Marketing - 1441 Words

Case study marketing ‘Yet another poor year’ reflected the senior executive of Mephisto Products.’ P r o f i t s d o w n b y 1 5 p e r c e nt , s a l e s a nd t u r no v e r s t a t i c i n a m a r k e t w h i c h w a s recko ned to be growing at a rate of some 20 per cent per annum. It can’t go on.’ These were the thoughts of Jim Bullins, and he contended that the company would-be out of business if the next year turned out to be as bad. Jim Bullins had been senior executive at Mephisto for the past three years. Ineach of these years he had witnessed a decline in sales and profits. The company produced a range of technically sophisticated electromechanical control devices for industry. The major customers of Mephisto were in the chemical†¦show more content†¦Again, Watkinson’s old philosophy still prevailed. â€Å" If they want the product badly enough, they will wait for it â€Å". and â€Å" Why offer discounts for large quantities – if they did not want that many they would not order them†. During the previous five years, from being a relatively successful company, market share for Mephisto Products dropped substantially. The market became much more competitive with many new entrants, particularly from EU Countries coming in to the UK Market, which had traditionally been supplied by UK manufacturers. Many of these new entrants had introduced new and updated products to the market, with such products drawing upon recent advances in electronics. These new products were seen by the market as being technically innovative, but the view taken byMephisto management was that they were faddish and once the electronics novelty had worn off, customers would come back to their superior products. Unlike many of his colleagues, Jim Bullins was worried by developments over the past five years, and felt that there was a need for many changes. He was aware that the more successful new entrants to the industry had introduced a marketing philosophy into their operations. Compared with ten years ago, it was now common practice for companies to appointShow MoreRelatedMarketing Analysis : Marketing And Marketing966 Words   |  4 Pagesreflect back over these last five weeks I now have a clearer view of marketing and how it affects not just the consumers of the world and the companies with their marketing managers, but how it affects me. Yes, I am a consumer who clips coupons, budgets my finances, and looks for sale items and this marketing class has taught me that marketing is more than selling or advertising. Marketing managers have a difficult job, as marketing involves identifying, meeting and satisfying the needs of customersRead MoreMarketing Analysis : Marketing And Marketing 1486 Words   |  6 Pagesthis day and age, marketing plays a pivotal role in the business environment. Marketing is dynamic, complicated and challenging. The basic concept of marketing is to identify the need of human and society, and research how to satisfy and create those need. According to American Marketing Association (AMA), defining that marketing is the processed activity which communicate and exchange valuable offerings to customers (AMA, 2013). To be more precise, the main mission of marketing is choosing targetRead MoreMarketing Concept Of Marketing : Marketing1651 Words   |  7 PagesMarketing concept Marketing plays a major function in any business organisation. The essence of marketing is about designing and managing a product and generating exchanges of value from where both the customer and the organisation can attain benefits. Marketing is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large (Solomon, Marshall Stuart, 2009, p.13). MarketersRead MoreMarketing Functions Of Marketing And Marketing1229 Words   |  5 Pagestrends, the marketing function is used as a measure in the business-to-business practice, to capture and place varied products in a market place (Kono, 2004). 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By using the marketing concept companiesRead MoreMarketing Orientation : Marketing And Marketing1450 Words   |  6 Pages A wide range of companies today prefer to adopt the marketing orientated approach to sell their new products rather than using product orientation before.In fact,marketing orientation also helps such companies to earn more profits in the long time.According to Jobber and Ellis Chadwick (2013),marketing orientation focuses on customers need as the primary drivers of organizational performance.However,this is not always the case. Product orientation still be used by some senior executives and thisRead MoreMarketing : Marketing And Relationship Marketing Essay1359 Words   |  6 PagesIntegrating Marketing With the shift in the external marketing environments, Apple has also shifted its marketing strategy. 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They are both wrong by assumingRead MoreMarketing Mix Of Marketing And Marketing1001 Words   |  5 PagesIn The cutting edge world of marketing dated back in the late 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of four components. A company who has adopted 4P approach focuses on product, whereas company who has adopted the value approach focuses on value to the consumer. One of other marketing mix is the Value approach. This approach concentrates on delivering value to the consumers or customers, the 4Ps approach is evidently concentrated not on customersRead MoreMarketing Analysis : Marketing And Marketing1878 Words   |  8 PagesIntroduction Marketing research is the process that associates the consumers, customers, and end users to the marketer through information — information used to classify and describe marketing prospects and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and development understanding of marketing as a process. Marketing research identifies the information required to address these issues, designs the method for collecting information, manages and implements