MKT243 Fundamentals Of Marketing Assignment Answer Malaysia

The MKT243 Fundamentals of Marketing course at UiTM is a comprehensive introduction to marketing. The course covers a wide range of topics, from market research and consumer behavior to branding and product development. The goal of the course is to give students a thorough understanding of the principles of marketing so that they can make informed decisions in their future careers.

As someone who has taken this course, I can say that it is an excellent overview of the field of marketing. The lectures are engaging and informative, and the assignments are challenging but manageable. I would recommend this course to anyone interested in pursuing a career in marketing, or even just curious about how businesses create and execute marketing plans.

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In this section, we have a few assignment tasks for you. Here are some of them:

Assignment Task 1: Describe The Concept Of Marketing, Component Marketing Mix, And Principles Of Marketing.

The marketing mix is a technique used to formulate a product or service’s marketing plan. The main components of the marketing mix are price, product, promotion, and place. 

The concept of marketing is based on the 4 P’s which are Product, Prices, Promotion, and Place. A marketing mix is the combination of these elements that create a beautiful strategic symphony aimed at conquering the target market. 

Product:- This corresponds to what you are going to offer your consumers whether it’s a physical product or service. Decisions need to be made regarding what new products or services to offer and how to phase out old ones. 

Price:- You need to devise pricing strategies for both new and existing products. You also need to consider discounts, financing, and payment options. 

Promotion:- This is how you will let your target market know about your product or service. It encompasses advertising, public relations, social media, packaging, and more. 

Place:- Where will your target market be able to find your product or service? This includes both physical locations and online channels.

Principle of Marketing:-

• The first principle of marketing is that businesses need to understand customer needs and develop products or services to meet those needs. This involves conducting market research, which can be done through surveys, focus groups, and interviews.
• The second principle of marketing is that businesses need to create a unique selling proposition (USP) for their product or service. This is what sets your product or service apart from the competition and helps you to attract customers.
• The third principle of marketing is that businesses need to determine the right price for their product or service. This involves considering the cost of production, the perceived value of the product or service, and competitor prices.
• The fourth principle of marketing is that businesses need to promote their product or service. This can be done through advertising, public relations, social media, and other marketing channels.
• The fifth and final principle of marketing is that businesses need to measure the results of their marketing efforts. This can be done through sales data, customer surveys, and other metrics. By understanding how customers interact with your product or service, you can make changes to improve your marketing strategy.

Assignment Task 2: Employ Techniques And Skills Necessary For Managing Business.

Here are some of the techniques and skills you’ll need to manage a business successfully:

1. Set clear goals and objectives. What do you want to achieve with your business? Without a clear sense of purpose, it will be difficult to make informed decisions or keep everyone on track.
2. Stay organized and keep good records. Good organization is essential for any business, big or small. Maintaining accurate records will help you track progress, figure out what’s working and what isn’t, and make sound decisions about the future of your organization.
3. Build strong relationships with customers, suppliers, partners, and employees. Strong relationships are key to successful business management. Treat your stakeholders well and they’ll reward you with loyalty and support.
4. Understand your financial situation. Know how much money you have coming in and going out. Make informed decisions about where to allocate your resources.
5. Be flexible and adaptable. The business world is ever-changing, so it’s important to be able to adapt to new situations quickly. If you’re rigid and inflexible, you’ll find it difficult to keep up with the competition.
6. Be decisive. When it comes to making decisions, don’t hesitate. Indecision can be costly, so trust your instincts and go with your gut.
7. Be a good communicator. Communication is essential for business success. Whether you’re communicating with employees, customers, or suppliers, it’s important to be clear and concise.
8. Be a good leader. The best business managers are also great leaders. If you can motivate and inspire your team, you’ll be more likely to achieve your goals.
9. Be prepared for challenges. Managing a business is not always easy. There will be challenges and obstacles along the way. Be prepared to face them head-on and find creative solutions.
10. Have a positive attitude. Managing a business can be stressful, but it’s important to remain positive. A positive attitude will help you stay focused and motivated, even when times are tough.

These are just some of the techniques and skills you’ll need to manage a business successfully. By focusing on these areas, you’ll be well on your way to success.

Assignment Task 3: To Demonstrate Teamwork Through Group Assignment In Preparing A Marketing Plan.

To demonstrate teamwork through group assignments in preparing a marketing plan, each member of the team must be assigned specific tasks and duties. By dividing up the work, everyone will know what is expected of them, and the project can be completed more efficiently.

It is also important to keep in communication with one another throughout the process. This can be done through email, phone calls, or meetings. By staying in touch, team members can ensure that everyone is on track and knows what needs to be done next. Finally, all members of the team must provide feedback and critiques to one another as the project progresses. This will help to ensure that the marketing plan is as effective as possible.

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