Photo AI
Explain the term marketing concept - Leaving Cert Business - Question 7 B - 2006
Question 7 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 7 B - 2006
Step 1
Explain the term marketing concept.
Answer
The marketing concept refers to the philosophy that businesses should understand, analyze, and anticipate the needs of consumers. It emphasizes the use of this information to produce products that satisfy their needs more effectively than competitors. Essentially, it is a strategy that focuses on understanding the market to develop an effective marketing approach.
In essence, the marketing concept requires businesses to not only identify consumer needs but also to align their products and marketing efforts to meet these requirements effectively.
Step 2
Evaluate the Promotion elements of the Marketing Mix for a product or service of your choice.
Answer
For this evaluation, I will use Nike as an example. Promotion encompasses various methods a business employs to create awareness of their products or services. Nike employs a diverse array of promotional strategies such as advertising, celebrity endorsements, and public relations.
One notable aspect is Nike's use of celebrity endorsements, featuring high-profile athletes like Michael Jordan and Cristiano Ronaldo in their campaigns. This approach not only elevates the brand's visibility but also aligns it with the values and success associated with these athletes. As a result, Nike effectively engages its target audience and enhances brand loyalty through these promotional activities.
Step 3
Evaluate the Place elements of the Marketing Mix for a product or service of your choice.
Answer
In the context of Nike, 'Place' refers to the channels of distribution utilized to deliver their products to consumers. Nike products are available through various retail outlets, both physical and online, including major retailers like JD Sports and Foot Locker.
The distribution strategy ensures that Nike's products are readily accessible, thus maximizing market reach. By using a mix of direct and indirect distribution channels, Nike optimizes availability, catering to consumer preferences for purchasing environments. Overall, I believe this strategy effectively enhances accessibility and convenience for potential customers, contributing to increased sales.