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Marketing Mix Assignment help- Approach for Marketing Homework
Target marketing plays an important role in a business. It is based on the facts that are gathered via efficient marketing mix; through this the company tries to identify the requirements and choice of customers. There are 7 marketing tools known as 7P’s which are used for business development; these are People, product, place, promotion, packaging, positioning and price. And therefore marketing mix is a factor that should be considered before planning and executing as given below:-
Different customers have different requirements and priorities according to which they choose a product. The company needs to understand the needs and that is why segmentation is done. Analyzing this has its own significance as this will help the management to understand the summons and provocations which is their in the market. It is important to identify the reaction of people to various changes brought up by the company. Every company tries to understand the requirements of customers and the information for which is gathered from various trusted sources. The sources consist of quantitative and qualitative method.
Customer Satisfaction is very important for a company to earn profit therefore the product and services sold by the Company should satisfy customers need. Before making any changes the company needs to research about the needs of the customers. And before bringing a new product to the market or upgrading the existing product it should be properly revised so that it stands up to the expectations of the customer. Company should introduce offers that customers prefer like if customers are likely to choose full talk time offer than company should have a provision of such plans. This will establish a long lasting relationship with the clients and it is important for trapping a large portion of the market.
Advertisement of a product or company has a significant role in publicizing the business to different regions. For this the management of the company has to bring out an innovative method for advertising the product and services of the company in order to increase its sales. For this it is important to select the best channel through which the promotions can be carried out without increasing the functional costs. Promotional activities should be such that it could reach a large number of clients in no time. In this method, company considers following factors-
Branding-here the company creates a unique image of the products and services for the customers. It is important to identify the variations in the specification of the products from the other products that are available to the customers
Advertising-it is a method in which the company publicizes its product and services through different mediums in order to introduce the products to their clients.
Customer relationship -here, the company maintains a healthy relationship with the clients without hampering the trust and meeting the expectations of the clients.
The pricing of the product should be done in such a way that is affordable to maximum customers. The decision for pricing the product is taken by the management of the company after properly analyzing the competition. If the prices are high then the chances of attracting heavy customers reduces and the company may suffer loss. Before planning the pricing strategy the company needs to take care of various factors. In the cost and pricing method, the company should offer services that the user can take advantage of. For example users want to avail a service that is affordable for them. User will be charged as per their usage according to a rate system decided by the manager.
Next is Packaging, the fifth element in the marketing mix. The external appearance of a product is very important because first impression lasts for long so. All phones should give special attention to packaging of their product. Because a small enhancement in the appearance can exponentially increase its sales and the company could achieve a level 4 as per our survey.
Next is Positioning. After analyzing the above factors Allophone should also think about their position and image in the minds and hearts of their customers. Every company has its own image .some are talked for their services, some for their looks, some for their durability etc.Allphones should be concerned about what people talk about their company what is its reputation in the market and what are they known for. The Spread of mouth is one of the biggest publicity so it is important to have a good name in the minds of people. Therefore customer service and products must be properly positioned to develop and leave a long lasting impact and score better in these parameters.
The last P in the marketing mix is people. All phones should consider the people both inside and outside their business. As the people inside forms a management team and the customers who are outside both are responsible for marketing and sales. Everything should be designed considering these Ps.
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