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3.1 Marketing competition and the customer - Coggle Diagram
3.1 Marketing competition and the customer
Marketing
Management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Two-way marketing
Relationship marketing
Modern marketing
Orientation
Product orientation
Market orientation
Niche marketing
Involves selling goods to small, clearly identifiable segments of a market.
Mass marketing
Aims for high sales volume at low prices. It's an attempt to appeal to a market with basic marketing strategy using mass media and distribution.
Adding value
Is to be able to sell a product for more than its cost to make; the business can sell the product for profit.
USPs
Help add value and achieve profit.
Is a feature of either the product, image, price promotion, or distribution that is superior to the competition.
First mover advantage
Being first a business can achieve greater success.
.
Being first and entering a new market can double a product's profitability .
Market segmentation
Sectioning large markets into smaller helps to differentiate products and market them effectively.
Ways
Geographical
Demographical
Socio-demographical
Impact of market changes
Over time, the number of customers and competitors change. New technology and shifting fashions change the product sold.
Comepetitive markets
Exist when there is a wide choice for consumers of products and supplies. If a consumer compares products and prices and can switch brands easily, the market will be intensely competitive.
Power and importance of changing customers needs
You can gain competitive advantage by understanding current spending patterns and being able to predict new ones. Moreover, failure to spot changes can lead to falling sales and business failure. Knowing customers' needs is being able to predict how might change, therefore vital for a firm’s long - term success.