Principles of Marketing Assignment
In the marketing course, students learn about marketing processes and evaluate the range of fruitful problem-solving decisions for the organisation. It is one of the prominent subjects for students who are enthusiastic about their career in the marketing field and want to explore their ability in different result-oriented tasks to promote a business. Since brand awareness and marketing strategy are essential practices of any business, having an effective strategy can lead the business a long way. However, implementing ideas and marketing activities on the ground level is a challenging task for any business to ensure a successful market strategy.
Being a marketing student, it is important to learn the tactics and principles of marketing assignment because your overall performance depends on your ability to write a compelling assignment that helps you reach your target audience and remain unique. Nonetheless, this task is also difficult for many of you, and therefore we offer the principles of marketing assignment help to everyone struggling to meet their desired grades.
Additionally, marketing principles are the fundamental aspects of any kind of knowledge. If students practice a thorough learning routine, they can accomplish any marketing strategy assignment with perfection.
How The Top 7 Principles of Marketing Lead to Success?
With the ever-changing marketing conditions, these seven principles remain the same from various perspectives. They will guide you through anything that is marketing a brand requires to thrive.
Furthermore, following these principles of marketing assignment will ensure a concise way of learning the basic knowledge and a better streamlining of marketing strategy.
- Product - The first principle of the marketing mix is the product. It is everything that you sell- service, product, goods, software etc. The product or service will always be the centre of your marketing, and hence you as a marketer must know the value of their product. It clearly influences your business strategy. When you think of your product or service, there are essential factors you should consider– quality, features, packaging, and the issues to be solved by it. It is quite natural that you can't retain a customer if they are not satisfied with your service. But if you have the right quality that solves the problem, the product will sell.
- Place - The place is your geographical sphere where you are selling your product or service. There are a number of potential places to sell your product or service. And hence it does not always refer to only a physical location. It could be a virtual place such as a website, catalogue, social media, trade shows, and brick-and-mortar stores. In this essence, the place incorporates every distribution channel where a product or service can be sold.
- Price - The price is the 3rd principle in the marketing strategy. How much does your product or service cost? If you have the price of your product that does not satisfy your buyers, you cannot get the desired ROI from your business. To connect the gap between the pricing and your marketing, you must know that the set price should reflect your customer's perceived product value. The pricing is directly related to your marketing strategy, sales, and demand for the product or service.
- Promotion - A business is all about promotion, and it certainly cannot survive without it. When people know about your brand- whether it may be direct marketing, PR, advertising, content marketing or in-store marketing, pitching, promotion, and everything marketers do create brand awareness among the public.
- physical evidence - Physical evidence refers to everything your customers see when interacting with your business. This includes: physical evidence principal includes everything your customers look at while interacting with your brand. The physical environment where you provide the product or service, layout or interior design, packaging, branding, etc.
- People - People are everyone in your business, such as staff members, salespersons who work for you, even yourself. When a customer receives a good response from the customer care unit, it creates a positive user experience, and hence it allows you to market the product. In return, it may work for the word of mouth aspect where your customers tell others about your services, and you get higher brand recognition. Therefore it is essential to learn the tactics through your principles of marketing assignment to take advantage of hiring the right staff, training your staff and developing their skills.
- Process - The process is the principle that refers to various processes involved or going to be involved in delivering your products and services to your customers. A good business strategy process ensures that you have the consistency of delivering the same standard of products or services. Your company is saving money and time by increasing efficiency and productivity.
Learn more about business processes, procedures and standards. Learn more about marketing, business development, business process, and standards with our marketing assignment sample mentoring sessions.
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Product Life Cycle Assignment
An appropriate definitionof the product life cycle is a critical arena of inquiry for a marketing student. The product life cycle is indicative of the stages a product goes through after being introduced in the market (Henley, 2014). The Harvard Business Review, the more complex a product or service, the more distinctive its newness and the greater the required shift in customer activities- contribute to product decline. This process is further indicative of the growth or development of a product. Thus, product life cycle topics are an important subject that has been introduced in several marketing universities in Australia.
Under product life cycle assignments, various strategies to ensure the product's success are introduced. These strategies are collectively inquired and researched based on product life cycle management courses, aiming to bring cooperation on parallel streams of employees, product departments, and engineers. Marketing assignment help and management department inquiries are critical in fulfilling the goals, outperforming competitors, and making the product desirable for a long time.
According to Schumacker (2014), an efficient product life cycle assignment will offer strategies to induce a high-quality market, increase sales, improve product features, etc. This is a complex process and requires dedicated amounts of time and effort. Thus, the My Essay Mate is available at your doorstep to provide academic guidance for your product life cycle assignment. We provide exemplary amounts of product design assignment help from expert level assignment writers and guide students who require assistance while writing their assignments, projects, case studies and dissertations.
Different Stages in a Product Life Cycle Explained by Our Assignment Help Experts
The terminology of Product Life cycles is indicative of the management plans and marketing operations that further present the product with various stages of production and consumption. According to Jerome et al. (2015), There are four important junctures in the life cycles of products, and each comes with different characteristics for the management to maintain.
- The Introduction Stage: For any product to be launched, the introduction stage marks the first step. It is perhaps the most expensive stage as the product has just been introduced. Producers are invested heavily as the product sale is relatively low, and the profit will remain nominal. The initial stage of the product is rather conducted on a trial basis, with minimal levels of competition since it has just appeared in the market. This process involves advertisement and promotion of the product, and different tools and strategies are adopted to engage the target audience by creating awareness amongst them.
- Growth Stage: Factors like sales growth act as crucial elements in this stage of the product. The awareness generated in the introductory phase gradually leads to the growth of the sale. Chances of high consumption and increased profits are noted in this stage. Some companies only tend to stay until the introduction stage, whereas this is the stage of gaining the most profits for other companies. During this stage, there are several modifications that the brands improve the quality of their products, add new features, spread more outlets, increase distribution channels, and reduce the cost if profit is low. Investing more in promotional activity will increase the potential of gaining more profit.
- Maturity Stage: At an advanced stage level, the product is associated with many competing factors in the market. The manufacturers bear the responsibility of ensuring the product’s successful position in the market. A gradual decrease in the market will also decrease the cost of the product since the volume of the product has been increased. This is the period when more competitors seem to join the market.
- Decline Stage: The last stage, i.e., the decline stage, is when the product indicates negative results in the market. There is less cash flow due to alternative or better products. Producers try to introduce several offers to revisit their business goals to gain production and profit strategies. However, gaining profit becomes more challenging at this stage since the volume of the sales decline. The marketing team tends to bring new ideas or a new product from where it can gain profit.
The production life cycle is an important theoretical topic taught in elite business courses in Australia. It prepares its students to stay alert of the required steps they need to take. The process is rather easy and fruitful since the company continuously scans the product at every stage. Students who have to write product life cycle assignments can lay the groundwork based on this information. Therefore, our services are available for any product life cycle assignment query. Our experts are familiar with industry-level inputs of the marketplace and have served thousands of marketing students.
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