Marketing Principles - Analyzing the Market to Check Viability - Assignment Example

? Marketing Principles Marketing Principles The marketing process involves a lot of pre thinking and decision making process before any specific decision is made. The marketing plan should be designed keeping in mind the things that are to be considered when you are planning the product launch. These are the factors that are involved in the marketing process. 1. Try to understand the customer you are targeting. It is very important that the customers that are being targeted should be understood clearly and communicated to others. The pictures should be clear as to what the customer wants and what the customer is demanding. The benefits that can be achieved if you understand the customer is very important it can also help avoid any pitfalls and other issues. 2. Analyzing the market to check viability. Some basic market research should be carried out before introducing the product so that there are no issues when you launch the product or try to get something done. It is very important that some of the research that has been carried out should be utilized to ensure a successful product launch. The data such as total available market, market growth (historical numbers and projections), market trends, etc. are easily available and can be utilized for the benefit of the organization. 3. Analyzing the Competition that exists in the market 4. Researching and establishing the market distribution channels 5. Defining the Marketing Mix that exists and that the company plans to launch Marketing mix involves product, price, place, and packaging. 6. Analyzing the financials of the company and then deciding the marketing plan. 7. The last step is to revise the steps that have been taken and then finalize the decision. There is no need to spend much on advertising. They can just print out the flyers and use the posters that can be put up so that people can become aware of the restaurant. At first they do not need any kind of marketing. They can start selling packaged lunches and dinners so that the students can have very easy access to food. This will help the restaurant build a better image as it will be creating an ease for the students. The main function of any organization’s marketing department is to be aware of what the consumer expects from the products of the company and be sure to devise methods that will help deliver the promises that they have made and satisfy the customers. The control and the leading quality of the management is visible from the way that they had anticipated the fact that it’s the ethnic groups that are basically introducing newer trends in the markets. The new product range that they had introduced also showed the keenness that they had in attracting newer customers and the tactics that they used to retain the older existing customers. The introduction of the newer product range and making Mc Donald’s “an any time walk in restaurant” has totally changed their positioning in the market, since they are catering to much more diverse market than ever before. When we analyze the facets that have influence on the buying behavior that people have are the different psychological aspects of the personality like attitudes, beliefs, values, motivation and perception, these are what play a major role in how much the person will spend and how will he spend it. The following psychological aspects have also been discussed in the hierarchy of needs and as well as the other theories that have been given by different psychologists (SHIMP, 35-36). The restaurant’s management can establish the cafes and revamp the play area and in fact create a better one so that the incoming families who are about to settle in the newly finished houses, that they were bent on remaining the market leaders and not losing their touch in the daily life of general public. This will help the restaurant create a better image for them. Also, through the case study that has been mentioned it was visible that the increase in the turnover had the sole reason that there were young employees who were hired and most of them were working part time. The part timers are usually in the habit of switching jobs and usually the only reason for their switching is that they get better wages at some other place. These people are not concerned about the culture of the organization, the vision that the management has designed for the organization and the strategy that they have. The best way is to even allow the students to take up part time jobs in the restaurant this way they can have it open for the 24 hours. The apartments are being sold to the working class, in such families either both the parents work, or one of them works at two jobs, thus when the restaurant will remain open for around twenty four hours and this will allow such working parents to buy cheap food at any hour. It is an organization that has been serving for decades and will continue to serve as it has the right vision and mission that has been designed and which is as well as followed by the employees working there. They have a loyal employee base that dedicated workers and are also involved in the decision are making process actively. The employees are concerned and give their valuable input. The management also has a very clear vision in mind which has helped them look forward to the brighter future as an efficient management of the resources, be it financial, workforce or the physical location will enable the organization to function in an effective way and make them generate profits. The top management has clear view of the vision and that why they are able to lead their workforce in the right direction and at the same time be able to help them move forward and adapt to newer happenings in the business world. The managers are all from the same family and this will help ensure a better control over the management. The significance of marketing channel for the trade of manufactured goods is exceedinglycritical if the merchandise has to be an enormoustriumph. Marketing channel is a set of autonomousgroup that work jointly in order to presentanadvantage to the manufacturer which, if the manufacturerfunctions alone would not exist at all. If the producer is operating alone then it becomes quite difficult for the producer to be able to reach its target market. It not only becomes difficult but it also becomes very expensive for the manufacturer to get hold of the marketing part themselves as well.It is because of these marketing intermediariescome into play and they try to reduce the costs that are incurred by the manufacturers for attracting the consumers towards their product. When the marketing channels are used effectively it is called efficiency on the part of the manufacturer. The products can be specifically designed so that the consumers feel that it was designed for them. The customer specific product will help increase the customer base of the organization. If any kind of conflict of opinion or action exists among the marketing channels that are being used by the manufacturer, the whole strategy that has been devised by the manufacturers will look useless and as well as end up becoming very costly. They provide various benefits like: New customers can be made through this, even it helps in retention of the customers. Promotional campaigns in regards with the product can be developed in a far easier way. They sometimes act as the go between, between the producers and the consumers. It also helps in being able to finance the costs that are being incurred by the channel of communication. They may help in delivering the goods also. If a customer does not come back to you, there might many reasons that this is not happening, it is important that everything is judged and analyzed so that proper decisions are made.There are many chances that the customer feels that he is not getting his money’s worth or he may even feel that the quality of the product is going down or the customer might even feel that he is not being treated the way he deserves. The most sensible thing to do in this case is to get the customers to talk to you about what actually has upset them, and what has actually made them leave the product. They should be asked as to what actually they were expecting and could not get, or what they are expecting to be delivered to them. Those who are honest with the product or have an ounce of loyalty in them will answer as to what made them leave the product. The people who are hoppers will not have any impact on whatever you do with the product and therefore, they will never reply honestly (GREWAL, LEVY, 73-77). In the first place it is the responsibility of the department’s manager for the employees to make sure that the employees working under him are motivated and are giving their performance as is required by the company. The departmental head is responsible to make sure that the development of his employees is not neglected and takes place duly. The easiest way to find the gap in the requirements by the company and the kind of work that is delivered by his staff is constant research within his department. When the manger is designing the strategy that is required for the department, the core competencies for the department should be defined as per the requirement, also the skills that are required to be possessed by the employees to reach the goal task of the department. The skills and the competency of the team should also be analysed on constant basis. It is the duty of the manager to relay any kind of gaps that he discovers after the analyzing of the skills and the competencies to the Human resource department of the company and inquire if there are any kind of related trainings available, and be able to convince them that this sort of training can help the organization achieve better and improved results. It is necessary that the training requirements of the department are clearly identified and relayed with the exact gaps that exist so that adequate training is provided to the employees to fulfill that gap. It is a very common practice that departmental heads do consider finding and defining gaps as their own personal duties, they consider it as the duty of the Human Resource department. They consider that the HR department of their firm should identify and provide the training. The departmental heads should understand the fact that it is they who are responsible for providing the catalyst for the work that is ultimately to be carried out by the Human Resource department of the organization, but it is necessary that the departmental head should inform them about the existing gaps. Every organization today has a training need analysis conducted on regular basis and it is conducted by the Human Resource department of that organization. The training need analysis helps the organization learn the things that are further required to enhance their workforce’s capabilities. The most appropriate way is that the employees should be informed about the required traits and skills through the training sessions or other kinds of seminars. Whenever an organization provides training to its employees they are doing a kind of investment in their workforce. Today different researches claim that the most important part of the human resource development of an organization is to train their employees as per the requirement so that they can make the most of it. It creates an edge in today’s world for the organization. The required quality standards for the project highlights that there is a higher need for the management to ensure the attainment of quality in the training project, as ineffective treatment would adversely impacts the overall performance of the organization. As a result, there should be an appropriate planning be done with respect to attaining quality, which includes regular review of employees after every session of training to them. This would help in exerting necessary control and allow for ensuring the achievement of quality training of all the employees. Thus, by way of continuous evaluation of training as provided to employees, necessary management of the quality of entire project can be ensured. Quality management is a very serious side of any business. There are many aspects that are to be considered when working on a business. First of all there is a need of a leader who actually works for the company and knows how to deal with the employees. Such leaders will obviously look to develop and establish a rapport with employees and struggle to achieve the organizational goals. Leadership is the most important contributing factor for any organization. The need for a sound manager is very essential if the business wants to develop. The key function of any organization’s marketing department is to identify and predict the consumer’s expectations related to the products of the company, and then identifying means to be able to deliver best from the products of the company. The concept of Consumer behavior summarizes all aspects of a purchase. In the field of ethics is about the honesty that you practice. If we consider the concept if integrity in the domain of business world. Integrity would mean being truthful and being honest. When a person is trading an object, it is his integrity that he will disclose the benefits and as well as the flaws that exist in the product instead of marketing the positive sides of the products only. Integrity is the opposite concept of hypocrisy. It is about a person being ethical and remaining constant with the actions that are ethical and that are expected of him. It is true that a person will lose the confidence that others have in him if he lies or double crosses, similarly in case of businesses, to maintain integrity it is important that business should always deliver the promise that they are making to the customers, it is also necessary that the business follows all the rules and laws that are laid down by the government. There are repercussions if they are not followed and this usually costs the business more than the cost that the company had to pay to deliver the promise that they have actually made. It is also necessary that the business should only make claims that are deliverable for them. Sometimes if the features of the things are same then the only thing that matters is the difference in the way they market their goods and also the target market that they have chosen. Today, with the involvement gadgets and many other ways in the media practices to a greater extent the advertising and marketing practices have become more customer centric then the ever were. Pleasing the customer is the main thing in today’s business, as it will create customer loyalty as well (PRIDE, FERRELL, 77-79). The best way is to help establish a routine training program for employees in which the employees get on the job training and after the shift change can go for a more rigorous training, this will at first be very strenuous for the employees, but giving them incentives will help them keep motivated. Through this training, the employees will also gain a lot of insight as to how to deal with the customers in an appropriate way, as the customer is always right. This training will also help enhance the sales and generate revenue for the chain. With the progress of the world and the fast paced globalization that is taking place, change is the only thing that is constant. With a cut down and severely restricted Hr department it would be hard for the restaurant, to identify the changing patterns and to look for the gap in the current requirements and the training of their staff. It will create huge problems for them as their already dwindling sales will dwindle further. It is very important for the organization to keep up with the change if it wants to progress. Therefore, establishment of proper and functional Human Resource department is very necessary for any organization to be able to maintain its niche in the market and to gain the competitive edge (PRIDE, FERRELL, 77-79). Brand commitment can be described as the purchase and repurchase of some particular brand by a consumer. Brand commitment is mainly an attitude of a consumer. When you feel committed to one thing you stand by it through the hi’s and low’s of it and do not abandon it. When the customer is highly committed to the brand then they tend to compare the similarities and the dissimilarities between the brand that they prefer and the brand of the competitor. If they feel that they are getting a bad deal out of it all they start having cognitive dissonance. If there is calculated commitment then the person will remain committed as long as he feels that the benefits outweigh the cost. Brand satisfaction can be described as the feeling of content a consumer feels after they purchase that product. There is a tendency in humans that when they feel that the certain brand is the right one they start attaching all sort of positive emotions with the brand and this kind feelings make him more prone to buy the brand. There are two underlying concepts in the brand trust. There are cognitive and the affective components in it. Cognitive part deals with the fact the consumer will have all the positive emotions from it and the information that is being imparted by the product is a credible one. The affective part is the emotional part, where the consumer assumes that he is not being cheated. Brand loyalty and commitment come together. It is a fact that when you have a commitment with a certain person you will be loyal to that person. This can be applied in case of the products too. The only thing that comes between the product and the loyalty that the person has with the brand is the competitors. People always assume that the product that they are using is a part of them (GREWAL, LEVY, 55-67) Due to fact that there has been a dramatic change in the workforce makeup of nearly every big corporation, the managers should have the tendency to be able to address the cultural difference in his subordinates, this way he will be able to keep his workforce happy and will also be able to harness the best qualities in his employees and use it. The increased globalization has also given huge opportunities to the company to hire people and work with them through Video conferencing, cloud computing. The increase of wireless technology has also increased interaction among the people and today people are less sceptical of wireless workings as the level of trust has increased. They can outsource their technological work to areas like India where the technical expertise is high and the labour is cheaper and willing to work long hours. Already many multinationals have their call centres and either technical work outsourced to such regions to save up on costs. The new building that is being opened will have a mix of population as it is cheap. So they will have to serve diverse kind of food so as to have a lot of incoming traffic and continue to provide services as long as they remain in service without any discrimination (HAWKINS, MOTHERBROUGH, 89-90). References Top of Form GREWAL, D., & LEVY, M. (2010). Marketing. Boston, McGraw-Hill Irwin. Top of Form HAWKINS, D. I., & MOTHERSBAUGH, D. L. (2010). Consumer behavior: building marketing strategy. Boston, McGraw-Hill Irwin. Top of Form PRIDE, W. M., & FERRELL, O. C. (2010). Marketing. Australia, South Western Cengage Learning. Top of Form ELLIOTT, G., RUNDLE-THIELE, S., & WALLER, D. (2010). Marketing.Milton, Qld, John Wiley & Sons. Top of Form SHIMP, T. A. (2010). Advertising, promotion, and other aspects of integrated marketing communications.Mason, Ohio, South-Western Cengage Learning. Bottom of Form Bottom of Form Bottom of Form Bottom of Form Bottom of Form Read More