![]() The public can influence the buying decisions of their target audience. It can either build or destroy a company’s image in the marketplace. Public opinion is crucial to the success of any business. The public is any person who is not the intended audience for the organization. Even a small firms can develop strategies that offer higher rates of return than larger firms. There are winning strategies that work for large companies, but do not work in same way for small industry. Some strategies can be used by large firms that have a dominant position in an industry. Every firm must consider its industry and size in relation to its competitors. There is no single strategy that works best for all businesses. Marketers must also position their products strongly in comparison to the offerings of competitors. Marketers must adapt to the needs and wants of their target customers. Marketing theory states that a company must offer more customer value and satisfaction to its customers in order to succeed. To satisfy customers, the organization conducts research and develops products to meet their needs. Customer satisfaction is the main objective of any organization. CustomersĬustomers purchase the products of the company for consumption purpose. They are essential to the business because they represent the company’s products in the marketplace. Market intermediaries can be wholesalers, retailers, or distributors. Market intermediaries are intermediary parties who help businesses distribute their products on the market. Training & Development are essential to instill marketing skills in individuals. Training and motivation sessions are key to the quality of employees. The key component of any business’s success is its employees. These plans and strategies are used by marketing managers to make decisions. The company’s top management decides its mission, goals, strategies, and policies. These interrelated groups make up the internal environment. These include top management, finance, research and development (R&D), purchasing, operations, and accounting. Marketing management considers other departments when designing marketing plans. Marketing success is about building relationships with other departments of the company, suppliers, marketing intermediaries, and competitors. The company’s macro- and micro environments influence the nature of the opportunities and risks they face. Customers, suppliers, distributors, and competitors are the key players. The micro environment is the group of actors that influence the firm’s ability to compete in its chosen markets. This is why the term “ PEST analyses” was used to describe macro environmental analysis. The focus has been on four forces historically: political/legal, economic, socio/cultural, and technological. The macroenvironment is a collection of large forces that have an impact on not only to the company but other players in the microenvironment. Ensure that customers receive quality products and services. The marketing environment is made up of all the forces and actors that have an impact on a company’s ability to succeed. There is always the potential for new revenue if the company is aware of the marketing environment and the opportunities it presents. If they fail to pay attention to what is going on around them, they could face downfall or even go out of business. Companies must be aware of the marketing environment as it can have a significant impact on their decision-making.
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