Sample Term Paper
Marketing management is the process or series of actions that are needed to develop a marketing strategy. The major component includes the needs and demands of the consumer, the product itself, value cost and satisfaction, building relationship, market.
- Needs and demands:
This is the most important aspect of building strategy, consumers are at the heart of any business and it’s very important to have a good know how about what their needs are and what they expect from that product or service. Before launching a product it is very important to do a market survey that would give the organization a knowhow regarding the customers’ preferences. For example now days there are so many products available in the market of the same kind so it’s good to conduct a market survey before the launching of the product so that it would give an idea about the fondness people in that locality have for a certain product. The information that the company would receive after conducting the survey would be used in improving or changing the product. One thing that should be kept in mind is that the needs and demands for a particular product depend on the area the nature and culture of the place as well so the marketing strategy would also vary from place to place. In this regards the organization can perform the market survey by either direct questioning or by observing the sales of the volume of certain products. The more a company understands the needs and wants of the target market the more they can get closer towards their satisfaction level which is of prime importance.
Product is the core of the whole marketing concept. The most important thing which is required for a product to survive in the market is its high quality and affordable price. There could be multiple reasons why a product didn’t work up well in the market. Maybe the market survey that we have discussed before was insufficient, or the quality of the product was low, or the most dangerous situation is when the product failed to match up with the competitive product. The third situation is the most dangerous reason being that it would send a negative feeling in the market about that particular product and eventually it would create doubt in the mind of the customers.
- Value cost and satisfaction:
All three factors contain their own significance by value the customer is expecting that what value is he getting in return of the money that he pays for that product, cost means the same that either the cost that the customer is paying justifies the value that is being provided by that product. And if the answer of both these questions would be in positive then the satisfaction level would automatically be there. Organizations need to pay special attention on all these as they are at the core of the customers’ heart.
- Building relationships:
In today’s world business is all about building relationships with your customer, reason being that a customer is not just a single customer but behind him there is a whole chain of customers who are link with that customer. Also the cost that is occurred in finding a new customer is much more then retaining an old one.
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