Explain The 4 P's Of Marketing Mix

Introduction Every business organization is using a marketing concept which is used as a tool to identify customer’s needs. And further try to meet them by making right decisions in line with customer’s needs. In line with meeting customer’s needs the ultimate goal of every business is to gain profit. That’s why they make use of different marketing strategies to meet not only the need of the customer but as well as the goal of the company. We know for a fact that marketing strategies comprises everything from developing a product, to introducing it to the market, to selling and improving it as the need of the target market changes.

1.2 Explain different methods of segmenting and characterising customers The key to a successful business is to find out who our customer base is, what the customer wants, the age, gender, spending patterns etc. This is the reason we have marketing research because it can identify different customers and recognise what we need to do as a company to meet the demands of the market and keep us competitive.

Smart is being able to get the best resources, applying the best techniques to your project and choosing the strategy in what you’re presenting to the performance of your client. Fast is making sure that everything is up to date on all current events, getting the project done on time too. Kindness is telling us that, we need to be respectful to anyone working on the project, contractors, co-workers and the client’s representatives. One Smooth Stone finds that values and culture are a very important part of their organizational structure. All these values are a part of the product the company

Channel is how a firm distributes the products to its clients. The brand element is about how a firm markets the benefits of its offerings. Lastly, customer engagement is the environment that a company provides to its clients in order to enhance their overall experience of using a product. Every organization has to ensure that the employees engage in its innovation strategy and take all changes with a positive mindset. The four elements needed for effective implementation of an innovation strategy are – Leadership, Engagement, Extension and Alignment.

Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.

The research attempts to investigate the impact of effective advertising on the consumer’s buying behavior. Advertisement is a method of mass promotion that’s typically used by different firms to reach large groups of potential consumers to persuade and inform them about a particular brand of product or service through oral or visual message. This means that the aim of any advertising is to differentiate and deliver various information about the product and the company to the prospective and existing consumers, it is therefore vital to make the message of the advertising effective, clear, focused and singular to make it easy for the target customers to hold on to it and catch it; as this provides a basis for

Management is a very crucial part of each and every business organization in that it leads to increased utilization of business resources in the manner that would enable the business organization to be able to achieve the intended goals of the company. This is an indication that every operation that take place inside an organization has to be authorized by the management as it is the one which is responsible for making top decisions on behalf of the stakeholders and the workers at large. In order for the management to realize its purpose, it has to be carried out in a manner that is strategic. In this case, strategic management should be focused on so as to increase the chances of reaping the best in terms of success in management and control.

Hence, the need for the two parties to agree and communicate effectively at every stage of project implementation. 6) A clear view of what success looks like: All the relevant stakeholders of a project must have a clear definition of success for their project. The project team and all stakeholders must have a full understanding of what they need to achieve and how success of their efforts is measured. Having a clear view of what you consider success in your project helps you define your activities more clearly and establish a clear route on how you will succeed in your project. 7) Consistency, compatibility and achievability of all component parts: A typical project constitute a variety of components that need to be consistent, compatible and achievable; and should all be geared towards the success of the project.

Obstacles to communication in business are problematic as they make it difficult for a message to be received in the manner of which it was intended, or indeed not received at all. In a working environment, communications may generally be classed as vertical or horizontal. Vertical communications are those that move up or down the various levels in the company, such as a message from the director, down to manager, to supervisor, and then subordinate. Good two-way flow is important in modern business as it helps all workers feel more valued and confident with their tasks. Horizontal communications are usually those that are passed between staff that are at a similar level in terms of hierarchy, or across departments; for example, an accounts assistant may

Customer service is vital for establishing and maintaining a loyal customer base. An excellent customer service culture is an essential part of a successful business or organisation. Quality products and competitive prices will take the back seat if your employees do not meet the expectations of your customers. Retaining customers will become a headache with rude and inexperienced customer service staff, ultimately leading to a drop in sales. Existing customers will take their business elsewhere, why patronise an organisation that has no regards for its customers?