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Principles of Marketing.

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Introduction

Principles of Marketing The product I have decided to market is a new flavour of fizzy drink. This is because there has not been a new flavour of fizzy drink out on the market for a long time and I think a new flavour should be put on the market. In my questionnaire I will give the people four different flavours of fizzy drink for them to decide which one they want on the market. The market research I will do will help me find out customer needs and wants. It will also help me find out the target group of my customers, their tastes and preferences and how much they are willing to pay for the product. Understanding Customer needs In order to understand customer needs, you need to find out about: * The age structure of the population? * Tastes and preferences? * Income? Market research is the antenna of an organisation and is far more complicated then simply asking 100 people if they like a product. This is the stage where market research starts. ...read more.

Middle

As competitor activity is one of the biggest threats to a business organisation, many markets spend a lot of time finding out what their competitors are doing. It has been argued that most companies react to competitions responses. Competition orientation, therefore sites alongside marketing orientation. This is based on the belief that, if organisations do not satisfy the needs of customers, they will not survive. It is therefore essential to match the production and development of goods and services with the identification and anticipation of customers' desires and requirements. Finding out about competitors involves a considerable amount of research. This will start with finding out as much as possible about competitors products and other elements of their marketing mix. It is necessary to identify points of difference between an organisation and its competitors, as well as areas of competitive advantages. It is important for the organisations not just to look at their competitors products but also how they deal with their customers. Customer needs and requirements are identified in every area of organisational activity, from the original idea and design right up until the final sale and after sales support. ...read more.

Conclusion

Marketing strategies require detailed research to find out about: * Customer requirements * The right products to develop to meet customer needs * How to position the product or service in relation to other products and services * The right marketing mix Constraints on marketing activities Every organisation involved in marketing activity is faced with a number of constraints that may limit their activity. They then need to work within these constraints. Internal constraints- relate to the resource capabilities of an organisation. External constraints- involve a series of factors within the business environment in which an organisation operates that limit, in one way or another, the organisation activities. These include: * Consumer * Competitors * Economy * The law Maintaining a relationship with other stakeholders As individuals, groups or organisations are affected by what an organisation does, they are said to have a stake or interest in the decisions the organisation makes. A company's stakeholder, therefore, include not only its customers and owners but also its workplace, its supplier (and their families), those living near to its sites, special interest groups and, of course, society as a whole, including the environment. ...read more.

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