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Chapter 10: Marketing, competition, and the customer (If marketing…
Chapter 10: Marketing, competition, and the customer
Marketing Department
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The bigger the company, the more people will be employed in the Marketing department and the more sections there are likely to be
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Market Research department: Responsible for finding out customers' needs, market changes and the impact of competitor's actions
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The role of marketing
- Identify customer needs by finding out what kind of products or services customers want, the prices they are willing to pay, where and how they want to buy these goods or services and what after-sales services they might want
- satisfy customer needs in order to achieve sales of their goods or services
- maintain customer loyalty by building customer relationships
- gain information about customers to meet their changing and to establish a long-term relationship with them
- anticipate changes in customer needs by identifying new trends in customer demand or gaps in the market so that business can produce goods or services which are not currently available
If marketing department is successful in identifying customer requirements and predicting future customer needs, it should enable the business to meet one or more the following objectives:
- raise customer awareness of a products or service of the business
- increase sales revenue and profitability
- increase or maintain market share
- maintain or improve the image of products or a business
- target a new market or market segment
- enter new markets at home or abroad
- develop new products or improve existing products
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Market: a particular good or service is made up of the total number of customers and potential customers as well as sellers for that particular good or service
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Niche Market: A small, usually, specialised, segment of a much
larger market
Advantages
1) small firms are able to sell to niche markets as large firms may not have identified them but concentrated on the mass markets instead. may avoid competition
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Disadvantages
1) niche markets are small and therefore have a limited number of sales, which means only small businesses can operate in these markets
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Market segment: An identifiable sub-group of a whole market in which consumers have similar characteristics or preferences; Market department will divide the whole market into different groups and categories & select the best time of advertising and best type of averts
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