1.Why is it necessary to clearly identify, before designing product and service offerings, customer needs, and what are some of the less obvious service aspects that might inform purchasing decisions? Customers are what keep your company going. You need to know exactly what it is that they want so that you can provide it for them and so profit from them. Every customer is different from another individual, therefore every customer has a different need. Understanding customer needs will help you define new market opportunities and drive innovation and revenue growth in every aspect of your organization.
M1 - Explain how promotion is integrated with the rest of the marketing mix in a selected organisation to achieve its marketing aims/objectives. Businesses may have several marketing aim and objectives which are met through the integration of marketing techniques e.g. promotion and the marketing mix. Companies like M&S operate on a global basis therefore their aims and objectives may differ for regions, however the main aim for each company would be to inform the market, increase demand and differentiate the product/service. Marketing objectives of Marks and Spencer is to ensure consumers are better informed about the products/services they provide.
Overall, incentives have certainly had an affect not only on the business and the locations they decide to choose. But it has in turn played a role in the redistribution of the US industrial base. Businesses will always seek out the most cost effective way to produce their product may that be by obtaining cheaper natural resources, human capital, and labor. In conclusion, there are two types of incentive tangible and intangible. Tangible incentives are Material incentives.
In addition, hybrid organizational designs allow you to modify your organizations reporting and the needs of your company. In an example, you may find combining a product and geographic organizational structure allows you to move employees and resources quickly based on changing customer request. Adding a geographic component to your organizational structure can tailor offers, marketing and services based on differences in customer price points, packaging and product needs. Maintaining the focus may help you better meet customer needs and, in turn, increase your
At this point, sales are virtually diminished, pricing is considerably offset from market trends, and the ability to maintain a level of profitability becomes a major challenge. An organization can put forth efforts in the attempt to reverse, or otherwise avoid, the decline stage by a few idealogic strategies, all of which are designed to readapt and conform to newly enhanced demands by the industry and its respective consumers. Most importantly, an organization can empower itself to readapt and act in a proactive manner by analyzing market trends and determining the future scope of a certain type of product or service within a reasnable timeframe prior to the onset of saturation and declination. Perhaps it would be in the best interest of an organization to produce/ provide a product of similar fashion, yet a unique alternative, before actually retiring or discontuing a product. For production to end indefinitely of a specific good, an alternative must be researched, produced, and introduced into the marketplace at the same time to create an equilibrium of market introduction of one product and declination of another.
Without customers, there is no business or sales. Without sales, there is no reason to create new products or services. These are just a few reasons marketing is an important factor in the success of a business. Marketing is the process that a company performs to get the word “out” about new products and services. Notifying potential customers through advertising and promotional sales provides current sales of products and increases the future success rate for the company.
Development – A subset of the fields of business and commerce, business development consists of a number of tasks and processes generally aiming at developing and implementing growth. The urgency of the situation and the culture of the team members The goal of this project is to be profitable and successful. This goal will not be achieved quickly. The assignment given by management was adding a new department and the new department was to reach a targeted market for the purpose of being profitable and successful as quickly as possible and for as long as possible. The cultures of the team members varies because of the team member being
This is a very useful source of information as you are researching a business much alike yours as you are competing with it. When researching competition you already have many things alike so you look at it from a customer’s point of view of why someone would rather go to a competitors business over yours. This would be for such reasons such as their U.S.P (unique selling point) or other factors that differentiate their business from yours and you could add or modify that to your business increasing the
To be profitable, consumers have to be aware of new products and purchase the items; this is how companies increase revenue. Being able to effectively manage the four Ps of the marketing mix are crucial to the success of the new product or service being marketed. The four Ps consist of product or service, place, price, and promotion (Kotler, & Keller, 2013). By using the four Ps marketing mix, it assist in how your company decides to market a new product or service; and tests current marketing strategy. This concept works both domestic and internal markets; for international markets, various cultures will have to be researched and adjustments made to integrate the products or services successfully into the market (Kotler, & Keller,
Selling – your businesses success or failure will rely on its ability to sell its goods/services. Even though you might have a brilliant idea the 4 p’s will need to be adopted offering the right product, at the right price, in the right place and promoted in such a way that the customer is persuaded to buy, which leads to the question do you have the ability to sell your idea or a partner who does? Management – these will be much more important once you get to a stage when you start to take on employees and an organisation structure starts to develop. There will be a need to communicate your ideas as well as co-ordinate the different functions, listen to feedback from colleagues, set targets and monitor progress. How will you do this?