Marketing - the basics

MARKETING

Whatever a business makes or does, it always has to have a plan.

A new business must make a business plan for the bank if it wants to borrow money.
A business that wants to sell a new product must make a plain to show that the sales will be high enough to make a profit.
A business that wants to expand must show that the scheme will work.

All these plans will show the costs and the revenues, which are expected from the business. The plan for a new business will take into account the choice of location, staff and marketing as well as the resources and equipment which are needed to make the products.

Whatever a business is planning it must,

Know much to produce in order to place even.
Ensure that there is enough cash to cover the bills.
Balance the accounts
Work out the profit or loss.

Any business much has systems that help it to control the money in the organisation. In a small business these systems will be simple, but a computer is often helpful.

In a big business information from many departments. Must be fed into the system. So it has more complex. All this information contributes to the accounting processes.

The finance department is usually responsible for monitoring the company’s ...

This is a preview of the whole essay

Know much to produce in order to place even.
Ensure that there is enough cash to cover the bills.
Balance the accounts
Work out the profit or loss.

Any business much has systems that help it to control the money in the organisation. In a small business these systems will be simple, but a computer is often helpful.

In a big business information from many departments. Must be fed into the system. So it has more complex. All this information contributes to the accounting processes.

The finance department is usually responsible for monitoring the company’s progress so that there are no nasty surprises. In a large organisation it can be easy for spending to be greater. Than income if controls are not in space.

In small and medium sized businesses a standard computer package can be used to monitor activity. Very large organisations will need a specially designed system to meet their needs.

FINANCE

A business plan has to show how the business will work. It must cover marketing plans, production costs and how it will be financed. There must be some evidence of market research to show that the people setting the business have the skills they need. All of the Jemz team were studying business so they understood what was required. What they did not have was real experience of running a business.

WHAT DO THE CUSTOMERS WANT?

Tha national Trust carries out market research regularly to help meet marketing targets. Tha marketing department wants to know :

Who are its visitors?
How do they find out about attractions?
Did they enjoy their visit?
How much did they spend?

This information is gathered nationally and locally through questionnaires, member surveys, counting numbers through entrances and testing opinions of specially invited groups of people. Questionnaires used by individual properties ask similar questions, so the results can be grouped.

RESEARCHING THE MARKET

Market research allows a business to recognise what he customers want and provides an opportunity for the business to meet these needs. Finding out the right information involves a range of methods.

The national trusts marketing team already has information about the number of visitors to its properties is the past including when they went and how much they spent. It can also be published information, such as collecting brochures’ or using general statistics. This research is often known desk research, or secondary research since the information already exists somewhere.

However, it is often necessary for the national trust to find out more specific information, such as low far visitors have travelled, how much they enjoyed their visit and what would make it better. Gathering this information is called primary research, which means collecting original information. This can often be expensive.