. Marketing concept is an important concept for the company that underlines significance of the determination and satisfaction of consumers stated and unstated wants and needs. The company can achieve its goals through this satisfaction and determination. The first decade of the 21st century challenged firms to prosper financially and even survive in the face of an unforgiving economic environment. Marketing is playing aRead MoreMarketing Analysis : Marketing Audit1229 Words   |  5 Pages1.1 Marketing Audit Marketing audit can be defined as a study, inspection, review and/or evaluation of marketing activities of any company. Basically, it estimates the marketing environment of the company, aims, strategies, and policies of the company. After evaluation of marketing plans and strategies, it has to identify the mistakes, weaknesses, insufficiencies, complications and other issues to be encountered in firm’s marketing purposes. The final outcome of the marketing audit recommends measuresRead More3. Describe the Five (5) Marketing Management Orientations and Explain Marketing Management in Todays Terms.629 Words   |  3 PagesDescribe the FIVE (5) marketing management orientations and explain marketing management in today’s terms. The 5 marketing management orientations are production concept, product concept, sales concept, marketing concept and social marketing concept. Production concept assumes that customers will want to buy products or services that are easily available and affordable. Hence, management would focus more on production efficiency and distribution of the product. This concept is useful when the demandRead MoreThe Evolution of Modern Marketing Essay1154 Words   |  5 Pagesorder to understand marketing one must first analyze the history of production and sales as it advanced into a marketing based approach to customer satisfaction. By definition according to rdi, â€Å"marketing is a business philosophy, the process responsible for anticipating, identifying and satisfying customer current and future needs†(rdi, 2011). To appropriately cognize marketing, one must acknowledge the evolutionary progression that transpired allowing the concept of marketing to establish existenceRead MoreMarketing : The Holistic Marketing Concept1392 Words   |  6 Pages Prior to this class, although I have some experience in a marketing type role, I thought of marketing as the process that was activated post product development and the vehicle to product/service promotion and advertisement to the marketplace. Through this class, I have a greater understanding of marketing, and realize promotion and advertisement is just a fraction of it, and has much more depth. Marketing begins at the beginning, and is integrated through to the end of the life cycle. It hasRead MoreNeil Borden and The Concept of Marketing Mix Essay example677 Words   |  3 PagesWhen talking about marketing the idea that just comes to mind is a program designed to sell product or simply advertise and no wonder we been bombarded with a lots of different advertising trying to sell something. (Armstrong and Kotler, 2007) But what is marketing? According (Meldrum and McDonald, 2007), marketing can be defined as â€Å"the way in which an organisation matches its human, financial and physical resources with the wants and needs of its customers† but (Ebert and Griffin, 2013) also definedRead MorePrinciples of Marketing Chapter 11178 Words   |  5 PagesChapter 1 1 †¢ Define marketing and outline the steps in the marketing process †¢ Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts †¢ Identify the key elements of a customer-driven market strategy and discuss the marketing management orientations that guide marketing strategy. †¢ Discuss customer relationship management and identify strategies for creating value for customers and captures value from customers in return. †¢ DescribeRead MoreMarketing Strategy Concepts, Methodology, And Theory1350 Words   |  6 Pagesrelated literatures about marketing strategy concepts, methodology, and theory, are reviewed. These concepts, theory and methodology are the foundations of research design of this work. 2.1 Marketing strategy The material world is objective while the people’s psychologies are very subjective. The same concepts from different people may mean different implications. The concepts of strategy tend to be used in many scenarios and embody different meanings. The marketing strategy also has its specific