Answer to Question #231504 in Management for junior

Question

Explain the four principles of the marketing concept. Use quotes from the case study to show the strategies that Woolworths employed when implementing the marketing concept.

Answer 1

Woolworths is a well-known retail outlet based in Australia, which was founded in 1924 in Australia and New Zealand. Woolworths has over 1000 stores, both supermarkets and convincing shops in Australia alone. Woolworths product line includes fruit and vegetables, paper products, and so forth. The marketing concept includes four principles;

Product 

Product refers to a good or service offered to clients by a company. An existing consumer demand should ideally be met by a product. Or a product can be so compelling that consumers believe they need it and a new demand is created. In order to be successful, marketers need to understand a product's life cycle and managers need to have a product management plan at every stage of their life cycle. Part of the product type also determines how many enterprises can charge and place it on the market and how it is to be promoted.

Price

Price is the cost of a product to consumers. Marketers must link price to the actual and perceived value of the product, but also take into account supplies, seasonal discounts and the price of competitors. In some cases, corporate managers might increase the price to make the product look luxurious. They could also lower the price, so that more consumers can try the product.

Place

When the company decides where to sell a product and how to supply the product onto the market, they try to determine where it should. Business managers always aim to bring their products to the consumer most likely to purchase them.

Promotion

Advertising, public relations, and promotional strategies are included for the promotion. The aim of promoting a product is to show consumers why it is needed and why they should pay some price for it. Marketers tend to link promotion and placement elements to their core public