Different Medias are the suppliers during the marketing. The second step can be the analysis of existing external and internal trends. There are different departments like finance, human resources and research who are assigned a particular job to perform.
In the final stage, company try to manage different activities of the value chain in order to reduce cost and be better than the competitors. As demographic data alone is often inadequate for making marketing decisions, many firms analyze consumer social, psychological, and decision making — information in consumption with demographics and then develop descriptive consumer profiles.
The risk should be tried to be minimized or avoided. Customers demand and choices change more often. About this resource This Marketing essay was submitted to us by a student in order to help you with your studies. Customers, suppliers, intermediaries, public, competitors and components need to be analysed The importance of marketing communication marketing essay the analysis of microenvironment.
Decisions made at functional level are more concerned in managing the functional areas of the company. After setting a certain target, each department of the company is given a particular task to identify their role in achieving the strategic goals.
Consumer life styles and decision making are concepts that are useful in explaining why and how consumers act as they do.
Company try to find out the opportunities which it can exploit to create value to future customers. Burberry customers which are usually high profile will hesitate to go back to the store and the Primark customer which are usually price-sensitive assumes that the price has gone up which they cannot afford.
Once the strategy seems successful, they come up with their product in the market. If we look at the external environment, it seems much favourable in the UK.
Children are free to choose their food which helps adopt the marketing strategy. Although cost of advertisement in TV is high in the UK, they can use alternative means like hoarding boards, leaflets to let people know about their product.
Core competencies of service firms a framework for strategic decisions in international markets. I will also try to find out how it helps an organisation to achieve its prime competitive objective over its immediate rivals. In the decision making process, consumers move through several stages, from stimulus to purchase or non purchase.
Communication in most businesses as a function is easily overlooked and the ability to communicate effectively is very important in every business sector especially in our modern economy today. In the third stage, different accounting techniques are assigned to trace cost to different activities on the value chain.
By communicating the same information in press releases and feature articles, you reinforce the messages in the advertising. Communication is to be done at international level to know about different marketing plans operating abroad.
Then on the next two stages, the competitors that are in the market and new competitors that are coming in the future are analysed. Some free sample cookies can be distributed in schools, nurseries and children parks. People are affluent can invest any amount on food and luxury items. It can be by taking a focus strategy or differentiation strategy or cost leadership strategy.
Marketing strategies revolve around the marketing mix which includes Four Ps. Different advertising and promotions activities are done using social media to let people know about the new products and brand.
Similarly, different channels are used in selling the product but proper care is taken in preserving the brand image. Company can do marketing through internet, mobiles along with classical means like newspaper, television and radio. So, I have tried to segment the consumer based on the group.
Sometimes the company has to go into new market with its product to increase its market. In an integrated campaign, you can use advertising to raise awareness of a product and generate leads for the sales force.
At that condition, the quality may be compromised which ultimately affect the future of the company. Customers often come with different product and services.
In second stage, among the different activities only the activities which are strategic are chosen. They try to introduce attractive product to the customers. Similarly, there can be threats from new entrants and the existing competitors.
Creative consistency helps reinforce the basic campaign themes by increasing the number of times prospects see or hear the same message. This strategy is beneficial when there are lots of competitors in the market selling similar product or service.THE IMPORTANCE OF MARKETING COMMUNICATION FACTORS Marketing communication factors is a tool that helps business succeeds in the targeting of their product/services to the audiences.
Direct marketing is both a sender and a receiver of messages, therefore highlighting the importance and relevance of direct marketing facilitating two-way exchanges of information. This definition isolates a number of issues which distinguish direct marketing from other forms of marketing and communication.
/5(11). Marketing and branding, two of the most common used words in the contemporary world, is closely linked to each other without doubts, but the importance of branding to successful marketing is enquired to measure in term of the question.
The Importance of Integrated Marketing Communications. Importance of marketing concept in our lives Marketing can be defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
An important point to be noted is even if promotion mix is the organisation's primary communication activity, the enitre marketing mix- promotion, product, price, place, process, people and physical evidence must be coordinated for greatest communication impact.Download