marketing
MARKETING
Marketing is the management process for identifying and anticipating customer requirements profitably. All company policies and activities should be directed toward satisfying customer needs.
Those setting up their own business should remember that profitable sales volume is more important than maximum sales volume.
There are four steps to successful marketing:
1.
Market research may be carried out to determine the needs of potential customers
2.
Analyze competitive advantages to develop a market strategy
3.
Define your target market
4.
Determine how to satisfy customer needs by identifying a market mix
1. Market Research
Before undertaking any research you need to be clear about what you want to find out. Here are some of the questions you might want your market research to answer:
•
What are your products/services? Is there a demand for your product/service?
•
What is the euro size of your markets? You need to assess the profitability of the sector which you intend to enter.
•
What is your sales and distribution setup?
•
What geographic area will you sell to? How critical is location to your business?
•
Profile your prospective customers – look at population, demographics, income levels, etc.
•
Study your competitors – who are they, how many are there, what are their strengths/weaknesses?
If you are able to answer these, and perhaps other questions satisfactorily, you should be in a position to estimate the amount of sales you are likely to achieve. The key question is will these sales be sufficient to allow you to operate a viable business?
Successful marketing requires timely and relevant market information. An inexpensive research program, based on questionnaires given to current or prospective customers, can often uncover dissatisfaction or possible new products or services.
Market research will also identify trends that affect sales and profitability. Population shifts,
Marketing is the management process for identifying and anticipating customer requirements profitably. All company policies and activities should be directed toward satisfying customer needs.
Those setting up their own business should remember that profitable sales volume is more important than maximum sales volume.
There are four steps to successful marketing:
1.
Market research may be carried out to determine the needs of potential customers
2.
Analyze competitive advantages to develop a market strategy
3.
Define your target market
4.
Determine how to satisfy customer needs by identifying a market mix
1. Market Research
Before undertaking any research you need to be clear about what you want to find out. Here are some of the questions you might want your market research to answer:
•
What are your products/services? Is there a demand for your product/service?
•
What is the euro size of your markets? You need to assess the profitability of the sector which you intend to enter.
•
What is your sales and distribution setup?
•
What geographic area will you sell to? How critical is location to your business?
•
Profile your prospective customers – look at population, demographics, income levels, etc.
•
Study your competitors – who are they, how many are there, what are their strengths/weaknesses?
If you are able to answer these, and perhaps other questions satisfactorily, you should be in a position to estimate the amount of sales you are likely to achieve. The key question is will these sales be sufficient to allow you to operate a viable business?
Successful marketing requires timely and relevant market information. An inexpensive research program, based on questionnaires given to current or prospective customers, can often uncover dissatisfaction or possible new products or services.
Market research will also identify trends that affect sales and profitability. Population shifts,