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This assignment is based on my knowledge of Marketing. Within this assignment you'll find reasons of why I have chosen to study marketing, what I believe marketing is and what is involved within the long chain of marketing

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Marketing Introduction This assignment is based on my knowledge of Marketing. Within this assignment you'll find reasons of why I have chosen to study marketing, what I believe marketing is and what is involved within the long chain of marketing. Marketing is using many different techniques to find and keep customers whether it's directly or indirectly, whether it's about going to business meetings to persuade another for your business or whether you're stuck in front of a computer screen, researching what your competitors are offering. Marketing offers so much more knowledge to a business on how to satisfy their customers, after all, a happy customer is a loyal customer. Although there are many acceptable reasons for why I have chosen to study marketing such as the fact that if I was to ever think of opening a business of my own I would understand the strengths and weaknesses of my business, I would hopefully understand my customers and if opening my own business doesn't become a reality then I would at least understand the true worth of a product in order to avoid paying too much for products which are hardly worth it which basically helps me understand the world of money much better. For example, by studying marketing I have understood that although the per unit of small parcel are normally lower in price than big parcels, the bigger package is normally not better in quality just higher in quantity. Marketing is part of a business which controls the way that the goods or services are being sold. Key terms: Products are goods or services which are provided by a business. Goods are physical products like a car for example and a service is a non-physical product like a hair cut or a train journey. Anyone who pays for a product or service is called a customer and the person who receives the product or service is known as the consumer. ...read more.


If a company fails to meet it's capabilities with the customers wants then a company will then need to find ways of avoiding the humiliation of bankruptcy. http://www.thetimes100.co.uk/theory/theory.php?tID=211 As you can see in the above graph nowadays more and more businesses are all using the above schemes to run their businesses efficiently. I have already explained what market research is and how a business benefits from it. Market testing is when the general public is surveyed and interviewed on whether a certain product should be brought into the market. I have found a paragraph on the internet which explains perfectly what customer focus really is; "...The concept that the customer is the only person qualified to specify what Quality means. This leads to detailed analyses of who are the customers, what are their needs, what features (or new) are required of our products/services, how do customers rate our products/services versus our competitors and why, how can we keep our customers satisfied?" Once a firm has done its market research it then needs to apply its market research to its product and yet constantly carry out more market research in order to detect what the customers really think of the new product. If the product proves to be successful then commence on launching the product. Once the product has been launched market research is still needed for feedback on what could be improved and what needs to be improved. Target Marketing Target Marketing is making all marketing judgments a focal point on a specified collection of people who you want to reach. Target markets are normally different types of buyers who are sharing similar common needs, desires and characteristics that a corporation chooses on serving. A business will normally need to recognize their target market sequentially to systematize its responsibilities and manage with the normal demands of this particular marketplace. Target marketing can be very beneficial to a business as it outlines the basis of a modern marketing strategy. ...read more.


* Safety A safe product (such as using caution labels to warn parents of sharp objects in toys, warn your customers of nut traces etc) is also an obligation. There are many more examples other than the above a business must be prepared to analyse when producing a product. Price Some companies believe that having a low price attracts many more customers but this is not always true as having a low price will not cover its costs and will also force customers to believe that there is something wrong with the product being promoted. If the price for your product is too high then what could've been possible customers will steer clear of purchasing the product. Promotion Most people assume that that promotion is the same as advertising; in some ways this is true as it plays a certain role in promotion but the overall promotion process involves the Marketing Department of a business in a number of different stages such as advertising which is to inform the public in as many ways possible such as handing leaflets out, advertising using internet pop-ups, advertising using newspapers, publicity in the media, special offers, sponsorships and television. Presenting your product in ways which will attract customers is also favourable as well as creating an image of the product at the point of sales. Promotion is important for the reason that although a business has a product the customers aren't generally going to be interested if they don't know about the product. Place The place which is also known as the distribution is important for the production of your business to be successful as a business must be aware of the locations where the production will be most successful, for example it'd be more ideal to sell swimwear and bikini's in places like Ibiza, Hawaii, and Dubai all year round rather than in the United Kingdom. ...read more.

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