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Marketing is the operation, collection of organizations, and processes that develop, connect, distribute, and share deals that have meaning for consumers, customers, stakeholders, and society at large. Marketing media offer a mix of solutions open to businesses during the promotional marketing process. While traditional media, such as television and newspapers, remain prominent, integrated marketing strategies of the 21st century have emphasized the use of interactive, real-time engagement via new age of media, i.e., social media.
Marketing ideas are linked to the strategy that a company uses to define and meet its customers’ needs, serving both the consumer and the corporation. The same theory can not contribute to every business or translate into profit every time, therefore different companies use different marketing principles (also called theories of marketing management). The ‘marketing principle’ suggests that a company should predict the expectations and preferences of customers and fulfil them more successfully than rivals in order to achieve corporate goals. This idea emerged from the book, The Riches of Nations, by Adam Smith.
Source: Torben Rick
The production concept is based on the belief that customers would choose the products that are cheaper and readily available. The production concept lays the theory that sale increases as the production increases to a certain point. Production Concept is a belief that states that the customers would always acquire products that are cheaper and more readily available (or widely available). The production concept advocates that more the products or production more would be sales. During the production concept era, companies were mainly concerned with concerns related to output, manufacturing, and productivity. Companies using the manufacturing model claim consumers want mainly cheap and available goods.
Additionally, a company that is oriented towards production primarily believes in economies of scale. The economies of scale suggest that the production cost per unit decreases by ensuring large scale production as the cost of producing one extra unit becomes marginal.
The product concept primarily advocates that customers would rather prefer products of greater quality and also makes an argument that price and availability do not influence their purchase. Thus, companies develop products of greater quality that end up being expensive and targets a particular section of the market.
One of the best examples could be the flagship smartphones that are rolled out every year with an ever-increasing price tag. Although the marketers’ key emphasis is on product quality, they frequently miss or struggle to cater to clients whose needs are motivated by other factors such as size, availability, usability, etc.
Production and product philosophy both concentrate on manufacturing but the selling concept focuses on executing maximum sales of the product. The concept advocates that customers would prefer anything if the companies sold them aggressively enough. This philosophy does not yet include building long-lasting relationships with customers. Hence does not focus on making repeated sales.
A marketing-centric company would always place the consumer at the centre of the organization. The activities are geared towards the consumer, but a business aims to understand the needs and wants of a customer.
A company that believes in the marketing concept places the consumer at the centre of the organization. All activities are geared towards the consumer. A business aims to understand the needs and wants of a customer. It executes the marketing strategy according to market research beginning from product conception to sales.
By focusing on the needs and wants of a target market, a company can deliver more value than its competitors. The marketing concept emphasizes the “pull” strategy”. This means that a brand is so strong that customers would always prefer your brand to others’.
This type of technology is relatively new in the marketing world. While this technique highlights the wants and needs of the target audience or market and advocates the delivery of better and high-value products than its competitors, It also puts an emphasis on the well-being of consumers.
The concepts of these types of marketing call other marketers to build social and ethical considerations into their marketing practices. They must often choose between the conflicting criteria of the company profits and consumer satisfaction in for public interest.
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Source: Very Well Mind
This theory was first conceptualized by Maslow, Abraham in 1943. He proposed a five-stage model that is divided by our prime most needs including Physiological, love, safety, self-actualization, and esteem. Maslow argued that everyone first strives to satisfy their lower levels of need before coveting the higher ones in the structure. For example, a person would first ensure basic needs like a roof over his head, food to eat and a family to live with. After one satisfies the basic needs, one would covet growth-related needs and desires.
This applies to the marketing world as well. Marketers have to constantly research and innovative methods to generate the need for their products. Marketers should categorize their target audience according to the hierarchy of needs model and then ensure to come up with a marketing strategy that generates the need to fo their products in the minds of their respective targets.
This hypothesis notes that we feel warmth and contentment because of our inner structures – made up of convictions, behaviours, and values – that support one another. There is also a possibility of the emergence of the frustration or cognitive dissonance due to our need to restore equilibrium if events were to fall out of sync. This theory advocates that writers and marketers should understand that humans are more likely to risk inner dissonance due to the fear of social exclusion. Once this concept is understood, they can leverage this concept to persuade customers or target potential consumers by invoking their desire to fit “in”.
Source: Mind Tools
Porter agreed that companies are likely to keep a careful eye on their competition, but he urged them to look past their competitors’ behaviour to consider whether other considerations could influence the market climate. He has identified five factors in the business world that can erode productivity. Those five factors are mentioned as:
One has to look beyond evaluating the competitors’ numbers and strengths. How many competitors are you up against? Who are they and how does it equate the price of their goods and services with yours?
Where competition is severe, businesses with rapid price cuts and high-impact marketing strategies will draw consumers. Often, the vendors and customers can move elsewhere in markets with lots of competition, if they find they don’t get a decent price from you. On the other hand, where the market competition is too low or minimal, and no one else can beat you at your own game, you are likely to have power over your pricing and production.
That is determined by how simple it is to increase the costs for the suppliers. How many vendors theoretically do you have? How special is the good or service they sell, and how expensive will it be to move from one manufacturer to the next? The more that you choose, the easier it is to turn to a cheaper option. But there are fewer vendors and the more you need their support, the better their position and the greater their ability to charge you. That can have an impact on your business.
Here, you wonder how easy it is for consumers to push down their costs. How many customers, and how big are their orders? How much does it cost them to turn from a rival’s goods and services to the ones? Are your customers big enough to assign requirements to you? You may have lesser control when working with only a few consumers, but once you have a lot of customers your grip over the terms and conditions of your trade improves.
This advocates the likelihood that the customers will find a better way to do what you do. For example, if you have a specific software solution that automates an essential process, people will replace it by manually performing the procedure, or by outsourcing it. A simple and cheap substitute to make will undermine your position and risk your profitability.
Your position may be influenced by the willingness of the people to reach your business. So, think about how easily that can be done. How easy is it to gain a foothold in your sector or market? How much does it cost, and how closely controlled your sector is? If it takes little time and energy to come into your business and compete successfully, or if you have no security for your main technology, then competitors will invade your market easily and undermine your position. If you have high and stable entry barriers, then you can retain and take equal advantage of an advantageous position.
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