Marketing and Business
It can define marketing, that the expectations, creation, services, the needs of customers, and the completion of procedures, to catch the customer's attention. It includes the seven following principals as:
1.Analysis of customer
2. Products and their services
3. Selling-Products and the planning of the service
4. Pricing fixation
5. Distribution strategy
6.Research of the market
7. To find out the opportunity
As the strategist manager understands the above function, he will identify and make an evaluation of the strengths and weaknesses of the market.
Customer Analysis
The inside information of the customer's needs, desires, and expectations are deriving from the analysis of the customer. We can carry it' through the survey conduction, interviews of the customer, customer profiling, market evaluation for local custom information, general community norms, the actions of Govt regulatory authorities.
The said information can be collected from buyers, distributors, sellers, salespeople, wholesalers, retailers, managers, creditors, and suppliers, that will lead to identifying the customer's needs and desires, because these peoples continuously monitors the market in past and present perspectives regarding potential customers and the way of their buying patterns.
It should design the distribution strategy based on the above information. Customer profiling will ease to develop an effective mission statement and it will also reveal the demographic characteristics for the customers of the organization.
Selling Products/Services
The successful organization's strategies depend upon the marketing plan implementation, if we have a successful marketing plan, the way of dealings, the market merits play a vital role to compete with their counterparts.
The selling department entertains certain activities to achieve their specific goals including advertising, publicity, promotion, personal selling, sales-force management, dealer relations and customer relations, further telemarketing, customer support centers, etc. These activities can be the penetrating strategies of the organizations in the market.
Product and Service Planning
The innovative way of planning for product and service can boost the businesses, as we are practicing the test marketing; product and brand positioning, packaging, devising warranties, it is to determine the product options, showcasing the features of the products, styles, and the quality. Sometimes companies are offering the after-sale services, it is important for those companies, who are planning for its product development and diversification.
Test marketing is the most effective service planning technique, where it allows the planners to test alternative marketing plans and also forecast the future sales of the new brand products or services adapted to serve the clients.
As the strategist plan the test market project, then he must decide the number of new cities to include in the plan, identify the cities names and also write the method to collect information, prepare a checklist of information to collect during the testing period, and also have to decide the further actions against the information collected.
Pricing or fee for services
There are five major stakeholders having interest and effects on pricing decisions including customers, suppliers, distributors, competitors, and Government entities. Most of the organizations are adopting the policy of integration strategy, which leads to control over the fee or price charged to the end consumer. Sometimes the Govt entities impose the fixed fee or price for the services or goods, which is based on low cost no cost scenarios in a specific situation, like current epidemic scenarios of COVID-19.
The exemplary marketing leaders should view the price-fixing in long-term or short-term perspectives, as the competitors are continuously analyzing the pricing of the market, they can copy the fee or pricing strategies.
Marketing Research
Good planners rely on marketing research because it peels up the strengths and weaknesses of the competitors. As for the marketing, researchers use different tools and techniques to collect the data systematically. The planners are conducting the needs assessment based on research data and specify the production scale and also the tenure of the services.
The marketing researchers owe to uncover the critical strengths and weaknesses through the application of so many scales, instruments, concepts, techniques, and procedures, it eases the planned to design the strategy to capture the market, based on ideas drawn from market players.
Cost/Benefit Analysis
The most important function of the marketing is to assess the cost and benefits analysis because the cost benefits and the expected risks have associated with marketing, that involved three steps:
1. To conduct the cost/benefits analysis based on the cost associated with the decision.
2. calculate the total benefits from the decision.
3. to make a comparison of total costs with the total benefits.
Though it can not qualify or not even measured because of certain variables, but a reasonable estimation would come-up, which allows us to perform the analysis. One of the key factors to consider is the expected risk, it is to perform for penetrating towards the alternative ways of business, and also evaluation of social responsibilities.
- The Manager should have a market analysis report to boost the organization's business.
- The deep knowledge of the market norm, trend, and general perspectives of the clients' attraction and their capacity to endure the expenses.
- The manager should conduct the need assessment of catchment areas to implement the project, based on need would be fruitful and acceptance of peoples will ensure.
- The managers should keenly observe the organization's existing system and divert it slowly and gradually towards the dream of executives.
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