(Oppaper, 2006) Simply stated, marketing is important for a business to understand what is being sold, where is it going to be sold, for how much, and to whom. Just as an organization would do with a in your business plan, you will need to pull the many pieces together to demonstrate how you will reach your target audience.
Market need is uncertainly, to meet customer expectation, company have to learn what their want and provide it on time. Marketing research therefore can be called that is one of the factor that force company’s ability to supply expected goods or service to market by mean of learning about consumers and respond their need. (Trim et al 2006, pp205-206) Good research should be objective and provide precise information for companies because that influences to manager whose make decision and develops business plan or strategy from that data. Moreover, Trim et al(2006, p209) argue that ‘marketing strategists need to be able to use the findings of qualitative marketing research in order to influence board level thinking and actions.’ that necessary for manager to ta... ... middle of paper ... ...y want company to improve quality of similar product that company already got. This comment might come on extra comment in questionnaire that researchers give to respondents.
This assignment is about marketing, where I will produce a marketing strategy for a new or existing product. This unit introduces the major principle and functions of marketing; I will look on customer needs, and creating a suitable strategy or marketing mix, which will satisfy customer needs. In this unit I will experience the marketing process from carrying out initial research about a market, investigating the principles of functions of marketing and the way in which it contributes generating income/profit in a business. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. 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.
There are many different ways of getting a product or service to the customer, so it is important for the organization to know if the customer wants to see or touch it before he or she buys it. The product or service reaches its target population through distribution channels, which are any series of firms or individuals that participate in the flow of products or services from the producer to the consumer. The third p in the marketing mix stands for promotion. Promotion is telling the target population or others in the channel of distribution about the right product. It includes, advertising, sales promotion, publicity, personal selling, branding, and refers to the various methods of promoting the product, brand, or company (Wikipedia-Marketing, 2008).
Product is one of the elements in marketing mix strategies and it is explain as an object or a service that is mass produced or manufactured on a large scale with a specific volume of units. Besides mass production, product strategies which normally used by company to compete with other competitor is manufacture a unique and specific product, which is customize, special in design, multi in function in purpose to attract the customer heart to purchase company’s products. Meanwhile, price strategies are important to be considered by every marketer before market a new product into a new market. Basically, the price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer’s perceived value of the product.
However, it has several disadvantages as its message has a s... ... middle of paper ... ...focus more on their existing customers by developing them through reminder advertising and frequent shopper programs in order to retain them. This has led to the stimulation of customer desires to make a purchase by conviction (Fox & Raj, 2006). Different customers react differently to different promotion strategies thus the different stores should know when to use a particular promotion tool and at what time. The key focus should be to who is the message intended for and how can they best obtain it. Having the correct message for the correct market in the right time is important towards generating customer response.
Moreover, marketer needs to advertise it and sustain a product on a market among its competitors. Further, the study indicates intentions of consumers to buy or not to buy certain products. Moreover, it represents motivation theories and what is to be considered to influence customers. Basically, marketers need to consider various psychological factors before launching a product. Before establishing a market, products undergo different analyses, various motivational theories (Maslow’s hierarchy of needs, trio of needs), cognitive learning theory, customer perceptions, consumer buying behaviour, moments of truth, customer relationship groups, external and internal factors, advertisements, promotions, sales and other tools that makes a difference on customers’ minds.
A Marketing objective is the aim in which a company or marketing strategy want to achieve in order to be successful within their business or market. Not having a marketing objective, could cause disorganization and could let other rival companies obtain you clientele/consumers. A marketing objective is to, analyze the market, being innovative; creating and producing new products and ideas and staying ahead of other competitors. Most marketing objectives for businesses are ‘SMART’, specific- their objectives and goals should specifically show what they want to achieve, measurable- they should be able to measure whether they are meeting their objectives, achievable- they should be able to analyze whether these objectives are achievable/attainable, realistic- are the goals/objectives set that are realistically achievable and time- in what duration does the business wish to achieve their set objectives? The role functional areas play in supporting marketing activity.
It is important for proactive management because it helps develop marketing options through market segmentation, consumer attitude, product usage studies, and market opportunity analysis (McDaniel & Gates, 2006). There are several challenges when conducting marketing research. This includes making sure there is enough survey participation and completion rates, reaching a proper amount of sample of respondents, giving enough surveys that respondents desire, designing the survey, analyzing results, and coding the survey operations. Primary and secondary researches are necessary when conducting successful marketing research. Both qualitative and quantitative approaches can be used to discover insights of what the customers need and how to market to them.
Marketing Defined The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides. At its essence, marketing is about "identifying and meeting human and social needs". It encompasses both a set of actions which seek to identify customers' needs as well as a social process of establishing a relationship with the customer to buy their products; this relationship is vital to the long term success for a company and a critical part of the marketing equation (Kotler & Keller, 2006). The American Marketing Association provides the following definition of marketing: "Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders" (Kotler & Keller, 2006). Clearly, the value to the customer must first be defined by understanding the customers' needs including those that may go beyond the product or service a company is selling.