How does the competition market its product? The 4C model is more consumer focused: Consumer- the company should spend time studying and analyzing the needs of the consumer. Doing so will ensure that the needs of the consumer is meet through the product. It can thus be said that the product is designed and created with the consumer’s needs in mind. Cost- This cost refers to the production cost of the product or service.
Segmenting the market will allow the company to focus more clearly on targeting the right customers with the right product that better satisfy their needs. There are a range of segmentations that allows a company to target potential customers effectively.
Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders. I will look upon on establishing customer needs, methods of analysing marketing opportunities, and the m... ... middle of paper ... ...ons can exert a major influence upon the stores’ accessibility and attractiveness to consumers. Planning the selection process as carefully as possible and using methods described should maximise the success. Marks and Spencer pays particular attention to social and geodemographics, along with consumer spend, before deciding on a location. Own brands are desirable products to offer, as they offer profitable margins and a high level of control over the marketing aspects of management.
A segment profile comes down to describing customer characteristics of a typical customer. It is important to build profitable relationships with the right customer is good for the marketer’s stakeholders. After this, the brand can start to build up their company target market, as well as selecting merchandise that would be best for the store. What positioning strategy do you think would be advantageous? Support your answer.
The role functional areas play in supporting marketing activity. Marketing Marketing determines what products or services are needed or maybe of interest to customers and how to make them available. Marketing responds to customer’s needs. Marketing make sure that the company builds good customer and clientele relationships. Some of the roles of the marketing department include; making sure the product has a target customer and the product fits in well with this, creating and promoting the product, making sure it has a strong brand and a well-built reputation and looking into new markets seeing if there is a niche that they could develop.
As well as any other characteristics that could help identify your target market such as the age, sex, religion, location and buying behaviour of your customers. Research into suppliers, intermediaries and competitors is also relevant as it can give your company an advantage over similar companies. The better the quality of market research, the easier and more effective a marketing strategy. The reason market research is done is basically to identify who your customers are (both present and future) and what their needs and desires are so you can best fulfil them. Once the market research has been done and a marketer has a clear view of the nature of the customers needs and wants then they can go on to orientate a product toward them.
The basic focus of marketing is thinking about their clients and what are their need and desires. This is why the VALS method gives the advertisers an extra advantage when it comes to targeting the buyers because by dividing them in groups, they understand what each group of buyers looks for in a product.
The first step is to identify your product; you can do this by creating a customer profile of your target market. If your target audience is a consumer you should determine your customers age, gender and income level of your audience. If your target audience is businesses you should determine company size, industry, and number of employees. Conducting a market analysis and being in sync with your customers’ wants and needs is a lot of work but it is worth it in the long run. Knowing where your consumers are coming from gives you the tools to correctly identify how they will react in your market.
The research on consumer behavior assists the organization recognize and forecast the purchase behavior of the consumers while they are purchasing a product. Thus, the study of consumer behavior helps the marketers not only to understand what consumer's purchase, but helps to understand why they purchase it (Kumar, 2004). There are a lot of elements which can influence the purchase decision of consumers such as social influences, cultural influences, psychological factors and personal factors (Super Professeur, 2011). Understanding these factors helps the company to market the product on right time to the right consumers in order to generate more profits. On the other hand, if the marketers fail to understand these components that might influence consumers, they will fail to convince the consumers to purchase that product or will fail to meet the demands of consumers.
Based on market research findings, businesses can develop "target audiences," which are specific groups of customers that have distinct needs or desires for the product or service. The research can be used to determine many things such as; how frequent the target audience will purchase a particular item, how much money they are willing to pay for it, and what is their overall satisfaction from it. Upon analyzing this information, manufacturers and service providers can get a clear picture of where to focus their efforts and resources most effectively. The information acquired from market research assists budding entrepreneurs into making wise and profitable business decisions. 2.