AC1.1 Explain the marketing concept and its relevance for the organization
The marketing concept is a business notion that prioritises customers’ needs over the internal goals and objectives within an organisation. The marketing concept aims at producing, promoting and delivering quality goods and services to satisfy customer needs. The market concept believes that satisfying customer needs plays a vital role in the growth and development of an organisation. To identify customer needs, an organisation must continually collect customer feedback about the goods and services offered. The marketing concept helps organisations build strong customer relationships. For example, marketing managers are governed by the marketing concept of collecting customers’ feedback. They use the customers’ feedback to identify their needs and satisfy them. This has contributed to customer satisfaction and loyalty at our company, enhancing growth and profitability.
Marketing concepts are divided into various types representing different marketing approaches. The various marketing concepts can be used in different organisational circumstances to achieve the desired results. Among the different types of marketing concepts is the production concept, whose aim is to increase an organisation’s production rate. This promotes efficiency and effectiveness in meeting customers’ demands. The product marketing concept aims at improving the quality, features and standards of an organisation’s products and services. For example, the company applies product marketing concepts to improve the quality of our products. I ensure ROSHN offers properties close to amenities like hospitals and schools to attract more customers.
The relevance of marketing concepts in an organisation is to enhance customer satisfaction and loyalty. Customer satisfaction and loyalty increase sales and profitability within an organisation. For example, applying marketing concepts has increased the rate at which customers purchase properties from ROSHN.
This is because we offer properties that meet their needs, such as nearness to schools and hospitals. The marketing concepts have made ROSHN company different from the competitors since we value meeting customer needs. This has helped us establish a strong brand attracting many customers.
AC1.2 Describe the elements of the marketing mix and give an example of how each is used within the context of the organization.
An organisation’s marketing strategies are divided into four elements which are product, price, place and promotion. These four elements are referred to as the marketing mix and are used in creating a successful marketing plan. For example, the marketing mix has helped the marketing managers at our company to tailor the marketing plan and efforts to meet the customer’s needs. Product is an element of marketing strategies essential to achieve a competitive advantage in the market. For example, the company ensures we have good properties with good features, such as being close to amenities like schools and hospitals. Considering our properties’ features and quality has helped ROSHN attract customers, increasing profitability.
Price is another marketing strategy element that defines the cost at which the customers purchase products and services. Price considers such factors as production costs, competition and marketing segments. The place is another element that refers to where the products and services are available for customers to view and purchase. Products and services can be available online, in a physical location or distributed to various designations. Promotion is the last element that different analysis methods use to pass information about products and services. Promotion can be done through directing marketing, advertisements and sales promotion.
These four elements play a vital role in developing a comprehensive marketing place in an organisation. For example, the marketing team in our company tailor-make the four elements to meet the customer’s needs. This has enhanced the implementation of an effective marketing plan within the company. At Roshn, we have focused on selling quality properties at reasonable prices to meet customer needs. Our properties are displayed on social media, and we still allow people to visit the location to view and live the experience and purchase. We promote our properties to attract a large customer base through advertisements on billboards and media stations. We also do sales promotions and personal selling to promote our properties.
The fifth component of the marketing mix is people, which refers to the individuals involved in delivering an organisation’s product and service to the customers. This includes employees and managers, and organisations must ensure that their staff are knowledgeable and skilled and provide excellent customer service. For example, Roshn real estate company offers training programs to enhance employee performance.
The sixth aspect of the marketing mix is physical evidence, which refers to the tangible elements of the product or service that customers can physically experience. Organisations must ensure that their physical evidence is accurate, high-quality, and compelling. For example, Roshn real estate company’s physical evidence comprises property photos, virtual tours, and inspections.
According to Varadarajan (2020), the seventh element of the marketing mix is the procedures organisations employ to deliver the product or service to the customers. Companies must ensure that their processes are efficient, effective, and customer-focused. Roshn Real Estate company uses online platforms to streamline the property listing and negotiation processes.
The eighth element of the marketing mix is positioning, which refers to how the organisation’s product is perceived in the marketplace. Ensuring that the positioning is differentiated, relevant, and resonates with the target market is essential. For example, Roshn real estate company positions its properties emphasising unique features such as a pool and gym.
The ninth component of the marketing mix is profit, which involves the financial gain the organisation derives from selling its products and services. Profit is crucial in determining a company’s success; thus, organisations must price their offerings appropriately to generate a profit while remaining competitive in the market. Roshn real estate company offers incentives and discounts to attract more buyers and increase sales.
The final component of the marketing mix is the Purple Cow, which refers to a unique and remarkable aspect of the product that sets the organisation apart from its competitors (Godin, 2020). Organisations need to identify and highlight their Purple Cow to attract attention and generate interest from potential buyers. Roshn real estate company Purple Cow has unique amenities, such as a pool and gym, not typically found in other Saudi Arabian properties.
AC1.3 Identify the key elements of an organization’s marketing strategy
The key elements of an organisation’s marketing strategy are the target market, the value proposition and the brand positioning. The target market refers to the type of group of people that an organisation aims to sell. A clear understanding of an organisation’s target customers helps achieve organisational goals. The target market considers demographic information, such as age, gender, and location, and psychographic information, such as values, interests, and lifestyle. For example, at Roshn company, we target young families who value serenity and proximity to schools and hospitals. Defining our audience has made it easy for us to tailor our marketing messages and strategies to suit customers’ needs, enhancing their satisfaction.
The value proposition clearly defines the unique benefits an organisation will offer customers. Value proposition outlines the benefits and the solution that an organisation is going to offer to the customers. The value proposition is significant as it helps an organisation stand out in the market. For example, a value proposition for ROSHN company is “Get yourself a perfect property in a community close to amenities like schools and hospitals, with ease and confidence. ROSHN company offers personalised services and makes your dream home a reality” This statement gives the customers a reason to choose us over our competitors. It addresses the needs of the customers, making them feel valued.
Brand positioning is how an organisation wants to be perceived by the target audience. Brand positioning explains what the customers can expect from an organisation regarding products and services. A strong brand positioning helps an organisation gain a competitive advantage in the market. Brand positioning is shaped by an organisation’s values, mission, and unique selling proposition. For example, ROSHN company has positioned itself as a premium real estate company that specialises in selling properties for young families at affordable prices and quality customer service. This has helped ROSHN differentiate itself from other real estate companies, attracting quality customers.
AC2.1 Conduct a simple organizational SWOT analysis in the marketing context
SWOT analysis is a strategic tool that organisations use to identify their strengths, weaknesses, opportunities and threats. The internal and external factors that might impact an organisation’s marketing performance. In a marketing context, SWOT analysis considers internal factors such as the strengths and weaknesses of the marketing team. For example, the strength of the ROSHN company marketing team is their ability to implement digital marketing strategies. This makes it easy for ROSHN company to reach a wide range of customers, increasing its sales. ROSHN company also has a solid and experienced marketing team, enhancing its productivity and customer satisfaction. One of the ROSHN marketing team’s weaknesses is a need for more marketing materials and market research skills, and marketing managers have ensured the marketing team at ROSHN has been provided with adequate marketing materials and offered training to enhance their market research skills.
SWOT analysis also considers the external factors surrounding an organisation, such as market trends and competitors’ activities. The acquired data helps an organisation in making marketing decisions. For example, ROSHN company’s opportunity is expanding the business in new markets. ROSHN company can look for more serein properties in new places and expand its market. This will enhance the growth and profitability of the company. Economic downturns are the threat ROSHN company is prone to face due to the rise of economic status. Due to the rise in the standards of living, many people are not able to purchase properties, so the sales team has introduced a flexible payment plan to effectively handle the threat at ROSHN company. The flexible payment plan allows customers to choose a property at ROSHN company and pay in instalments.
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