My Understanding of Marketing
Definition: Marketing is the activity, set of instructions and processes for creating, communicating, delivering an exchanging offerings that have value to customers, clients, partners and society at large. There are two categories marketing research is split up into, desk and field research. Field research is primary research while desk research is secondary research. There are four P’s of marketing. They are; product, placement, promotion and price. Product
Before a product is made and produced the company has to decide whether there is a market for the certain product and what its target market would be. Factors of how companies/entrepreneurs make new products
* The new product will have to solve an existing problem for people. There are thousands of problems people will have daily. * Some products can be made on the current trends. They can use the internet, television or from magazines. * Products could be improved on that are already on the market. Products are in the home, workplace, school, etc. * Products could create a new niche. It will have to be better than the competitor’s product i.e. smaller, faster or bigger than the competitor’s product. * The product could add on to another existing product. The product could be packaged with other similar products i.e. a jersey with a ball or a computer with a new printer. * Products could be based on older products that have been improved. A good example of this is the “Ferbies” that now have technology updates with the application on IPhone and android phones. * Asking people on what type of products they would like to see on the market is also a good method that is used. * Combining multiple products to make a new one is also used by some companies. * Conducting a survey is also used to out about what products could to make for people. * Creating a new market for an existing product is also an idea, i.e. if the product is a bottle that is...
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