Basically, you might look at marketing as the wide range of activities involved in making sure that you're continuing to meet the needs of your customers and are getting value in return. Marketing analysis includes finding out what groups of potential customers (or markets) exist, what groups of customers you prefer to serve (target markets), what their needs are, what products or services you might develop to meet their needs, how the customers might prefer to use the products and services, what your competitors are doing, what pricing you should use and how you should distribute products and services to your target markets. Various methods of market research are used to find out information about markets, target markets and their needs, competitors, etc. Marketing also includes ongoing promotions, which can include advertising, public relations, sales and customer service.
Some Typical Market Research Questions
For example, businesses are often interested in information about a market, such as:
What is the market, including what is being sold and to whom and for how much? How many people might be interested in buying that product or service? How much money might be generated from those sales? Where is your business in the market?
Who is the customer? What are their preferences? When, where and how do they typically buy?
Who is the competition? What are they selling, specifically? When, where and how are they selling and to whom?
The essence of marketing is to understand your customers' needs and develop a plan that surrounds those needs. Let's face it anyone that has a business has a desire to grow their business. The most effective way to grow and expand your business is by focusing on organic growth.
You can increase organic growth in four different ways. They include:
Acquiring more customers
Persuading each customer to buy more products... [continues]
Cite This Essay
(2009, 09). Marketing Basics by Charles Mwiyeretsi. StudyMode.com. Retrieved 09, 2009, from http://www.studymode.com/essays/Marketing-Basics-By-Charles-Mwiyeretsi-237024.html
"Marketing Basics by Charles Mwiyeretsi" StudyMode.com. 09 2009. 09 2009 <http://www.studymode.com/essays/Marketing-Basics-By-Charles-Mwiyeretsi-237024.html>.
"Marketing Basics by Charles Mwiyeretsi." StudyMode.com. 09, 2009. Accessed 09, 2009. http://www.studymode.com/essays/Marketing-Basics-By-Charles-Mwiyeretsi-237024.html.