| What is Marketing? | This is when you select, predict and satisfy the needs of your Customers, with Profit.
More Advanced:
-Meeting the needs and wants of Customers
-Marketing is understanding customers, and to find ways to give out Goods and Services, which the customers Demand for. |
| Anticipating; What happens here? [Predicting] | -Look at the data collected via the Manager Skills to see the potential changes that might happen in the Markets
-Are the Products good enough, or do they need to be changed, updated or adapted? |
| Satisfying; What happens here? | -Making sure the Customer is happy with that they have purchased/buying.
-Ensure no Complains will come through |
| Profitably; What happens here? | -Adding additional value to the Product
-When sold, the Price of the Product is bigger then the Cost of the Inputs |
| Why is it important for the Business to identify the Customer Needs? | -If done successfully, the Business can provide Goods and Services that customers will buy more off.
-Profit can be made, Lots of Profit
-Also, identifying the Customer Needs lowers the chance of launching an Unsuccessful Product, which won't make Profit but could lose Money |
| What does a Business need to know about its Customers? | -Right Price
-Provide more Choice
-Convenience
-Quality
-Right good/service |
| What does Quality mean really? [Marketing] | -Customers want the good/service to be what they want and expect
-This doesn't mean High Quality, just a good enough Quality that the Customers are happy with |
| Price, what does that really mean [Marketing] | -Customers want to pay a fair-enough price for their Goods/Services
-Prices are affected by Quality, Timing, Delivery arrangements and the Popularity.
-Train Tickets [eg] can change during the Day [Rush hour, etc..] |
| Choice, what does that really mean? [Marketing] | -Customers might want a wide spectrum of Features/Options in a Good/Service
-This can be Different Brands, Price, and Quality. |
| Convenience, what does that really mean? [Marketing] | -Customers want life to be Easier
-Most Businesses have websites and e-sales options that meet the expectations of the Customers |
| Why is it important for the Business to understand the Market they want to enter? | -Not enough understanding uppers the chance of failure
-Knowing the Market can help generate sales, ensuring the safety of the Business BUT
New businesses can find getting useful information being hard
-The challenge is focusing on information that Business planning process requires |
| What information does the Business need to know and Understand? [Marketing] | -Size of Market? [Sales, Volumes etc..]
-How fast is the Market growing? What's the future like?
-Who are the Competitors currently, what market shares do they have?
-How can the Market be Segmented [split into different categories; low price, high quality etc...] |
