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Economics of the Construction Industry - Advertising and Marketing

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Introduction

CRAIG DUTTON HND BUILDING STUDIES ASSIGNMENT 2 Economics of the Construction Industry Advertising and Marketing Although the company has some marketing strategies in hand, its policies are not generating sufficient interest in current projects, suggesting some up dating is needed. Not knowing what policy is in place it is reasonable therefore to start from scratch. What is marketing? Fundamentally, marketing is about identifying, satisfying, or exceeding the needs and wants of the customer, which are constantly changing, and which can be fulfilled in a product more efficiently and effectively than the company's competitors, whilst still maintaining profit. This broad statement is apparent in most forms of business activity, from planning, pricing, promoting, and distributing a product or service to the target market. Marketing entails several features that present themselves during the course of the marketing process, such features include: * Marketing is a comprehensive process that begins with an idea, and ends with the product that will be sold, satisfying the needs of the customer. * Marketing is a managerial process where decisions have to be made, on a particular marketing mix of the four P's, product, price, place, and promotion in the firm. * Marketing involves its managers planning and insuring sequenced activities are carried out in order that the marketing strategy is successful. * A marketing strategy is successful when a firm satisfies the needs of the customer, and in turn achieves its own goals. ...read more.

Middle

It is useful not to get bogged down by all the different activities of a complex sales plan. We can do this by a communications appraisal, in which three questions may be answered. 1. What is the message the company is trying to get across to the customer in its promotional material? 2. To whom should this material be channelled to make full economic use of advertising resources? 3. What would be the expected outcome, for example what would be the company's goal? A company should be able to identify the customers needs. Segmentation may be applied to try to find different potential customer needs, by splitting them into different groups, considering their social background, and then the different groups can be targeted by different sales plans. The more the company can define its customers, the more relevant the promotional mix. Besides the customer requirements when developing a marketing strategy, it must be established how the product compares with its competition, and emphasis can then be given to where it compares favourably. Differentiation This is a way of instilling the firm's characteristics into a product to differentiate it from its competition, and if we can translate this into an advantage over the competition, we have created a competitive differential advantage. Research orientation In this case, research will start with the site itself. What are the national and regional characteristics of the economy, which effect the site? ...read more.

Conclusion

Every effort should be made to make productivity as efficient as possible without the work standards and quality dropping. Volume At the moment, our market share is comparatively lower than that of our competitors, yet our product is not inferior. Using all the points raised earlier, I am sure we can significantly increase our share in the market, once awareness of the project has been raised, and I am confident that the second phase of the development will be released at the end of the summer. Case study This case study is a comparison of two different companies selling a similar product. Midland and General homes and Longden Homes. Midland and General have proved to be highly successful in selling homes at their latest site, even though the site is approached via an industrial estate. Longden offer their similar product in much more idyllic surroundings, which would seem on the surface to be a better proposition, but after talking to a Midland and General sales adviser it would seem that their houses fall in a catchment area of a school, which has one of the best national academy achievement records. This would appear to prove that schools are a very important factor when selling houses, this has further endorsed in the sales literature when visiting sides. Longden Homes have a much more comprehensive sales literature package, with high-quality brochures with pullout folders. In the case of Midland and General homes customers are greeted with a less aggressive simple leaflet, as the area is making their houses much sought after. Wordcount..........2,471 1 ...read more.

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