Marketing requirement assessing and selecting suitable market notes

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Here is well detailed Marketing requirement assessing and selecting suitable market
MARKETING REQUIREMENTS ASSESSING AND SELECTING A SUITABLE MARKET
In this chapter we shall discuss marketing functions and strategies and the methods of product promotion used by entrepreneurs
General Objectives
By the end of the course, the learner should be able to assess and select suitable markets. Specifically the learner should;
a) Explain marketing functions and strategies
ii) Discuss the various methods of product promotion
iii) Explain the 4 Ps of marketing
iv) Describe factors which may influence an entrepreneur in choosing a promotional method

3.1. Marketing Functions and strategies
? Marketing consists of a multitude activities that include decisions about the company’s
o Products or services
o Pricing policies
o Promotions and
o Distribution methods.
? The ultimate equal is to facilitate exchange between an enterprise and its customers.
? This exchange relationship exists as one party becomes willing to give something of value in order to receive something of value.
? Marketing is the process of conceiving than exchange and then accomplishing the tasks necessary to deliver t he goods or services in a manner that satisfies customer and meets the business objective.

3.1.1 Marketing Functions
? Is the combination, designing and integrating all elements of marketing into various functions which on the basis of an appraisal of the market forces would achieve the objectives of an enterprise at a given time.
Marketing functions include:
i) The product – involves the planning, designing and developing the right type of the product in order to meet the customer’s satisfaction. It includes.
i) The packing of the product
ii) The image
iii) The brand name and label

iv) The product
v) The product quality
vi) The product range
vii) The product output
viii) The product warrantees and after sale services
viii) The product policy
xi) The product
ii) The price- involves giving value which is charged by the suppliers. This is an important element of marking because;
i) It relates directly to the generation of revenue
ii) Measures the profit cost and revenue elements.
iii) Affects the product quality and quantity
iv) Has a psychological impact on consumers.
iii) The placement – also known as distribution is concerned with linking the seller and buyer through the product and involves elements of
i) Inform potential customers
ii) To convince and persuade existing customers to continuer choosing the product
iii) To establish a business image or good will
iv) To canter competition from other business dealings
v) To increase sales and revenue.

3.1.2 The marketing strategy
? This is a consciously formulated plan that describes how the new venture will compete.
? It focuses the business enterprise on a target market to fill the gap or create a nitche.
? A well calculated marketing strategy provides guidelines for the entrepreneur concerning-:
o The expected results
o Allocation of resources
o Responsibilities for marketing
o Ways of controlling the enterprise.

3.2 The marketing Plan
Solidifies the marketing strategy by defining customers, sales forecasts and marketing objectives.
? It synthesizes market research and the entrepreneurs strategy into a blueprint for action
? The plan is implemented through a marketing programme, which addresses the marketing activities decisions regarding product, the pricing, the promotional activities and the placement activities.

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