P4 Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy. Market research is a key factor to maintain competitiveness over competitors. Market research provides important information to identify and analyse the market need, market size and competition. A marketing plan may be part of an overall business plan.
Explain key concepts such as segmentation, target marketing and product positioning. 2. Explain the four elements of the marketing mix: product strategies, pricing strategies, promotion strategies and distribution strategies. 3. Classify factors in the external marketing environment as either opportunities or threats as well as interpret internal company factors to create a SWOT analysis.
Marketing also can be defined as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders (Kolton & Keller, 2009). According to Business Dictionary (2010), marketing is “the management process through which goods and services move from concept to the customer. As a practice, it consists in coordination of four elements called 4P's: (1) identification, selection, and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer's place, and (4) development and implementation of a promotional strategy” (Marketing, para. 1). The need for marketing was created by the need to exchange items with others in
2. Question: (TCO 1) The first phase of Porter’s recommended process for evaluating the company is: 3. Question: (TCO 2) Change management is the approach to plan, _______, ________, manage, measure, and sustain changes in business processes and work. 4. Question: (TCO 2) According to Porter’s model, which of the following are forces driving industry competition?
A buy-side transaction is one buyer purchasing goods/services from many different sellers. An exchange transaction involves many different sellers and buyers working together. The supply chain improvements and collaborative commerce transaction includes everything that the other transactions have, as well as providing supply chain improvements, communication, collaborating, and the sharing of ideas for joint designs, planning, and so on. Reference: Our Text Pg 173. 4.
2. Question: (TCO 1) The first phase of Porter’s recommended process for evaluating the company is: 3. Question: (TCO 2) Change management is the approach to plan, _______, ________, manage, measure, and sustain changes in business processes and work. 4. Question: (TCO 2) According to Porter’s model, which of the following are forces driving industry competition?
Unit 11 Customer service M1 and M2 Explain how different customer needs and expectations can differ. Link to P1. How do the needs of the different customers you described in P1 differ? You need to explain how different their needs are and discuss how the business tries to meet their needs. You need to explain why they are different and the different things the business has in place to meet these needs.
What is marketing? Marketing is; the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products their customers. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design and general media exposure. The 4 'Ps' of marketing are Product, Place, Price and Promotion.
Competitive Strategies. Give examples of how different businesses in the same industry select different business strategies? Use illustrations to support your answer. According to business theory there are basically four different business strategies that help a business exist. There are, the Prospector Strategy, the Analyzer Strategy, the Reactor Strategy and the Defender strategy.
-The place- Access to target market, channel structure, channel management, retailer image, logistics. -The price- costs, profitability, value for money, competitiveness, incentives. Once the 4Ps have been looked at when creating a product the way the company then promotes that product will vary between at-least 6 ingredients. The promotional mix – is how a business attempts to communicate with various target audiences and is key element in the overall marketing mix. It consists of main elements which are; Advertising- advertising is a paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor’ advertising is the method used by a wide variety of organisations to -communicate a message to a selected audience - persuade people to buy a product or service - highlight specific features or qualities inherent within the product or service .