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  • October 4, 2022
  • Last Update March 12, 2022 2:43 pm
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2. MARKETING

The marketing function encompasses many aspects. Some people usethe terms sales and marketing interchangeably. Actually they’re very differentactivities. Sales is “only” one amongst the activities  accomplished by the marketing function, but a awfully important one. it’s so important that the owner of an organization who wants to rent one person to assist his company grow should hire a salesman. this is often supported the premise that you just already have the primary requirement—your product. the following step is to search out people who will sell the merchandise. Sales is that the subject of the subsequent chapter, but it’s important to differentiate the marketing from sales functions.

There are numerous definitions of promoting. all of them center around “The process by which products and services are introduced to the marketplace.” this is often a rather broad definition. Marketing is, essentially, identifying what the customer wants and wishes, and perfomring activities like advertisign and sales to bring your product to the customer.

We will now discuss marketing functions:

  • research
  • Customers
  • Differential advantage
  • Consumer demographics
  • Consumer decision process
  • Cognitive dissonance
  • Product life cycle
  • Principle of reverse effect

Marketing Research

This specialized form of research not only involves learning what your potential customers want, but includes far more. you need to know what’s occurring with the economy and be intimate your competition. Your product is simply one item during this research scenario.

You must be able to answer several questions. what’s the present state of the economy? Is it specified people will purchase my product at this time? Who is my competition? Do my competitors offer an improved product in some way? Does the customer believe he needs my product? am i able to make the customer believe he needs my product? am i able to make the customer believe this to the extent that he will purchase the product? What must I do to form sure the customer purchases my product rather than a competitor’s?

Surveys play an outsized role in research. However, you must realize that folks don’t always do what they assert they’ll do.

For example, surveys are often taken in shopping malls. A typical question is: “Would you get the subsequent product…?” the general public answer that they’ll, and so buy a competitor’s product once they see that it should be priced lower or is packaged attractively to catch attention. Remember that what people say they’ll do isn’t always what they do; after all, they seldom do what they are saying they’ll do. And your customers include those people.

Another thing to recollect about surveys is that the results are skewed from the very start. Not everyone responds to surveys. Think, for example, of surveys conducted during a shopping center where an individual stops you and asks you to answer some questions. Only certain individuals will stop and respond; others simply don’t care to spend the time. Therefore, the survey is skewed because it represents the opinions only of these folks that were willing to prevent shopping and render opinions. This skewed distribution may or might not be non-representative of the complete population; participation are some things to require into consideration. the identical reasoning applies to surveys obtained through regular mail and e-mail.

Another thing to recollect is that surveys are usually conducted by a 3rd party firm that makes a speciality of customer surveys. Often the respondent (you) isn’t given a chance to precise an opinion about any aspect of the topic in his own words. Discussion-type answers must be read carefully and interpreted, which costs money.

The answers are preset in multiple choice format; major issues are frequently not covered, usually for cost saving purposes. it’s very expensive to conduct a survey that may provide the foremost accurate results, so some companies elect to require the less costly (cheap) route and thus the results have less reliability.

Test marketing—putting your product within the marketplace where you can see and monitor customer purchasing behavior—is a preferred method. It allows you to work out what customers actually choose. it’ll cost you a touch more cash to run a market test than to run a survey, but your results are going to be more accurate and you’ll predict your market better.

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