Marketing

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.

Management process – successful marketing needs managerial input because it requires constant information gathering, as well as data analysis, in order for decisions to be made.  Therefore, I would have to make important decisions for the making of the project, prospects for the future and any problems that my new business would face.  I would ensure methods of constant information gathering as well as data analysis in order for the big decisions to be made.

Identifying – this involves these simple questions based towards the consumer: What, Where, When and How?  This way we can keep in touch with our thoughts and perceptions about this market.  This process plays a large role in this firm, as I will have to ask questions by the second to achieve the correct information at the right time in order for the business to be a success. Focus groups and other methods of research will be undertaken in order to achieve a better understanding of my concept.

 

Anticipating – takes into account that consumer requirements are changing all the time.  Hoping to think like them so as to meet their needs.  When comparing the proposition to present ideas already on the market

Satisfying – involves meeting the consumer’s needs.  Consumers want the right goods/ services, at the right price, at the right time and in the right place.  According to plans, I will attempt to meet consumer requirements.  Before this is suggested, enough market research would need to be gathered to tackle the problem.

Profitably – is the margin of profit that motivates organisations to supply goods to consumers in a market?  Profit may be simply one motive for supplying goods/services to a market.  I would need to keep my suggestions sensible as this idea could result in failure.  The motive is to see if this idea will be effective.  If it is the next objective will be to collect the revenue and plan for the future.

Principles of Marketing

Marketing is essential in order for my business to be a success, I would need to meet the needs of my actual and potential customers, whether for profit or not.

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If a business’s marketing is to be successful, it should understand:

Customer needs – Understanding this is done through the process of market research enabling a company to understand their consumer and moulding around this image.  My business does this by gaining data collectively analysing and documenting any relevant issues.

Keeping ahead of the competition – in competitive business environment organisations are forced to be on their toes.  So we cannot let rivals gain advantages by offering lower prices or goods/services customers perceive to be substantially better.  In order to excel organisations will gear their activities to being better ...

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