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.
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.
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.
Management has to know the trends and make the necessary technology changes to keep the company competitive. Preparation and planning is key to the implementation of new technology. Managers have to be in tune with how the changes will affect the atmosphere within the company. Providing training and paying attention to the feedback from the workforce allows for a smooth transition. For a successful transformation certain criteria have to be met for the transition of change to the new technology.
1. The Concept and Process of Marketing When an understanding of human behaviour and techniques of management are put together controlled by instinct, imagination, improvement and influence this is known as Marketing. When conceptualising a new item or service a more technical approach is required. Capability is required to recognise alternative means of making the product available to customer. In marketing to make your ideas work it is important to have accurate and in-depth knowledge of the subject.
p159) Basically, it is a transformation of an idea, a need, or a want by the consumers into a product that satisfactory. Like any process there are stages to the design process and those consist of idea generation, feasibility study, rapid prototyping, the final test, and then the launching of the new product. Each stage of the process is important to the completion of the final product and will help identify if the product design is in demand, if there will be market appeal. It will show how aesthetically it will be for the consumers or industry. It is also important to design for costs and profits to understand how it will be produced and to eliminate flaws in the design through testing.
* Timely… they must plan how and when they need to be achieved. The marketing aims and objectives are a part of the marketing plan. The marketing objectives and are also SMART and like all the other departments within the business they need to build towards the aims and objectives of the business as a whole. Marketing objectives must involve understanding the needs of the customers; they also need to stay ahead of their competition. The market research the department carries out helps to determine what their objectives ar... ... middle of paper ... ...blend of the marketing mix will persuade a customer to buy the product and stay loyal to the business.
Finally, mission statement should be motivating. B. Setting Company Objectives and Goals * This mission leads to a hierarchy of objective, including business objectives and marketing objectives. * Marketing strategies must be developed to support these marketing objectives. * Each broad marketing strategy must then be defined in greater detail.
New products will make the company looks dynamic in the eyes of consumers. Product development research can reduce the risk of failure despite it also brings out that market is not always a clear-cut answer for product. But however marketing research analyst can read data collected from research and determine the opportunity of launching a new product in the market. According to https://tabisonresearch.wordpress.com/>, the main types of product development are as follows 1. New concepts – This has to do with completely new products that have arisen as a result of innovation and which can sometimes create new markets.
Some of the great and influential targets would be business oriented people, educators, professionals, so on. Key messages are a way of persuading the audience with considering their own objectives. Essentially, in order to persuade them, you have to motivate them with the words. While working, employees need to comprehend the tactics and implementations. Their approach has to be fit with the resources they’re being acquired with.