Marketing Assignment Example | Topics and Well Written Essays - 5000 words

Marketing - Assignment Example Students of economics are, of course, aware that in traditional economic theorising, the analysis of the firm and its behaviour is built upon the assumption that firms operate in such a manner as to maximize their profits. Economists, however, do not discount the possibility that there may be other objects of desire that entrepreneurs may pursue and try to maximise, for example, power, a quiet life, prestige, social service, and may be a host of others. But, so far no theory of the firm within the framework of a 'free market' economy has been developed on any one of the above premises. So the theorem of profit maximization continues to remain central to the study of the business firm. And profits can be made by a firm only through selling its products in the market. Market and marketing are essential ingredients in a firm's search for profit. Market positioning and the strategies adopted to gain an advantageous competitive position for selling its product will determine the firm's degree of success in 'maximising' its profit. In this paper we consider a few of the market strategies that firms adopt particularly, those of 'target market' and 'differential advantages' to secure an advantageous position in the market. We shall also discuss alternative marketing strategies and relate all to the market provision of education particularly by local authorities in UK. . . The general definition of a market is a coming together of buyers and sellers to exchange products or services or both and the concept includes both non-profit as well as profit-taking enterprises. Marketing is purposeful interaction in the market by sellers and buyers through exchange. Marketing is seen as activity that is distinct from selling (Fennell, 1987). Philip Kotler (Kotler & Fox, 1995) offers the following: 'Marketing is the analysis, planning, implementation and control of carefully formulated programs designed to bring about voluntary exchanges of values with target markets to achieve institutional objectives. Marketing involves designing the institution's offerings to meet the target markets' needs and desires, and using effective pricing, communication, and distribution to inform, motivate, and service these markets.' (p. 6). Target Market A one sentence description of a target market is that it is the market segment to which a particular product is marketed. It is defined by age, gender and socio-economic grouping. 'Targeting strategy' is usually the selection of the customers the firm wishes to service. The decisions involved in targeting strategy include: which segments to target; how many products to offer; and which products to offer in which segments There are three steps to targeting: namely, market segmentation, target choice and product positioning. And targeting strategy decisions are influenced by: market maturity, diversity of buyers' needs and preferences, strength of the competition and the volume of sales required for profitability Targeting can be selective, for example, focus