Marketing Concepts

Marketing is an essential management process that identifies, anticipates, and satisfies customer requirements profitably.
It involves continuity of customer relationships through customer satisfaction, involving the simultaneous increase of customer value and the company profit margin.
Consists of the Four Ps of marketing: Product, Price, Place, and Promotion.

Product in Marketing

Product can be a tangible good or an intangible service that meets a specific customer need or demand.
Involves consideration of product life cycle, functionality, branding, and quality, as well as services and warranties.

Price in Marketing

Price is the amount a customer pays for a product.
Determined by factors like production costs, market place, competition, market condition, and quality of product.

Place in Marketing

Place involves the location where a product can be purchased and how the product gets to the customer.
It’s about selecting the right distribution channels and identifying the best routes or paths for the goods to flow to the customer.

Promotion in Marketing

Promotion includes all the methods of communication that a marketer uses to provide information about the product.
Consists of advertising, public relations, point of sale displays, and word-of-mouth promotion.

Role of Marketing in Design and Technology

In Design and Technology, an understanding of marketing principles helps in the successful commercial realisation of design products.
Market research helps discover consumer preferences, leading to creating products that meet user needs and wants.
Awareness of target market characteristics ensures products are designed and manufactured to appeal to the right audience.
Understanding of competitive positioning helps create design strategies that effectively differentiate the product from its competitors.

Importance of Marketing Strategy

A Marketing Strategy helps a product to stand out from its competitors through a unique selling point (USP).
It can guide long-term actions, responses to market changes, competitor moves, and other unforeseen barriers.
Improving visibility and awareness of the product, a good marketing strategy can drastically increase potential customers.

Remember, in the context of Design and Technology, it is paramount to understand the mechanisms of marketing to develop a product that excels in the market, not just technically, but also in meeting particular consumer demands and preferences.