The Purpose of Marketing:
The aim for a marketer is to aid the process of acquiring and retaining customers by creating a competitive advantage over the competition within the marketplace. Marketing is one of the department's that operate within a organisation. It is given direction by the organisation's corporate goals and if done successfully help to achieve those goals. Therefore if marketing is to be deemed successful it must contribute to the growth of the organisation. Growth could be achieved in a variety of ways such as; Increased profits, growth of sales, retention and acquisition of customers.
For any organisation to exist and be successful there needs to be sustainable amount of potential users/consumers of the product or service that is being offered. The job of a marketer is to first to identify a target market. Then their next job is to find their specific wants and needs, thus enabling them to create a bespoke marketing plan for their target audience. Some products can have a very wide audience such as Coca Cola their for they need a generalised marketing approach in order to appeal to a large audience. Contrastingly products that appeal to a more targeted group of customers need to in turn be more specific to their needs.
Not only is it important for an organisation to understand the consumers wants and needs, but it is also just as important to know the competition which operate with in the same market as they do. In order to be successful an organisation needs to meet and exceed customers needs and wants better than the competition. Marketers need to conduct market research in order to identify their competitions strengths and weaknesses.
Hence it's important for a marketer to understand their competitors. This can enable marketers to make specific and strategic marketing decisions by using the market research they have conducts. The first step is identify competition often this can be easy at basic level however in-depth research is needed to get a comprehensive understanding of both direct and indirect competition. For example a direct competitor could be some sells a similar product to you e.g. Samsung and Apple both sell high end phones. Where as an indirect competitor would be someone who targets the same market but with a slightly different product e.g. fizzy drinks companies such as Coca Cola vs Nestle who produce Ice tea and fruit juices.Statistics: Posted by MarshallLester — Sun Aug 25, 2024 7:07 pm
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