business marketing
There are various elements that constitute a marketing programme of an organization. Marketing mix is linked with the culmination of all these components or factors. The key elements, which come under marketing mix, are product, price, promotion and physical distribution. These elements are known as 4 P’s, and are utilized for integrating different marketing actions.
These all elements are interconnected, and their main objective is the satisfaction of the consumer. The business firm has complete control over these elements, which are made up of many sub-variables that are explained as follows:
Product: The product is the first and chief element in the marketing mix. It is the root of all marketing actions. The other marketing efforts will prove ineffective, if the policies pertaining to product intended for sale are not decided. The different product related processes consist of style, quality, name, features, brand, color, packaging, labeling, branding, size, services, warranty etc.
Price: The product’s price is a crucial component in the marketing mix. Price is the value of a product expressed in the terms of money. Prices or pricing decisions are of a great importance to the producer, seller as well as to the customer. The activities that comes under this element comprises customers, pricing strategy, social responsibility, pricing policies, credit terms, allowances etc.
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Submitted by admin on Sat, 2007-02-03 04:44.
Market research entails the application of the business approach to the task of accumulation, directing, examining and representing desired marketing information. This means that each and every step in the research process must be cautiously designed, efficiently organized, so that the whole process is properly incorporated and accomplished at the right time and in the desired order.
Each part or segment of the research plays a crucial role in the efforts of the research team to accomplish the said objectives. The market research process involves three operations: -
Market Research Process = Input - Process - Output
Marketing researcher is directly connected with all three operations. Input means data, i.e., detailed information and standards. In data processing, the market researchers processed the accumulated information and then categorize and scrutinize it to get output in the form of desired results. Output or results in the form of data is crucial for successful marketing functioning. The main characteristics of effective yield include: -
- It should be appropriate.
- It should be current.
- It should be precise.
- It should be consistent.
- It should be adequate.
- It should be cheap.
- It should be clear.
- It should be utilizable without making extra modifications.
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Submitted by admin on Thu, 2007-02-01 04:56.
Primary research entails the use of immediate data in determining the survival of the market. The popular ways to collect primary data consist of surveys, interviews and focus groups, which shows that direct relationship between potential customers and the companies. Whereas secondary research is a means to reprocess and reuse collected information as an indication for betterments of the service or product. Both primary and secondary data are useful for businesses but both may differ from each other in various aspects.
In secondary data, information relates to a past period. Hence, it lacks aptness and therefore, it has unsatisfactory value. Primary data is more accommodating as it shows latest information.
Secondary data is obtained from some other organization than the one instantaneously interested with current research project. Secondary data was collected and analyzed by the organization to convene the requirements of various research objectives. Primary data is accumulated by the researcher particularly to meet up the research objective of the subsisting project.
Secondary data though old may be the only possible source of the desired data on the subjects, which cannot have primary data at all. For example, survey reports or secret records already collected by a business group can offer information that cannot be obtained from original sources.
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Submitted by admin on Wed, 2007-01-31 06:08.
Marketing is a composite plan by which the demand structure for economic goods and services is wisely estimated and accomplished through innovation, publicity, exchange and physical distribution of such goods and services that can fulfill desires, demands, wants of customers or users in the market place.
Marketing can be defined as, “The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer.”
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Marketing program begins with the idea of the products and does not end until the demands of the customers are satisfied in an adequate manner. Customer is the pivot around which the whole marketing process rotates. Gathering additional data about clients and traders and about marketing mix normally is the heart of marketing research program.
As a business firm expands larger and management becomes more remote from the market place, marketing management has to trust deeply on marketing research as a managerial tool in solving any problem in the marketing field. Marketing research is an invaluable tool in the process of decision-makings that is based on scientific investigation and analysis of a marketing system.
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Submitted by admin on Sun, 2007-01-28 06:25.
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Marketing research provides scientific study and examination of any marketing problem and offers purposeful information to make plans, policies, programmes and procedures of any marketing activity. It also helps in the execution, direction and appraisal of any marketing program. It can depict, clarify, forecast and appraise any promotion theme happened at the market place. The main advantages and disadvantages of market research are as follows;
Pros Of Market Research
- It is greatly useful in reducing marketing costs and eliminating wastage and inadequacy.
- It discloses the innovative production lines in addition to the existent one.
- It acts as a sales booster as it builds direct relation with consumers thereby knowing their demands.
- It provides the organization with the power to face the fierce competition prevalent in the market by telling about the strategies and plans of the competitors.
- It is deeply supportive in making improvements in product quality and helps the organization in knowing the likes and dislikes of consumers.
Cons Of Market Research
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Submitted by admin on Fri, 2007-01-26 05:18.
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Submitted by admin on Thu, 2007-01-25 07:42.