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Explain MRKT310 Principles of Marketing
Reaching out to the audience and marketing the products and services that a company is trying to offer, MRKT310Solutions helps to grow and develop a new audience for any company. Marketing and promotion are some of the most important things a company should be doing in order to gain the attraction of more and more audience from the market at National or international. Different strategies are being applied in different companies nowadays. As marketing has become more creative these days. Different kinds of marketing are done by different companies using different media and social media platforms. However, talking about marketing it is needed to be mentioned that there are many five marketing principles that are followed by the companies and businesses.
They are product, price, promotion, place, and people commonly known as the 5 Ps of marketing principle. These five factors help any company to understand the internal and external factors of any market whatsoever be it the national or the international one. These five factors play an important role in the marketing of any products whatsoever regarding a company. The product should be finalized and reconstructed in a way so that it can be strategist accordingly in order to grab the attention of more customers from the market. Not only that but also the product should be such that it should be unique and catchy for the market both National and international. Next comes the price of the products that the company is trying to sell. The products and services provided by a company should be affordable in order for the people who are watching it. This would give them an opportunity to be attracted to the company more. People in the company should set the pricing range in a way that would attract more customers. Next comes the place where the company is trying to set the business. The place is an important factor for the company because the company would understand the mindset of the people from the place where they are trying to sell a product or service.
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Setting up a place according to the business strategy is important. Coming up with the products and services that would serve the purpose of the people from different parts of the world according to the taste is an important part of the strategic management plan. Promoting the business and marketing of the products and services that the company is trying to sell is important because it would help (RKT310Task Answers) the company to reach out to more audiences from all over the world. There are different ways of promoting a product or service to advertising digital marketing sales promotion public relation and direct marketing. The people who are trying to be more attracted by the company are important because that taste should be how the products are manufactured by the company. According to the taste and like things the company should come up with products and services which would help the company to attract more people from all over the market. Coming to the marketing factor of the products and services. Mainly the marketing is done through media and social media platforms. Many companies take up newspapers news channels and use them in order to circulate advertisements about the products and services that they are trying to provide to the people. In today's world, social media has become one of the most active things in the world and hence it can be used by companies in order to spread their marketing and promotion of the products. There are certain social media influencers who have a large group of followers and the PR strategy is applied by the company in order to connect with the social media influencers and celebrities to promote their products.
The company sends PR packages to the social media influencers and celebrities and they are required to promote the products through their posts on social media platforms such as Facebook and Instagram. As they have a large group of followers hence it becomes easier for the company to reach out to more people. Therefore as the company is trying to grab the attention of the targeted audience it is done through a mediator known as a social media influencer or celebrities that the companies are choosing. Therefore the products and the services that the company is trying to sell are sold at a much higher rate through social media platforms. There are also several tools that are used by the social media marketing managers such as SEO which is search engine optimization to reach out to more people. The algorithm is such that the company e tries to reach out to more people through hashtags and search options. Therefore it becomes easier for people to get hold of the advertisements that are promoted by the company through social media platforms. Media platforms such as newspapers and detachments are also circulated. Therefore taking into consideration the ways of advertisement and promotion of the products it can be said that all the people from all over the world get to see what a particular company is trying to sell.
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As the people follow the social media influencers on the celebrities on a higher level they also get influenced by the products that the celebrities and the influences are using. Hence this also gives their attraction towards the products and end up buying it from the company. This not only helps (MRKT310AssessmentAnswers) the company to reach out to most people and have a strong customer base but also gives them an opportunity to earn more revenue from the market both National and international. Therefore following the principles of the marketing strategies it can be said that the companies can reach out to more people and have a strong bond with their customers and their targeted audience. Direct marketing can also be done through offline promotion events. It is a gathering of people who come together in order for the promotion of a product or service and hence the company can directly coordinate with the audience and reach out to them for the promotion of the products are services they are trying to sell out.