Analysis Of Foundations Of Marketing

To plan a successful MARKETING campaign the processes to focus on are customer and market knowledge, the competition, customer relationships and satisfaction, pricing, and promotions. Understanding the lifestyles, priorities, NEEDS, and WANTS of the consumer is a crucial piece in both PRODUCT DEVELOPMENT and TARGET MARKETING. It is to no benefit to produce a product that is complicated, overpriced, or unnecessary.

Your product or service must be clear and easy to understand, and the company must offer excellent customer service to ensure total CUSTOMER SATISFACTION in the case that the consumer encounters any malfunction or confusion.

A company must learn as much about their competition as they do their customers. They need to understand their strengths, weaknesses, and why their customers choose to use them as opposed to another company.

Evaluating the competition against their own product or service is an integral method for a company to keep up to date with the MARKET they are campaigning in. Building customer loyalty is a basic but key MARKETING STRATEGY to build a bond with your client, ensure overall satisfaction, and reinforce why they chose a particular service over another.

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Customers should have a means in which to contact the company, via telephone or INTERNET, and a complaint resolution policy for quick problem management and to analyze future preventative measures. Knowing the company’s direct cost, market DEMAND, price of similar products, and informational research in regards to if people would be willing to purchase the product at the charged price are questions a company should ask themselves when researching a reasonable and competitive price for their market.

Communication with the customer base through promotional messages educates customers and potential customers about what exactly is being offered. Even if every point above has been met, the campaign will be a failure if people are unaware of the existence of the item being sold. References “Principles of Marketing. ” KnowThis. com: Knowledge Source for Marketing Since 1998. <http://www. knowthis. com/tutorials/principles-of-marketing. htm>