Marketing is about value creation of the product or service, the more you add value, the more you will get competitive advantage in the competitions in the market. The purpose of marketing is to build and develop strong relationship with the customer in a specific customer segment. In today’s world of business marketing’s role is to provide differentiations of the products and services and capture a strong customers’ focus and build loyalty for long term business commitments. Understanding the core marketplace, identification of needs, want and demand of the customers and coordination of these tasks is the aim of marketing to satisfy the customers. Marketing can easily figure out the satisfaction criteria of the customers, market offerings and value of which customers are keen on.
Especially, new businesses starting in a market. Which is why Goldsport will need to follow specific marketing strategies in oreder to market their product successfully in the market. These strategies will help guide them in the right track as they will know what to produce, whom to produce for and how to produce the product so that the needs of the customers are met and satisfied. The Target customer Market segmentation: “A segment is a set of buyers who share common needs or characteristics”(Marketing by Tony Gray (2000)) This approach would be more preferable for Goldsport because, “it will help target customers” (Marketing by Tony Gray (2000)) unlike mass marketing, which promotes the same product to the whole market and treat every consumer the same in terms of needs and wants. 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.
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.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
For the development of a marketing plan the core factor to be considered is the marketing mix. It is through this that an organization can develop an effective marketing strategy. In the marketing process a company has to develop a successful mix of the right product, sold in the right place, to the right people and using the most suitable promotion. Therefore, for the development of a right market mix a firm has to meet certain conditions. The feature of the product should look good and work well for the firm.
Features, packaging and quality of product or service can help gain the competitive advantages in the market. Packaging is very important in attracting customers as its needs to stand out from its competitors as been the best. Packaging as suggested by Kotler and Armstrong, it may be the sellers best and may be their last chance to persuade the buyer that their product is best. (1) The Brand is a definition, a term, or a mark, or a collaboration of them all, to identify the manufacturer or the seller of the exact product or service. Buyers see a brand as an important part of a product and branding can add value to a purchase.
Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. 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.
The marketing helps the operation manager in planning, organizing, budgeting, to make the project successful. By the marketing activities the company learns the customer behavior such as what’s trend is going on, competitors behavior etc. it is very helpful for the operation managers to identify the unmet needs in their production for the targeted customers. It’s necessary to know the customer’s needs because if the product meets all the requirements of the customers, then they make demand which is necessary for the company to maximize as a profit. The sales department is a key ingredient in company to make a long term relationship with customers.
Promotion is one of the important components of marketing mix therefore it cannot be ignored. Promotion is the component that involves delivery of messages i.e. what your company tends to tell its target consumer about the product or service they are offering to target customers that emphasizes the benefits of your brand, products and services. One of the communication tools is advertising which is used in a promotional plan by the companies. Goals of promotion include building brand awareness, creating favorable brand attitudes, gaining market share, inducing buying, building loyalty and growing sales (Kurtz 2010).
Certainly, sellers need advertising for better promotes the products and services. Whatever the products and services, is it small or large. A good advertising strategy is very key for the sellers of products and services. The meaning of advertising to the sellers can be discussed under the following several points: First of all, advertising can help sellers to improve their sales. Secondly, Advertising can help manufacture and sellers to understand their opponent in the marketing and plan relative strategy to face the level of competition.