Economics of the Construction Industry
Although the company has some marketing strategies in hand, its
policies are not generating sufficient interest in current projects,
suggesting some up dating is needed. Not knowing what policy is in
place it is reasonable therefore to start from scratch.
What is marketing?
Fundamentally, marketing is about identifying, satisfying, or
exceeding the needs and wants of the customer, which are constantly
changing, and which can be fulfilled in a product more efficiently and
effectively than the company's competitors, whilst still maintaining
profit. This broad statement is apparent in most forms of business
activity, from planning, pricing, promoting, and distributing a
product or service to the target market. Marketing entails several
features that present themselves during the course of the marketing
process, such features include:
· Marketing is a comprehensive process that begins with an idea, and
ends with the product that will be sold, satisfying the needs of the
customer.
· Marketing is a managerial process where decisions have to be made,
on a particular marketing mix of the four P's, product, price, place,
and promotion in the firm.
· Marketing involves its managers planning and insuring sequenced
activities are carried out in order that the marketing strategy is
successful.
· A marketing strategy is successful when a firm satisfies the needs
of the customer, and in turn achieves its own goals.
Different approaches to marketing
Marketing concept. This approach stipulates that the product is
moulded around the customer's wants, making the customer the reas...
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...st site, even though the site is approached via an
industrial estate.
Longden offer their similar product in much more idyllic surroundings,
which would seem on the surface to be a better proposition, but after
talking to a Midland and General sales adviser it would seem that
their houses fall in a catchment area of a school, which has one of
the best national academy achievement records. This would appear to
prove that schools are a very important factor when selling houses,
this has further endorsed in the sales literature when visiting sides.
Longden Homes have a much more comprehensive sales literature package,
with high-quality brochures with pullout folders. In the case of
Midland and General homes customers are greeted with a less aggressive
simple leaflet, as the area is making their houses much sought after.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
One of the many books I have read about running a construction business and how to perform and create successful financial sheets to make sure your business is doing well is through a book I read this semester called, A Simple Guide to Turning a Profit as a Contractor, by Melanie Hodgdon and Leslie Shiner. Some background about the book is about a man who owns a residential construction remodeling business who is not doing financially well as managing and keeping track of the jobs with old school techniques that making him lose money on jobs and not know how his business is doing or the projects. The book provides you as the reader and member in the construction industry a great foundation of how to create and run financial sheets to make sure
Construction Management is the overall planning, outlook, coordination, budget and control of a construction project from start to finish. Without them, construction projects would be very unorganized and chaotic. They make sure projects run smoothly and efficiently. They work with electricians, plumbers, carpenters and general contractors to produce the safest and best way to complete the project for the customer. Being a construction manager is a good job because they help many people build what they need.
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
Risk management is a process used in all industries to reduce the risk. The Risk management tool usage changes from sector to sector and hence each sector has developed their own risk management tools and methodologies to mitigate the risk. But the concept remains the same behind all the tools (Ropel, 2011). The main steps for risk management irrespective of the sector are:
In general, there are numerous definitions of marketing as it has various features to involve, and the one below has concluded main factors of it:
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
In building construction and in fire prevention there are organizations that have created a useful system on how to determine what type of building falls under which category. The ICC (International Code Council) and the NFPA (National Fire Protection Association) create these building codes for the safety of firefighters. The two most commonly known standards for building classifications are the NFPA 5000 and also the International Building Code (IBC). The two are very similar, however, they different on sub-categorizing. The International Building Code uses Roman numerals behind the type of construction. In addition to subcategories with letters for each five classes and the amount of fire resistance provided for each building. NFPA uses Roman numerals behind the type of construction. Unlike the IBC, NFPA uses a 3-digit number system behind that to sub categorize the fire hourly rating for the load-bearing walls, for the beams and columns, and for the floor construction. The IBC and NFPA breaks down construction in to five classes, Type I, Type II, Type III, Type IV, and Type V.
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)