MKT 421 Complete Class Materials https://hwguiders.com/downloads/mkt-421-complete-class-materials MKT 421 Complete Class Materials MKT 421 Marketing Week 1 DQ 1 What is the definition of marketing? What are the benefits and drawbacks of incorporating marketing into the sales function of an organization? Do you think that marketing should be included as part of the sales organization within a company? Explain why or why not. MKT 421 Marketing Week 1 DQ 2 Select an organization with which you are familiar.
Unit 1 - Marketing: A01 Task 1 - Marketing objectives Marketing objectives are important to all business in order to be successful. Business must know what the consumers need and they must ensure that the goods and services support the customer's needs. To attract customers to the business, quality products must be created and customers must be satisfied with the result. Marketing also if marketing is carried out successfully it will increase the profit of the business and make them more likely to become successful. There are marketing objectives in businesses that must be fulfilled in order to be successful: Discovering the needs of consumers to make sure that a quality product is produced means that the business must first find out what
Companies do this by gathering information about other similar companies, customers, and products. Competitive intelligence information is used in the decision making of managers and executives to support strategic decision making for the company. It is important for Kudler Fine Foods to know what their competitor is doing for several reasons. First, if their competitor is offering a promotion to the public that is attracting more business, then Kudler Fine Foods will want to offer something along the same lines so more business will sway in their direction. Second, although the company may feel that they offer the best product, if the public feels that the competitor is offering a better product, they may want to consider changing their supplier of certain food products.
Marketing is the step-by-step detailed instruction on how a company or business plans to get its product, service, or identity to the marketplace. Some companies when launching a new product give out free samples of their product. This draws in consumers to test the product but also to bring awareness of the product. Promotion is simply effective communications. People must know about a product before it can be sold.
Running Head: TARGET-MARKET STRATEGY Target- Market Strategy MKT-245 Principles of Marketing Grand Canyon University August 22, 2010 The purpose of this paper is to inform the reader of my product and what are my strategy for entering the markets and what the potential barriers I may encounter. I would start off my giving my product a name that has a key phrase that describes the product category for the customers’ or potential customers’ mind. No matter how you brand your company, it must deliver on its promise. If you promote your brand with strong customer service, your customers better feel that way or it will fall flat. Speedy service can’t be slow.
Promotion mix is also used to encourage customers that the product is better than competing products and to remind customers about why they may want to buy it. It can also be used for attracting new customers, creating an image, increase sales, encourage customer loyalty, create awareness and also reassure new customers. Reference: http://www.tutor2u.net/business/marketing/promotion_mix.asp Communication
Focus groups aim at a discussion instead of on individual responses to formal questions, and produce qualitative data (preferences and beliefs) that may or may not be representative of the general population." This would be a good method of collecting primary data due to the fact that as the business you collect the information yourself and therefor it has a more reliable element to it. As well as this it helps a business obtain further examples of both qualitative and quantitative data which always help when it comes to finding whether or not a business has to develop on. In terms of telco they would use focus groups in order to establish any problems or improvements that they would be able to make I.e. Releasing a new product to existing
240). Using this strategy of promotion could cause more exposure for KFF and help them become more globalized. If the company carries and sells the products the right way, the consumers will think “this company means business, let’s show our appreciation”. To make any company grow individuals need to promote it in the right way because promoting a company the wrong way could cost the business
The frequent shopper program can become an effective tool in the attraction and retention of loyal customers. Rewards that can be traded for luxury items will have a great influence in customer loyalty and attracting new customers. A positive response from the public is important and in order to ensure that response, Kudler Fine Foods must find and develop a proactive way to approach the public’s privacy concerns. Preventing conflict with consumers regarding personal data and how it will be used is simply fixed by keeping the consumers aware of just how it is being used. The number one concern for Kudler Fine Foods must be security and privacy of their consumers’ personal
The marketing research is a great way to find ideas to make a company grow bigger and better. It also helps knowing what the competition will do, and how a company can make an even better idea to increase the number of the consumers. Competitive marketing intelligence is also important to a company when doing marketing research on the competition. As stated earlier, Competitive intelligence is the systematic collection and analysis of publicity available information about consumers, competitors, and developments in the marketplace. Both research and intelligence will help companies stay competitive; decide what is best for the company and the consumer.