Marketing Concept for Companies
Companies must be able to practice marketing concept within their organization to analyze the needs of their customers. .The marketing concept relies heavily on the definition of the market segment, its size and needs By understanding customers’ needs, the company will be able to find ways on how to satisfy the needs better than their competitors. The increase in discretionary income allows customers to be selective and purchase products that precisely meet their expectations and changing needs. Therefore the company must focus its efforts to know what the customers want and how to supplement the needs whilst keeping the customers satisfied.
In this regard, marketing concept can be used to focus the need of the customer before developing a product or service. After which, the functional areas of the company must be aligned to focus on meeting those needs. Since the organization is concerned with the customer satisfaction, the entire organization must not neglect customer issues. The end result will lead to profit by successfully satisfying the needs of the customers.
- Environmental Scanning in Domestic and International Marketing
Environmental scanning is a business management process wherein businesses gather information from the environment where they will operate to achieve a competitive advantage. The information gathered from the environmental scanning are then used to alter the strategies and plans of the company. It involves scanning the social, economic, technological, competitive and regulatory forces.
In today’s organizations, external environmental factors are increasingly becoming complex and volatile. Because of this, managers utilize a wide array of change forces including the globalization of the market. With the environment scanning, the information about events, trends and relationships in an organization’s external environment are acquired.
The extent to which an environment is scanned by the business differs between the domestic and the global market. Scanning the external environment in the global arena would entail more information especially since the multinational enterprises are not familiar with the business environment unlike from those in their home country. This would entail intercultural communication, understanding the regulatory forces, trade barriers and employment laws implemented in the country. Moreover, the competition in the global market is more intense and thus requiring the organization to constantly scan the environment for new opportunities, technological developments and determine the requirements for the workforce to survive the fast paced environment. The smooth execution of these tasks will certainly allow the organization to thrive in the global marketplace.
The environment scanning in the domestic market will also need to undergo socio political, economic and technological scanning. Only that the environment in which the business operates is less complex as compared to the global market. Since managers are familiar with the business environment and people’s way of doing things, they are more likely to acquire valuable information and understanding of the environment with lesser effort.
- Impact of lesser time allocation for meal preparation in the sales of frozen vegetables
In an era where people are increasingly preoccupied by work and their demanding schedules, lesser time is given to the preparation of meals. Such trend has indeed become the lifestyle of most working individuals. Primarily, this is attributed with the need to cope in their fast paced living. This paved the way for the emergence of more food chains that caters take out food and instant meals. Such has a clear impact in the food industry specifically in the sales of frozen vegetables. As people get busy, they are compelled to purchase food that is economical and easier to prepare. Thus, they are less likely to keep frozen food or vegetables as there are other more convenient options for them.
- Useful way to segment the markets for the banking products/services.
Market segmentation requires the division of the market into distinct subsets that behave in the same way and therefore have the same needs. Since each segment is fairly homogenous in terms of their needs, they are likely to respond in a single marketing strategy. One of the requirements for a successful segmentation is the enormity of the segment to be profitable. The market segment for the banking industry can be considered a broad. Hence, it can target businesses, individuals and family alike. With this, it can use the top-down approach in which the total population becomes the starting point and then divide it into segments. The bank then can choose into either becoming a commercial or savings bank depending on the market segment they chose from the total population.
References
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