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Assignment task 1: Understand basic marketing concepts

 AC 1.1 Explain the marketing concept and its relevance for the organisation

The marketing concept is a philosophy that helps businesses find and satisfy the needs and wants of the customer. It’s much more than a selling approach because it is concerned with establishing and building long-term relationships with customers as well as delivering value. This concept is crucial for the organisation as it allows us to:

• Understand Customer Needs: Understanding what the customer needs is a way through which a company can create products or services that will meet the demand of the market, hence satisfying customers and making sure that they always come back in the future.
• Competitive Advantage: Since the organisation puts a lot of emphasis on the satisfaction of customers, it gives them a competitive advantage compared to other competitors who might have been putting their interests before the clients.
• Sustainable Growth: As long as your customers are satisfied, they will come back and refer others to the same products and services offered.

AC 1.2 Describe the elements of the marketing mix and give an example of how each is used within the context of the organisation

There are four major components of the marketing mix: product, price, place, and promotion. The term is often used because it identifies the four Ps.

Product: This is the actual good or service provided to cater to the needs of customers. Our organisation provides [Product Name], specifically designed to address customer needs and prove unmatched characteristics in the market.

Price: The cost of acquiring the product or service by customers. Our pricing strategy is very competitive, and our product is of excellent quality within the target market.

Place: The locations or channels where the product is sold. Our organisation uses online platforms and physical stores, making it easier for customers to access our products.

Promotion: this refers to the way in which the benefits of the product are communicated to customers and persuade them to buy the product. Our organisation uses a mix of digital marketing, social media campaigns, and targeted advertisements to get our message across to our customer base.

AC 1.3 Identify the key elements of an organisation’s marketing strategy

The essence of the marketing strategy of our organisation includes:

Target Market: Target Demographic has been focused on, thereby tailoring our marketing efforts to those most likely to acquire our products.

Positioning: Our product has a positioning as a [unique selling proposition], providing value and differentiation on the table from competitors.

Customer relationship management (CRM): We are all about establishing long-term relationships with customers through follow-up, personalised marketing, and customer support.

Assignment task 2: Understand the marketing context

AC 2.1 Conduct a simple organisational SWOT analysis in the marketing context

A SWOT analysis is done to see the Strengths, Weaknesses, Opportunities, and Threats that the organisation is experiencing.

Strengths:

• It has a very good brand reputation in the market.
• The customer satisfaction rates are high, as is the repeat business.
• Its online presence is good, through a user-friendly website, and in society, through its social media channels.

Weaknesses:

• It has a limited reach into the market due to an unsatisfactory distribution network in some of the regions.
• There are very few strong customer segments, and the company has become heavily reliant on these. Hence, there may be fluctuations in the revenues the company generates.

Opportunities:

• It can expand into emerging markets for the new customer capture.
• Increasing demand for eco-friendly products that have recently been in sync with our new product.
• Improvements in technology that would enable the company to further solidify its CRM and more data-driven marketing efforts

Threats:

• High industry competition, especially price wars
• Shifting consumer preferences that could render the product less relevant
• Economic slumps that could decline overall customer purchasing power.