Day (1999a) stated that market-driven denotes a “superior ability to understand, attract, and keep valuable customers”. Market driven strategy focus on understanding the needs of the customers and delivering a product to satisfy those needs. It forecast the demand of the market and then supply the products and services to fulfill the demand. Market driven strategic practice includes careful market research, investigating the customers' needs, and developing differentiated products or services for a well-defined segment. Various companies such as Nestle, Procter & Gamble, and Unilever have effectively employed this market driven approach and succeed.
Creating & delivering customer value by developing suitable Product ranges & Services b. Explain what Marketing environment means and how microenvironment factors affect retailers. A company’s market environment consists of the actors and forces outside marketing that affect marketing management ‘s ability to build and maintain successful relationships with target customers. The marketing environment is made up of microenvironment and a macro environment. The microenvironment consists of the actors close to the company that affects its ability to serve its customers.
Integration is one of the important marketing operations that are used by CYFOR because it helps them in linking their marketing activities with the functions of the organisation on which the success of the company is highly dependent. While on the other hand, providing competitive advantage is another marketing operation that is used by CYFOR for promoting their brand. Marketing provides them opinion about the competitors’ approaches and strategies due to which they focus on gaining competitive advantage. This is done by offering products and services that are preferred by customer in lowest possible price. Moreover, managerial role of marketing is another marketing operation that is used by CYFOR for achieving
Marketing is a business with the specific product or service in terms of the customer’s needs and their satisfaction. In order to extend the cognitive of the product in consumers’ mind, brand name and logo both are the main elements of a product and enterprise identity as they play a significant role in the communication between the product and consumer; however, name and logo are the first impression given by the product to consumers’ mind, therefore is one of the main reason why they both are a main component of a product. The article of rebranding mergers has stated how attitudes influence consumers’ choices, and this report aims to point out few interest and considerable topics, which basic about the influence of consumers’ buying attitude
But to create a value they should obtain goods and services from suppliers. Therefore, the relationship between customers, suppliers and competitors is the core of firm business environment. The two factor which determines the profitability of the firm are theory of monopoly and theory of monopoly and theory of perfect competition (GRANT, R. M.,
Product benefit is where the company chooses a unique benefit for the product that satisfies the customers’ needs and wants. The benefits should include things like design and performance. Price vs. quality is about the company having their items quality as good as possible for the lowest price and cost. Use or application positioning is a method based on
• The cost of reaching the segment was taken into account because as a business we must invest in things that will benefit the business in terms of profits and market share. • Our customer segment had to be compatible with organisation’s objectives and strategy so that we can reach our financial objectives and
The propose segmentation criteria to be used for products in the various markets and strategies use to select the types of products and services. It outlined how the behaviour of the buyer affects the marketing activities in different situations and proposes new positioning for selecting goods and services. INTRODUCTION Marketing is the activities associated with the buying and selling of products or services. Companies engaged in these activities in an attempt to acquire customers and maintain relationship with existing
ACTIVITY 3: ANALYSIS OF MARKETING COMMUNICATION STRATEGIES Marketing communication strategies address the issues of how (Processes, activities) when (stages of the marketing-mix) and to whom (target market & audience) a company might want to sell or advertise its products or services. They are the staple of an organisation competitive positioning as they directly or indirectly persuade consumers, by either changing their perception of a brand, or persuading them to purchase a product or service. Effective communication strategies will make sure that the right messages are conveyed to the right audiences through the right channels. The marketing mix of a company or the 4 P’s (product, price, place promotion) aims to directly or indirectly
Marketing shapes the image of the organization, how people associate the organization products or services and indeed give people the confidence about their products and services .Actually there are many important roles that marketing function can play it in the organization. Like, marketing function can establishing relationships between customers and the organizations offering to the market. Also it can gives as the confidence to want to try a new product in the market. The marketing function is also can participation in publicity activities, advertising and customer interaction through creating feedback form. HYPERLINK "http://www.smallbusiness.chron.com" www.smallbusiness.chron.com