Answer to Question #249550 in Management for Dingaan

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 passage based in Australia, which was created in 1924 in Australia and New Zealand. Woolworths has more than 1000 stores, both supermarkets and convincing shops in Australia alone. Woolworth’s product line includes fruit and vegetables, paper products, and so forth.

The principles of marketing concept include; product, place, price, and promotion. About the product, in marketing we focus on the benefits and features of the product. We also consider product interaction. On the principle of place, the manufacturer makes the product and where people buy it can considerably influence its price. Place can also affect customer service and how quickly you can respond to orders and customer requests.

The price of your product can determine many things, including your profit margin and investments for future growth. Price also determines what kind of discounts or special deals you can offer. Lastly, promotion is a very important component of marketing as it can increase brand recognition and sales. Promotion is comprised of various elements like the sales organization, public relations, advertising, and sales promotion.