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Explain the term marketing concept - Leaving Cert Business - Question B - 2006
Question B
Explain the term marketing concept. Evaluate the Promotion and Place elements of the Marketing Mix for a product or service of your choice.
Worked Solution & Example Answer:Explain the term marketing concept - Leaving Cert Business - Question B - 2006
Step 1
Explain the term marketing concept.
Answer
The marketing concept is a business philosophy that asserts that businesses must comprehend, analyze, and anticipate the needs and desires of consumers. By doing so, they can effectively tailor their products or services to meet these needs, thereby achieving customer satisfaction.
This concept emphasizes a deep understanding of the target market, enabling businesses to align their strategies accordingly. The ultimate goal is to create an effective marketing strategy that does not just deliver products but also builds long-lasting relationships with customers.
Step 2
Evaluate the Promotion and Place elements of the Marketing Mix for a product or service of your choice.
Answer
Promotion
Promotion encompasses all activities aimed at raising awareness about a product or service. This can include advertising, sales promotions, public relations, and direct selling. The methods of promotion will vary based on the product's characteristics, available budget, and its lifecycle.
Taking Nike as an example, the brand employs various promotional strategies, such as celebrity endorsements and advertising campaigns. They are known for utilizing major sports figures like Michael Jordan to create a strong demand among fans within their target market. Furthermore, Nike creatively engages with its audience through social media to enhance brand visibility and highlight the shared values with the athletes they endorse.
Place
Place refers to the distribution channels used to deliver the product or service to consumers. It involves determining how the product will reach the market, including the locations of sales, types of retail, and logistics considerations.
For Nike, the distribution strategy involves a mix of both brick-and-mortar stores and online platforms, facilitating easy access to their products. The efficiency of these channels directly influences the availability and profitability of their offerings. By ensuring that their products are widely accessible, Nike enhances its market presence and customer satisfaction.