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Marketing A Business - Coggle Diagram

- - - - Customer profiles include demographic characteristics (age, gender, income, etc.) Physcographic ( lifestyle, personality, hobbies, etc.) and Geographic ( locations)
  - - - Successful marketing involves developing, promoting, distributing and pricing a product appropriately, To market its products effectively, MK cereral must identify its desired customer base and ensure the needs of the customer base are being met, If MK cereal are able to indentify its customer base and conduct effective marketing, then it can result in the achievment in business objectives,
      - Successful marketing involves developing, promoting, distributing and pricing a product appropriately. To market its products effectively, a business must identify their customer base and ensure the needs of the customer base are being met. By doing this, it can result in the achievemnet of business objectives.
- - - - Owners and managers are responsible for improving business performance. To improve business performance, owners and managers can implement and lead new marketing strategies that establish the business’s customer base and improve brand identity
        
        To establish a business’s marketing strategy, owners and managers should:
        
        have the ability to create customer profiles to identify and establish a business’s customer base.
        
        target marketing practices to suit the specific needs of the customer base or rely on the skills of marketing experts.
        
        develop and improve the business’s brand identity.
        
        adapt and lead marketing strategies to respond to changes in the business environment.
- - - - Through a customers purchases, they generate a majority of a business's revenue. It is therefore important for a business to develop effective marketing stratagies that are customer focused.
    - - Businesses that choose suppliers who provide high-quality products in a timely manner can also improve customer satisfaction and their perception of the business, allowing them to establish a strong customer base and brand identity.
    - - A business should be aware of the marketing strategies used by competitors as they are likely to focus on the same target market. Businesses should attempt to differentiate their marketing strategy from competitors by introducing one that generates more customer value
  - - - Economic conditions are the conditions that exist in relation to the productive performance and financial stability of a nation or other geographical area.
        
        A business should be aware of economic factors within its country of operation as they can have an impact on consumer purchasing behaviours. By understanding and analysing economic conditions, a business can determine the marketing strategies that it will implement to attract and retain customers.
    - - Technological factors can have both a positive and negative impact on a business’s customer base and brand identity. Technological developments can increase a business’s ability to market its products. For example, social media can provide seamless communication and rapid response times when handling customer enquiries, improving overall customer satisfaction and increasing the likelihood of purchasing from the business again.
        
        However, technological advancements can also cause a business’s products to become outdated, which may lead to fewer customers returning to purchase a good or service, as they seek products with the most up-to-date features