Niche Marketing
This is where firms concentrate on selling to a small market, due to these costs can be kept low because of the savings made by specialization. IT is usually used by smaller firms as they can concentrate on establishing a strong image and position in their niche. Also niche markets are usually ignored by larger multinational firms, who are not interested in the low sales volume yielded by a small segment. A good example is Rolls Royce who specializes in the luxury automobile niche. Mass marketing This is the total opposite to that of niche marketing, in mass marketing a firm will try to accommodate as much of the market as possible. However doing this means you have to ignore certain area’s of the market as you cannot accommodate the whole thing. Mass marketing usually involves marketing different products to different groups of people or promoting the same product through different means. An example of the former is the way banks now work, they have separate accounts for students and teenagers, and others offering different services for different purposes. Marketing is about understanding the customer’s needs and ensuring that products and services are of the highest possible standards in order to satisfy the potential customers wants and needs. Marketing also focuses on ways in which the business can influence the behaviour of customers. Marketing is essential to the success of all businesses. Its primary aim is to enable businesses to meet the needs of their actual and their potential customers and should be able to: It is very important to understand the needs and wants of customers. The needs of customers may vary between different groups of people. Customers needs include: Good customer service – This would include the after care service and the service provided when the purchase of the goods is made. This may be friendly environments, return policies, good clear advice and good services such as express tills. The business may consider their competitive markets and may evaluate the competitive prices in order to provide a better service and better quality. They can use these strategies to meet the needs of their customers. They need to have unique goods in order to stay ahead of competitors. For example a game shop can get the latest games so more customers can come there because no one else will have them The business will need to think of innovations, which they could use to help with communication between suppliers, contractors and customers.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
Marketing is the process of appealing potential buyers to products or services. Marketing is a two-way process that aims at achieving mutually beneficial sales
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Due to the increasing competition in the global market place and more so in the local markets most companies are exploring the option of venturing oversees to market their goods. Various factors motivate such moves most of them being business sustainability oriented. Such firms are applying marketing principles in several countries. The firms are making single or several marketing mix decisions beyond state boundaries. Such moves at times involve establishing production bases in foreign countries and harmonizing marketing strategies all over the world. Some firms have penetrated the global market by either establishing partnerships in the foreign countries; merging with target country firms; or even by acquiring foreign based companies Nakra, 2006). Haier Group Company, a Chinese manufacturer and marketer of home appliances has not been left in such marketing strategies and has established its base in the Indonesian market.
Marketing in a lay man's language is about matching the needs of your target market to what your business is offering in the right place, with the right price and at the right time. It is not possible for the business to get close to the customer without good marketing. Good marketing will involve a good understanding of the target customer and tailoring of your product and services to meet their need. This is then communicated through your marketing efforts. Selling ensures the offering is translated to paying customers.
In a marketing aspect, these three ethnicities have several similarities how other marketing towards them. Amongst the three minorities Asian-Americans seem to make the most money. African-Americans spend the most money music and media. Finally, Hispanic Americans spend more money on items and services that are culturally related to them.
Market segmentation means dividing the market into distinct groups that have common needs and will respond similarly to marketing action. Each segment must be unique, have common needs, and respond in a similar manner to marketing efforts. Target market is the group of potential customer that has been selected by business to focus its marketing efforts towards. This is the group the business wants to sell its products/services to. Positioning refers to the image created in the minds of customer of its product or brand. It is a perception created in the minds of the consumer relative to that of its competitors.
Nowadays, Segmentation, Targeting and Positioning (STP) is the most used strategic way in Marketing. It is the prime of the available methods that are applied to create marketing models in practice. This model is beneficial when making marketing communication plans because it aids marketers to prioritize ideas and thereby create and advertise unique and appropriate slogans to communicate with various segments this is a segment based strategy rather than a product based strategy. This strategy enables to communicate more appropriate messages to product appealing segments.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
Business success in the market relies on its founding platform, the marketing plan. This is a strategic penetration into a new or existing market. This is important because of the various legal, environmental and structural requirements set for new and existing businesses. However, with a broad business marketing knowledge, there are many paths to success at disposal. The Exceptional Learning Academy and Therapy Services’ marketing plan comprehensively covers the domestic and global product branding strategy, pricing strategy, distribution channel analysis and a detailed evaluation of the prior strategies for optimization of operations. The domestic and global product branding looks at the business logo. The business will have a logo that sums up its basic services and promotes the business as well. Notably, the business as a brand is not just the logo, but is the image of its relationship with consumers and employees. The company plans to embark on quality service delivery to the customers and a professional working environment for the business’ staff. This creates an open and warm working environment and in turn builds the business brand name. This will build the business logo as the global business brand.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations that lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010).
It involves the vital process of researching, promoting and offering products or services to a company’s target market. Marketing is an important business process where the company can inform, attract and convince people that its products or services are of value to them. Without Marketing, many businesses would be unable to exist or operate well in the market. They could offer the most amazing product or service in the market, but if nobody knows about its existence or understands its value, these companies are unable to make a single sale thus they may have to be out of