Marketing Principles Coursework Example | Topics and Well Written Essays - 500 words - 1

Marketing Principles - Coursework Example The idea holds that achieving the goals of the company lie squarely in finding the needs of the market targeted. The company should come up with ideas that will persuade the customer’s needs by offering better products. Marketing concept relies on research carried out in the target market. Elements of the marketing process are sets of convenient tools. Such tools help the company’s blends to produce the impact it needs in the target market. There is a perception that if a company lowers the prices of the various commodities, the sales involuntarily increases. Such situations may be different. This is because customers may be looking for other components such as quality, cost effectiveness and value added services. An airline company which reduces its price by cost cutting in areas such as; airport charges, direct sales to the customers and lowering the advertisement costs may get profit in the long run (Pride & Ferrell, 2003). Placement involves all activities of a particular company that makes the products available to the target customers. A good example is the emirates airline that has continuously advertised its services to attract more customers. Promotion entails the means through which the companies communicate to its customers about their product’s values and benefits. Most companies in London have websites. Such websites act as a communication channel between the customers and the company. Market and product orientation are the two approaches of market orientation. Product-oriented approach involves a company developing products without having to focus on the customers’ needs. This kind of approach may often lead to unsuccessful ventures. A gas company in London may decide to introduce some new services without necessarily focusing on customers’ needs (Pride & Ferrell, 2003). Market-oriented approach; the company develops a product with a focus on the customers’ needs. The products developed lie squarely on the information obtained