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PHSE5 DB: The Global Marketplace
Fundamentals of marketing
Marketing is a process through which an organization's goods and services move to the consumers. It involves coordination of four major elements: identification and selection of a product, determination of the price and selection of the best distribution channels to reach customers. Marketing is also the ability to identify the needs and wants of customers as well as the ability to deliver products that satisfy those requirements. Marketing is the most fundamental activity in an organization. It affects directly the amount of sales and recognition of an organization. Marketing covers various fields that aim to create awareness about a product and enforce selling. These include advertising, public relations, personal selling, sales promotion and direct marketing. Marketing is composed of seven major steps known as the principles of marketing. These principles provide a guideline on how to conduct effective marketing. Marketing starts with research, product identification, customers and...
Marketing is an important effort required in order to gain attention, building the product demand and attracting customers. Marketing is important for start up businesses and those already in operation. It aims to provide information about customers' needs and desires, marketing opportunities for goods and services and changing attitudes, and purchasing pattern of the customers (Pride & Ferrell, 2011). In a business plan, marketing helps to clarify key elements of a business and provide direction and objectives within a business. It focuses major elements of marketing known as the four Ps; price, promotion, product and place. Incorporation of a marketing plan in the business plan helps to create clear guidelines on the suitable marketing strategies to use. It…
References
Pride, M.W & Ferrell, O.C. (2011). Marketing. Connecticut: Cengage learning.
Rusell, E. (2010). The fundamentals of marketing. Switzerland: AVA publishing.
DESIGN The customer experience coalesces here; all segments merge together in synthesis. Models move from the rote to the analytical, from the passive to the active, and from the manufacture driven to the service driven. To ensure long-term compatibility, perform continual needs analysis, understanding that consumer dynamics (demographics and psychographics) continually evolve. Conclusions -- Modern society is complex, and thus the types of choices consumers make on a minute by minute basis are
Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company; Strengths In the current economy, the economic downturn has hurt the horse industry. "With the loss of jobs, additional money that people used to care for their horses has gone down...You have to feed your family before you feed your horses" (Powers 2009). The availability of second-hand goods will be helpful to address this issue. On the other hand, one
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Market segmentation is often defined as "grouping people according to their similarity related to a particular product category" (Richardson). The most commonly used forms of segmentation are geographic, demographic, psychographic and benefit; demographic and geographic segmentation are descriptive while psychographic and benefit segmentation are behavioral. In order to determine the appropriate market for a particular product, you must be first be able to identity what sort of product you will