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The Principles of Marketing
E1. Produce a marketing strategy for a product or service with a clear
understanding of the principle of marketing.
My objective for the marketing strategy is to achieve more profits by
making some adjustments to the packaging of Coca-Cola. I want to see
whether the demand for Coca-Cola will increase or decrease due to
small changes. These changes are that I will replace the opening with
a cap on a Coca-Cola can to stop people throwing away the drink due to
a lack of storage space. By doing this I hope to gain a bigger market
share for Coca-Cola.
Before I start making any changes I need to primary and secondary
research in which consumers will be asked whether they would buy the
changed product. In order to make the idea a success I will have to
develop a marketing strategy which evaluates ways which we can achieve
these objectives.
The reason businesses seek to make a profit is that, without a profit,
a business is unable to do all the things it wants to do. Without
profit the business cannot keep its shareholders happy, it cannot pay
higher wages to its employees, it cannot invest in better technology
to improve its products and so on.
Understanding customer needs
In order to anticipate change, organisations need to have an antenna
that is highly sensitive to changes taking place in the buying
population. For example, what is happening to:
· The age structure of the population?
· Tastes and preferences?
· Incomes?
Market research is the antenna of an organisation and is far more
complicated then simply asking 100 people if they li ...