Introduction 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.
Secondly, we will discuss more about the product itself. Goldsport will need to evaluate its product thoroughly if it wishes to meet the needs and wants of its consumers and hence customer satisfaction. Analysis of product design, packaging, branding and legal protection will be emphasised. Introduction Marketing a new product can be a challenging experience and time consuming for a business. Especially, new businesses starting in a market.
Marketing managers use marketing mix as a business tool in marketing. Marketing mix synonymous with the 4Ps which were amended and listed by Eugene McCarthy as Product, Place , Price and Promotion. First of all, Product refers to the product should fit the task the target consumers want it for, it should work , and it should be what the consumers expected to get. For instance, its packaging, labeling and offering. Therefore, this always remind marketing managers need to do careful research on how long the life cycle of the product is likely to be and focus their attention on different challenges that they are facing when they are developing the product.
Knowing your industry is important and specially paying attention to current business buying trends as well as trends within your industry. Paying attention to business trends in your industry will allow you to gain insight on how to eventually position your product successfully. Researching industry trends will also allow your business plan to be more efficient because it is based on real life circumstances. Once you are certain that your business idea will reach your specified level of success, consider making sure that your market will be receptive to accepting your product or service. If you are investing your own capital you will want to make sure that you have protection by making sure that you have done all of your homework.
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.
For business leaders and thus the entire business to be effective, determination of problems and the ability to get reasonable solution is crucial. These leaders should also predict new business trends and thus develop products and services as needed. The reliability and validity of the research, and thus the quality of the business decisions is heavily dependent on the human skills as well as the machines that are used in carrying out business research work. The success of any business activity, and thus the entire business is highly dependent on the reliability and the validity of the research being undertaken. Decision making is a crucial process in the success of every business.
Based on my research, the first meeting is very important because it often determines whether the customer will, or will not buy. Focusing on the initial communication will allow me to identify my customer’s wants and needs, as well as their communication style, and that will allow me to use style flexing, which is an adaptation of my communication style to accommodate to the needs of my customer (Manning et al, 2014). This will allow me to make sure I provide the most value for my customer, keep my relationships stable and help me make sure my relationship strategy is
Impact of Product Design Consumers wants, industry demands; all organizations are faced with the having to create the best new product or service to stay competitive. In the quest for the perfect products, there are a lot of issues and risks that an organization must consider. One of those is how the product or service will impact the operations and supply chain. Throughout this paper the author will show how the design of the product impacts the operations and the supply chain, the importance of design process, the connection and relationship to the production process, the strategic options, and the differences between products and services. Impact of the Design Product designs have a huge impact on the supply chain and operations,
An effective marketing strategy must be drawn from the fundamental research of the markets it resides in; focusing on the correct product mix in order to fully potentially profit at the highest possibility. In today’s society, the marketing concept can be seen as the philosophy in which firms analyze the needs of their customers and create decisions in which to satisfy those needs. There are different ways to creating a marketing strategy; however, at the beginning of it all a firm needs to understand the various factors within and surrounding their primary objection. These factors must be taken into consideration even before reaching out to the consumers. Understanding the environments are the core principles in which a marketing strategy can be determine by.
All of these aspects are very important for organizations realize the potential from their products and achieve the competitive advantages in the competitive market. Therefore, it is interesting to analyze how companies respond to different market factors and develop their marketing strategies. This report intends to adopt the marketing analysis framework and analyze JB Hi-Fi’s marketing strategies in detail. Firstly, the report gives a general overview of the company, its historical financial performance, and its future prospects. Secondly, the report studies different segments that JB Hi-Fi targets and the specifically strategies that the company uses to divide customers into homogeneous groups.