MARKETING
Marketing is the management process for identifying and anticipating customer requirements profitably. All company policies and activities should be directed toward satisfying customer needs.
Those setting up their own business should remember that profitable sales volume is more important than maximum sales volume.
There are four steps to successful marketing:
1.
Market research may be carried out to determine the needs of potential customers
2.
Analyze competitive advantages to develop a market strategy
3.
Define your target market
4.
Determine how to satisfy customer needs by identifying a market mix
1. Market Research
Before undertaking any research you need to be clear about what you want to
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Ideally, the strategy should address unmet customer needs that offer adequate potential profitability. A good strategy helps a business focus on the target markets it can serve best. Getting your new products/services to market effectively and efficiently is the key to market penetration, sales growth and profitability. This requires detailed market planning including product launch and sales strategies and should be included within your business plan.
A SWOT analysis is a structured approach to evaluating the strategic position of a business by identifying its strengths, weaknesses, opportunities and threats. It provides a simple method of synthesizing the results of the marketing audit. Once a SWOT analysis has been completed, thought
can be given as to how to turn competitive weaknesses into strengths and threats into opportunities. Be realistic – do not select options which are not likely to be viable or which might be impossible to achieve. Your marketing plan should be based on the latest market intelligence and research, should detail your company’s competitive position and consider both the opportunities and risks in the marketplace. You need to highlight your attributes: how can your company differentiate itself from the
Smashburger is a rapidly expanding burger restaurant concept; they have announced a summary of its 2011 accomplishments and their marketing and expansion plans for 2012. Opening their first location in 2007 and growing rapidly ever since, now in 2011 Smashburger had yet another successful year of growth and consumer acceptance. Smashburger is quickly gaining national recognition for its juicy handmade burgers that are smashed fresh and served delicious, along with its localized recipes that celebrate regional taste profiles in
“A SWOT Analysis is the most used tool for audit and analysis of the overall strategic position of the business and its environment. Its principal purpose is to identify the strategies that will create a firm-specific business model. The plan aligns the organization’s resources and capabilities to the requirements of the environment in which the firm operates. The analysis is to evaluate any potential and limitations and the probable/likely opportunities and threats from the external environment. The results provide the positive and negative factors inside and outside the firm that affect the success.” A SWOT analysis is conducted to determine the strengths, weaknesses, opportunities, and potential threats to the organization. ("SWOT
A. SWOT analysis is used by a company to appraise its internal strengths and weaknesses as well as examine any external threats from potential competitors, and to research current and potential customers in a chosen demographic market. Businesses must utilize SWOT analyses to form a foundation upon which to build their marketing programs.
Also managing the profits and expenses appropriately will be a huge factor when operating the business.
Other paintings of guinguettes, such as “Elena et Les Hommes” by Renoir, provide a sense of light-hearted summer days. We want to replicate this feeling in accordance with Marcel’s original restaurant concept by incorporating all of the definitions of a guinguette.
Percy and Giles (1989), stresses that the SWOT analysis is the most applied tool for strategic planning. The SWOT analysis is an approach that is structured and straightforward in evaluating and identifying strategic positioning, strengths, and weakness and making comparisons to opportunities and threats (p. 5). Percy and
A few strengths and opportunities that I obtained from the SWOT Analysis were profitability, multiple channels selling, growth of web-based
It is a widely used technique where managers create a quick overview of a company’s strategic situation. The basic premise behind SWOT analysis is that an effective strategy derives from a sound “fit” between a firm’s internal strengths and weaknesses and its external situation. The idea is to leverage the company’s strengths in light of the opportunities and minimize its weaknesses and threats. SWOT analysis is an integral part of the strategic management process because strategy is derived after a sound analysis of the firm’s
A great debate raging in the wine world today is over the differences between wine coming from the New World versus the Old World. Much of this arguing quickly becomes obscured by emotions. Wine has the ability to create great passions. This in some way is proof of its greatness and importance to humankind. However, beyond the prejudices and rancor this discussion has some valid points of contention.
X Ltd imported television sets from Taiwan where they were manufactured by the Taiwan Toy Company. The Taiwan Toy Company has an excellent worldwide reputation for producing high quality, very safe products. One of the television sets developed an electrical fault when being shipped to Australia. The fault could only have been detected if every television set was individually tested by X Ltd.