MARKETING PRINCIPLES

Marketing Principles

Marketing Principles

Introduction

A hypothetical organization is selected for the discussion of the marketing principles. The fictional organization is a SME and is named as 'Nair'. The hypothetical Nair focuses on the production of the women cosmetics and beauty products. The paper will focus on the organization's marketing principles, sales and customer base.

1.1 explain the various elements of the marketing process

The various elements of the marketing process are referred as the collection of controllable items which the organization mixes with the response of production which the organization as the target market is aimed. Therefore, the elements of the marketing process consist of the factors which influence the products and services of the organization and their demands. The various elements of the marketing process are known as the 4P's of marketing which includes product, price, placement and promotion (Adcock 2004, p. 10).

4P's of Nair

Product

As Nair is the company producing female beauty line, therefore its main products are the cosmetics, beauty electronics and related products in the same line. The main intention of the company is to attract women, girls of all age and side of life to avail and buy Nair's products. The company does not provide any item outside the beauty line. The company solely aims the young girls, women (housewife and working) and even old age women for their products. Nair have also added value-added products and services such as for the promotion of the organization the company provides free salon services at requested dates. With these products and deals offered, Nair aims to target woman of every life to make them current and potential customers.

Price

It is a myth, that the lowest price offered to the customers the sales would increase with an increasing rate. In the real market, customers do not focus on price. The main focus of the customers is to focus on quality, easy accessibility, cost effectiveness, and value added services, various deals and offers, time and keeping in mind the customer relation management. As the only customer Nair deals with is women, therefore the focus on quality is emphasized than high or low price. The price of Nair's products can be divided into two main heads which are price administration and price determination. Nair, which have existing strong brand leaders as its competitors within the industry, therefore Nair has to offer its products with a competitive price. Initially, the price has to be lowered to attract more customers. The prices are required to be competitive, attractive and yet profitable for the company. Reduction in prices can be done through cost cutting in various heads such as promotion, packaging, advertising, and direct sales to the customer. Initially, the advertising, marketing and promotional prices are high but later on they are covered up.

Place

Marketing mix comprises of place which refers to the activities of Nair in making the product available to the targeted customers. The placement of Nair's products is done all over the market targeting the women of every life (Pride 2012, ...