Quiz 8: Developing Marketing Strategies

Business

Marketing provides assistance to the companies to do focus on the requirements of consumers. It provides relevant information of consumers that what is the requirement and needs of customers. The business can generate profits when they have good marketing policies and strategies. It consists of three basic elements a customer orientation, a goal orientation, and the systems approach. The customer orientation provide help to the small companies and identify those people who can purchase their products and will meet the market requirements which contains the exploration of the consumer satisfaction and requirements. A goal orientation means when the small size companies want to earn profit and have some goals to achieve like higher profits, investment return and market share of the company. In the systems approach, all the main parts of the business work collectively in order to identify the needs of consumer and internal procedures get set up in order to ensure that the goods and services have good standards.

Competitive edge is also known as competitive advantage. The firms should develop their competitive advantage while they are producing the attributes. When the overheads of the firm are less, the company get a competitive edge over the retailers. The key success factors for a firm related to its competitive edge are as follows: • Quality: The companies spend more time on the financial and competitive analysis of the company. The companies can have a strong and good quality competitive advantage. • Reliability: The reliability is most important in competitive advantage because it helps to deliver the things on right time. The companies make promises to fulfill their commitments on time and they should be properly reliable. • Service: Customer service is an important part in competitive advantage. The companies should provide good services at good prices. When the company wants to expand their business they have to provide good services to the consumers.

Market research means when the business owner systematically gathers, analyze and record the information related to goods and services of marketing. It is a good method to do research of market conditions and the requirements of consumers wishes. When the person is doing research on market, it provides help to the companies to start new business because they do research on the different marketing aspects and get help to open the new business. A person can use the market research to open the business in particular location that in which location the person is opening the business have enough population and consumers reside to buy the products of the company. The market research can be helpful for the person to develop different types of goods. They can take decision for the business expansion in the particular location.