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.
The research helps in uncovering information. What is right for the consumer is identified and the brand is made to suit his/her needs. A market analysis is also conducted to establish the trends and competing forces present in the market. Core values of the client are also analyzed before a design is made. It is crucial to determine whether the values have been manifested in the brand and how they have been manifested in the message one is relaying.
Marketing builds relation with customers providing superior customer value and attracts them providing value added services as well as increases the number of potential customers in a regular basis. Marketing understands the customer needs, designs a superior strategy based on need, want and demand, builds strong relationship with the customers and capture value from the in return. Marketing creates customer loyalty and retent... ... middle of paper ... ...rvice. In fact, Sheila reckoned the market factors very importantly to her marketing plan. A better understanding of the market information can be useful for the successful marketing plan.
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.
Purpose of sales promotion; The basic purpose of promotion is to disseminate information to the potential customers. Sellers use incentive-type promotion to attract new customers, to reward loyal customers and to increase the purchase rates of occasional users. Objectives of sales promotion; • To attract the new customers • To inform the public about the new products • To capture the major share of the market • To stimulate the demand by popularizing the products • To create brand image Sales promotion is effective when; • A new brand is
Total company effort includes a company offering superior customer value to attract customers, satisfy those customers, and retaining those customers. This will increase sales and build a profitable relationship with customers. Much like the marketing concept, the marketing strategy is vital to the marketing plan. The marketing strategy involves finding attractive opportunities and developing profitable marketing strategies (Perreault et al., 2014). A marketing strategy entail... ... middle of paper ... ...ct, place, promotion, price, customers, and target markets.
A discussion that illustrates the interdependence of key marketing activities in the development of a marketing programme. When developing any marketing programme one of the first things a marketer must do is good market research. This involves collecting information on all aspects of a business’s environment. This involves information on existing and prospective customer’s needs, wishes, desires and wants. 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.
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. They also analyse the company’s ability, development, targets/goals, performance and further potential to develop. Finance The role of finance is to ensure that the funds are available to the company ... ... middle of paper ... ... banner ads, and emails , personal selling- persuading customer/consumers to buying the product through Sales presentations, sales meetings, face to face selling, via telephone etc. , sales promotion- to increase the consumers demand over a limited period of time i.e. discount, coupons etc.
The Stefani B Collection should come up with a segmentation process. The following factors that should be in the process contain the following: sustainability, measurability, accessibility, serviceability. Sustainability is about ensuring a large enough customer base to make sufficient sales and profit. The brand should also consider the potential for future growth. It is important to connect with the customers, having a variety of merchandise that keep customers interested.
1. Explain what Market research is. (2 Marks) Market research is the process of gathering valuable information to facilitate an assessment of whether there is a market for any proposed product or service, with consideration of different demographics. It is utilized to establish an understanding of the various portions of the population which are likely to purchase the product, based on age, gender, location, income level, and several other variables. 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.