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BUST 122: Principles of Marketing Notes

Institution: Kisii University

Course: Bachelor of Education

Content Category: Lecture Notes

Posted By: JOSEPHINAE

Document Type: PDF

Number of Pages: 39

Price: KES 0
 
    

Views: 686     Downloads: 394

Summary

The notes were prepared for undergraduate students studying for the award of bachelors degree in education and specializing in business studies. Lecturers and undergraduate students from other Universities will also fin the notes very useful.

Introduction:
Marketing is a term that has been derived from the word market which means a place or
geographical area where buyers and sellers meet and enter in to transactions involving
transfer of ownership of goods and services. In the contemporary word, good marketing
has become a pre-requisite for business success. The main objective of any business
organization is to satisfy the needs and wants of the society. Marketing the focal point of
all business activities today. Weather formally or informally people and organizations
engage in a number of activities that qualify to be called marketing. The American
Marketing Association has defined marketing as an organized function and a set of
processes to creating and delivering values to the customers and for managing a
customer relationship so as to benefit the organization; and the stake holder.

Market Strategies:
To effectively sell goods or services, a business needs to have a marketing strategy, which is
an elected plan for what audiences to pursue and where to focus advertising efforts. Learning
more about marketing strategies can improve your methods in reaching your target audience.
A marketing strategy is a course of action used to promote and sell a company's products
or services. Businesses create these plans for reaching consumers and showcasing their
product's advantages. Understanding the needs and wants of consumers empowers a
forward-thinking marketing strategy able to achieve sustainable advantage and guide a
business in the direction its marketing efforts should take.
Marketing strategies allow companies to reach their target audience and grow their business.
These plans allow for visibility of a product and its benefits for customers. They streamline
product development to create products with the best chances of making a profit. Businesses
use marketing strategies to set clear objectives, which lead to measurable results. Marketing
strategies are important in discovering areas affected by the organization's growth and ensure
return on investment. Marketing strategies consist of the business's value proposition, key
brand messaging and data on target customer demographics. Marketing often refers to
these strategies components as the four "Ps":
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