Essay about Marketing Concept And Marketing Plan

1052 Words Nov 7th, 2016 5 Pages
Marketing concept is defined as “is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs”. This was a very important factor within the Marketplace Live simulations, if you don’t know what your customers want it is hard to make a profit and keep your company alive. In the beginning of the game my group and I had to decide what type of computer would satisfy the needs of customers. So we analyzed which groups of people went with each type of computer. Then were able to decide which computer we were going to create which was the work horse. The marketing concept was a big part in creating our company and our products, if we know what the customer wants then our company was able to give the people what they want.
The main marketing principles that went into developing and executing our marketing plan were product, price, place, and promotion. Other principles that were included within the plan were target marketing and marketing segment which aided in dividing our customers into specific groups based off of what computer they were interested in and also deciding which market to much our product in. The product aspect of the plan is important because it was what we were going to sell to the public. The right price for our product would attract the customers because it was in the price range, thus meaning more products would be sold. Place and promotion go hand in hand with each other. We put the product in the right…

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