Thursday, February 27, 2020
Marketing Management Course Project wk6 Essay Example | Topics and Well Written Essays - 750 words
Marketing Management Course Project wk6 - Essay Example e stages including the introductory phase where the users or the audience is unaware of the existence of the product and its category (McMillan, 2013). The audience buys mainly for experimentation purposes only and competition is high. The growth stages witness customers increase in numbers and appearance of segments. Maturity takes place, the segment becomes distinct and the loyalty of the customer is established. Understanding the audience (customers) location, their types, and their needs and distinctive uniqueness will accomplish marketing. Achieving substantial marketing, then the size and the structure of the audience, associated trends, needs, and characteristics of the target audience is vital (Haydu & Hodges, 2008). The association between your firmÃ¢â¬â¢s value suggestion and the target audience can be complex for communal enterprises because of the range of exterior stakeholders concerned who usually determine the progress and the success of the firms. The marketing strategy defines how to communicate with the customers and available plans to propel the value proposition to the target audience. This considers the brand identification, the position of the firm in the market, and the available channels to the market (Haydu & Hodges, 2008). The foundational features and remuneration of value proposition forms the basis of the product distinctiveness. Value proposition entails efficiency, leadership, and innovation and audience intimacy. The marketing plan ought to identify necessary realistic actions and methods to achieve the marketing strategy. Marketing objectives targets creation of new customers and or recipients from the target audience while maintaining the earlier customers in order to improve the delivery of the products (Mudambi, 2002) and improve on sales. To improve on the customersÃ¢â¬â¢ base, achieve the objectives and increase sales, then enhancing the tools of pricing, placing, and promotion in the firm and the market will be paramount.