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.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
Include the key aspects of points of parity (POP) and points of difference (POD). Answer: Positioning defines the outline what a business should do to market its product or service to its customers. In positioning, the market section team creates image for the product. That image can use of promotion, marketing, product and place. A good positioning strategy can helps to raise the marketing efforts.
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.
It is a technique used to influence people's minds and encourage more sales. The main purpose of advertising is to deliver the proper message to customers and prospective customers. The purpose of advertising is to convince customers that a company's services or products are the best, to enhance the image of the company, point out and create a need for their products or services, demonstrate new uses for the established ones, announce new products and programs, reinforce the individual messages of the sales people, draw customers to the business, and to hold existing customers. Advertising lies in the Promotion part of Marketing Mix, but it applies to all the other P's as well. Promoting one’s business is the key ingredient to making one’s business successful.
A segment profile comes down to describing customer characteristics of a typical customer. It is important to build profitable relationships with the right customer is good for the marketer’s stakeholders. After this, the brand can start to build up their company target market, as well as selecting merchandise that would be best for the store. What positioning strategy do you think would be advantageous? Support your answer.
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.
Any product needs to be marketed to the consumers who look forward to that which creates a lasting impression at the product as well as emotional level. For all companies ranging from small retail organizations to big multinational companies, which strive to satisfy the customers, marketing is one of the critical functions which facilitate them compete in the market place, according to ‘Advertising and Promotion’ by Belch and Purani (2013). To achieve the same, these market-driven companies need to develop and maintain their relationship with customers. To appeal to the people, the company that offers the product or the service needs to get its ‘Unique Selling Proposition’ right and compel the audience to purchase the product or avail the service. The companies use advertisements to serve that purpose.
In other words, “A marketing manager is responsible for developing and implementing strategic marketing initiatives for a business or business unit. These initiatives are designed to attract new customers and increase the value of and retain existing customers. Tasks include performing market research, developing pricing strategies, and coordinating relevant staff and
External customers are the ones purchasing the finished product provided to them by a supplier organization. The main goal of any organization should be to satisfy their external customers. This will allow the organization to gain profit, grow, and fulfill the purpose of the organization (Foster 112). Customer-driven quality is a way of satisfying a customer’s needs by collecting information and data about the customer ... ... middle of paper ... ...g customers is crucial to successfully marketing a product or service and giving it the best quality. Through complaint resolution, feedback, guarantees, and corrective action an organizations customers can be managed in a way that improves the quality of a product or service.