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Marketing processes

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Introduction

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. ...read more.

Middle

Competitors - It may be difficult to market a product for which a competitor already has an advantage. Economy - In a period of economic recession when consumers have declining incomes, it may make it difficult to market a luxury product. The law - There may be a number of laws constraining the activities of a business, which may make it difficult for the business to do well. This is relevant to the Bright Spark Accounting Services business at hand, as it is a market-focused company that will research all these constraints fully and will try to find solutions that enable it to turn weaknesses into strengths and threats into opportunities. Researching for Bright Spark Accounting Services My type of research is secondary research, otherwise known as Desk research. This is the gathering and analysis of already available information. Therefore, the company does not have to actually carryout surveys etc, but just look up information that they need, this is where the Internet is most useful! A big advantage of Desk research is that it saves both time and money for the company in question. However, one common disadvantage with this type of research is that the information found is not always the information that it needed however in my case I got all the information I needed. Market research can obviously be of great help and benefit the business enormously, which is why it is considered a very valuable tool to my business in achieving success and my objectives. ...read more.

Conclusion

The local paper is disrupted over the whole town and surrounding villages once a week on a Thursday, so my business will be viewed on regular basis. I felt that opening my services here with the appropriate advertising would attract sufficient interest to run a successful company. As I have set a fixed amount for my fees it should be easy to predict my income and work out how much I need to break even on the advertising costs. The break down of my advertising: Website �1500 + �50 per month for updates Newspaper advertising �200 per month 10000 Leaflets + Distributor �750 1000 Business Cards �125 I have assumed that I will not receive any income through customer during the first month as I will only just start to get noticed, but once the 'word' gets around about my company sales will expand and develop, and through the course of continually/repeated advertising in the paper I expect sales to continue to grow. Obviously I will measure my success on the amount of custom I receive, but all so I will provide a questionnaire for customers on how/why they have decided to come to my business for accounting services to see of any ways of improving my services. When I will be looking to recover my costs for advertising I will be able to cover my main outlay within the first month of business after the start of the advertising, however this does not include wages that I have set up to be taken into account. ...read more.

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