Enterprise unit 7

Remember there are 3 key aims for any marketing strategy: 1. Increasing consumer awareness of the enterprise, product or service 2. Establishing and maintaining brand loyalty 3. Increasing or defending sales, market share or profit

A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company's value proposition, key brand messaging, data on target customer demographics, and other high-level elements. Why is a marketing strategy important? Put simply, a marketing strategy sets out your business goals, including who your ideal customers are and how you intend to reach them. It's your plan of action and the blueprint to the marketing activity you will do in the coming months and years to grow your business.

ADV AND DISADV OF SOCIAL MEDIA

Advantages: Posts can be interactive allowing you to connect to your customers, collect comments or images. Wide online audience, easily accessible and searchable by potential customers. Influencers can share to large groups of like minded people. Useful to showcase features of products, new promotions - images and videos stories Adverts within social media can be targeted on specific demographic profiles and interest groups. Disadvantages: Can be time consuming and hard to maintain presence and continue to create new posts. Adverts in social media channels can be easy to ignore or block out. Due to the large number of different social media apps can be hard to manage an online profile (twitter, facebook, instagram)

Why is advertising effective

Advertising can be informative or persuasive. Informative advertising gives customers information about products and services. Persuasive methods are designed to attract attention and convince customers that they need its products. An enterprise will use a variety of method to ensure both potential and existing customers are aware of its products and to encourage them to buy.

Comparison with industry bench marks

Benchmarks are industry standards, or guidelines, for key financial metrics. Basically, they represent the average of key numbers collected from many different businesses and then sorted by industry. Industry benchmarks are used as a standard or reference point and also as a predictor for performance. These figures and data points can be useful when setting goals for the year or determining which key performance indicators (KPIs) will be your point of focus.

What is customer service? How to improve it? M A R R C K

Customer service is the support you offer your customers — both before and after they buy and use your products or services — that helps them have an easy and enjoyable experience with you. Offering amazing customer service is important if you want to retain customers and grow your business. A service business is an enterprise composed of a professional or team of experts that deliver work or aid in completing a task for the benefit of its customers. The product a service business delivers isn't like a product you buy at the store, such as a television, piece of clothing, or food item. Meeting/Exceeding customer expectations Being knowledgeable and competent Building respectful relationships Acting on feedback Communicating regularly Rewarding loyal customers

Explaining the reasons and methods of customer retention

Instead, customer retention is focused on existing customers. The goal is to increase repeat purchases by building customer loyalty through excellent customer service, product value and a distinct advantage over similar products or services. Customer retention refers to a company's ability to turn customers into repeat buyers and prevent them from switching to a competitor. It indicates whether your product and the quality of your service please your existing customers The main findings contain that the most common factors that affect customer retention are service quality, satisfaction, trust, and commitment. An enterprise can increase its sales by attracting new customers or keeping as many existing customers as possible. This is known as customer retention. Existing customers have already shown an interest in your products and are aware of what your enterprise has to offer. Finding new customers is necessary for any enterprise. However, it is important to keep existing customers because this is more cost- effective than attracting new ones. Reasons: Finding new customers is necessary for any enterprise. However, it is important to keep existing customers because this is more cost-effective than attracting new ones. For instance: Marketing is expensive - from market research to promotions. If you build a relationship with customers over time, it makes it easier to provide the products required. To attract new customers, you may neede to advertise in more places using more methods. Reutrning customers can provide a stable income making cash flow planning easier. It helps establish and maintain brand loyalty, increasing the chance of repeat business and defending sales against new competitors. Loyal customers tend to spend more per visit. Good word-of-mouth advertising, when customers recommend your products, can increase sales and potentially your market share. Methods: Customers that feel valued and appreciated are more likely to remain loyal to an etneprise. This increases the chances of repeat purchases and reduces the risk of losing customers to competitors. Offering good or improved quality products Offering a new or wider range of products and designs Offering good customers service by giving personal attention to the needs of customers by training employees to be helpful and knowledgable. Providing after-sales services and support, such as offering credit facilities and delivery and product guarantees Realising complaints quickly and effectively with refunds or exchanges Providing detailed information about products and services Communicating regularly with customers (ex: using newsletters and social media) Rewarding loyalty (loyality cards, discounts, special offers and reward schemes Asking for feedback to find out what changes need to be made.

Brand loyalty

Is the tendency to use one brand over another due to good past experiences. A brand is a specific label for a product. Customers constantly purchasing products from the same brand, as they trust their company over others. Brands are established overtime through advertising.

The marketing mix: Place Price Promotion Product Physical evidence Process People

It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand. The marketing mix is a marketing tool that is made up of the four Ps - product, price, place and promotion. For a successful marketing mix, all elements must work together effectively. The marketing mix is made up of the four Ps - product, price, place and promotion. It is a marketing tool used to attract customers to a business, and all four elements should be carefully considered in order for a business to be effective. The right marketing mix should work well together and each element of the marketing mix should complement the rest, for example the type of promotion will be applicable to the product being sold by a business. The most effective marketing mixes constantly adapt to the ever-changing business environment. This could mean a business adapting their price, adopting new types of promotion, updating their product or changing distribution channels as required. 1. Product Product refers to anything that's being sold - a physical product, service or experience. No matter how you position yourself as a brand, your product or service is always going to be at the centre of your strategy and therefore it will influence every aspect of the marketing mix. When you think of your product, consider factors such as its quality, specific features, packaging and the problem that it will solve for your customers. Whilst things like customer service are key, your product, i.e. what the customer gets, is ultimately what they will care about most. Of course, if your buyer is not satisfied with what you're selling, they won't return to you. But if the quality is right and it solves their problem, the product will sell itself. 2. Place Where are you selling your product or service? There are many places and ways that businesses can sell. So 'place' doesn't just refer to a physical location. It could mean selling via a website, catalogue, social media, utilising trade shows and, of course, brick and mortar stores. 'Place' encompasses each and every distribution channel. Most companies can't, or don't, set up shop just anywhere. There are a number of factors that need to be considered first. Your target audience will play a part when it comes to your distribution channels. For example, there's no use in selling via a single high-street store if your target audience mostly resides online or if you want to sell globally. Testing is always a good idea - would an eCommerce site work better than a physical pop-up store? Perhaps a mix of both would be appropriate for your business. You need to gain a clear understanding of your target audience if you are to establish the most appropriate place to reach customers and make a profit. In order to consistently make a profit, you need to reside and distribute in the places that are both appropriate for your brand and accessible for your audience. 3. Price How much does your product or service cost? Everyone has their price and if you target a specific audience but get the pricing structure wrong for this particular set of buyers, you can forget about getting a desirable ROI. The price you set should reflect your customer's perceived value of your product, correlate with your budget, and be set in a way that ensures you turn a profit. Pricing has a huge impact on the success of your business and it can impact your marketing strategy, sales and product demand. There are many different pricing strategies used by businesses today, they all have different benefits, drawbacks and functions. And the one that you choose to implement will depend on what you're selling as well as your brand image itself. 4. Promotion Promotion. That's what we're all about. Whether it's direct marketing, PR, advertising, content marketing or in-store pitching, promotion is what we, as marketers, do best. Promotion means raising awareness of a brand, product or service within a market; telling a story to encourage consumer engagement. Promotional strategies work on multiple levels. They raise brand awareness, increase sales and generate revenue. Why should someone purchase from you over your competitor? How will you solve their problem or enhance their life? Common promotional strategies, for marketers, come under two categories. Traditional and digital. Traditional marketing refers to print media, broadcasting, direct mail, billboards and posters, and referral, i.e. word of mouth. Digital methods mean email marketing, social media promotion, content marketing, search engine optimisation (SEO), mobile marketing and paid advertising. The way that you choose to communicate with your audience and promote your offerings will have a direct impact on the success of your brand. Post a message in the wrong place, at the wrong time, or to the wrong person and your sales will likely be negatively affected. You can get to know your audience and understand their requirements through clever market segmentation and targeting. And you can cater to their needs by integrating your marketing data and creating seamless omnichannel campaigns. 5. Physical Evidence The marketing mix must take into consideration everything that your customer experiences along their journey with you - from the very beginning when they're just becoming aware of your brand, up to the point of sale and beyond. Physical evidence means more than just proof of purchase. Whilst it does include this important aspect, physical evidence also encompasses the overall existence of your brand. Think website, branding, social media, the logo on your building, your store's decor, the packaging of your products and the post-purchase thank you email. All of these elements offer your customer the physical evidence they need to be certain that your business is viable, reliable and legitimate. There are a multitude of scams, fake companies and untrustworthy businesses both online and in the physical world. For consumers to truly be comfortable with you, to complete a purchase, remain loyal and advocate for your brand, they need to be confident that you're legitimate and worth their time. 6. People People, in the marketing mix, refers to anyone directly or indirectly involved in the business side of the enterprise. That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training. It's critical to the success of your brand, and the satisfaction of your customers, that everyone who represents the company (including the chatbots) is polite, professional, knowledgeable and fully trained. Employees need to be able to solve the problems that customers have so, as a business, you need to offer training, good working environments and anything that will safeguard the contentment of your employees. Excellent customer service is a must for any brand operating in today's customer-centric market. Digital strategist, Dave Chaffey, says that people buy from people - because of the human connection that we all typically crave. This doesn't necessarily mean that people are inclined to purchase in-store from a physically present human. When marketers create a strategy that's highly tailored and personalised, campaigns that are human experience-focused can be as influential as the best, most persuasive salesperson. Be sure to maintain a positive brand reputation by addressing and resolving customer complaints, rather than just ignoring them. This will support your recovery and, if handled correctly, help you to avoid any future damage to your brand reputation. Employing and retaining the right people is key for both long and short term success. 7. Process So you have a product and you have your target audience. How do you deliver the product to the customer? This in-between aspect can be called the process. It involves how your business runs, how the service is delivered, how the product is packaged, how your customers move down the sales funnel, checkout, shipping, delivery, etc. Essentially the process describes the series of actions or the fundamental elements that are involved in delivering the product or service to the customer. The more seamless and personalised your processes are, the happier your customers will be. If you have a product that's of good quality, chances are you won't hear any complaints. But there are so many different pieces of the process puzzle that you have to consider in your marketing strategy. So if you're going to experience complaints, it will likely be at this point. Customers typically feel frustrated or dissatisfied by late shipping, additional costs, poor communication or a lack of support. You can minimise complaints and optimise your process by keeping an eye on online reviews. If customers complain then you know it's time to reevaluate and reconfigure your processes. Word of mouth, especially in the digital world, has the power to make or break a brand. So every part of the buyer's journey has to be seamless and efficient. Of course, you need to plan your processes in a way that minimises the costs on your part, whilst also maximising the benefits and value for your customer. Regularly assessing, adjusting and adapting your processes will help to structure your business efforts so that you can function at optimal efficiency. Product The product element refers to the products or services the business sells. A business should conduct market research to find out the needs and wants of its target market. Goods are a tangible item that a customer can physically touch, for example a mobile phone or a chocolate bar. In contrast, a service is an intangible product that cannot be touched, such as a spa day experience or having a haircut. A business needs its products to stand out from the products of its competitors so that customers buy from it. To do this, a business creates a unique selling point (or USP). For example, a business might emphasise in its marketing that the bananas it sells are fair trade, and a web developer might be able to include artificial intelligence in a website. Price Price is the amount a business charges its customers for its product or service. Prices are set according to how much a customer is willing and able to pay. Customers want value for money and this may mean a business needs to set low prices to generate high levels of sales. However, some products require higher prices, as they are perceived to be high-quality, luxury goods. Examples include sports cars and designer bags. The general rule is that high quality usually means a high price whereas low quality usually means a low price. Companies use pricing strategies as a way of making sales. For example, a company might lower its prices to increase sales and demand, or increase its prices as a way of making customers view its products as being of higher quality. Factors that influence price include: competition - a business may need to reduce its prices to compete with other businesses customer opinions - about the product and its worth brand image - some products can have a higher price because customers perceive the business' brand as desirable availability - if a product is in short supply, this can drive up the price as customers are more likely to pay more for something in limited supply (eg a concert ticket) Place Place refers to where the customer is able to purchase the product or service. This can include: a retail store an online store or app directly from the manufacturer Businesses that sell mass-market products may use many different options to make sure that their customers can easily purchase their products. Place can also include the channel of distribution used to get the product from the manufacturer to the final customer. Types of distribution include: manufacturer → customer manufacturer → wholesaler → customer manufacturer → wholesaler → retailer → customer Promotion is the methods a business uses to create interest in its products and services among its customers and potential customers. The main aim of promotion is to either persuade customers to purchase, or inform about products. This includes: TV adverts use of billboards social media activity influencers online video and banner adverts email advertisements sponsorship deals discounts and special offers branding A business will use a mix of different promotion methods to increase its sales. Its chosen method will depend on the type of product or service on offer, the relative costs of the different methods and the size of the budget the business has. This is often referred to as the 'promotional mix' for a business. Product To begin with, develop the habit of looking at your product as though you were an outside marketing consultant brought in to help your company decide whether or not it's in the right business at this time. Ask critical questions such as, "Is your current product or service, or mix of products and services, appropriate and suitable for the market and the customers of today?" Whenever you're having difficulty selling as much of your products or services as you'd like, you need to develop the habit of assessing your business honestly and asking, "Are these the right products or services for our customers today?" Is there any product or service you're offering today that, knowing what you now know, you would not bring out again today? Compared to your competitors, is your product or service superior in some significant way to anything else available? If so, what is it? If not, could you develop an area of superiority? Should you be offering this product or service at all in the current marketplace? Prices The second P in the formula is price. Develop the habit of continually examining and reexamining the prices of the products and services you sell to make sure they're still appropriate to the realities of the current market. Sometimes you need to lower your prices. At other times, it may be appropriate to raise your prices. Many companies have found that the profitability of certain products or services doesn't justify the amount of effort and resources that go into producing them. By raising their prices, they may lose a percentage of their customers, but the remaining percentage generates a profit on every sale. Could this be appropriate for you? Sometimes you need to change your terms and conditions of sale. Sometimes, by spreading your price over a series of months or years, you can sell far more than you are today, and the interest you can charge will more than make up for the delay in cash receipts. Sometimes you can combine products and services together with special offers and special promotions. Sometimes you can include free additional items that cost you very little to produce but make your prices appear far more attractive to your customers. In business, as in nature, whenever you experience resistance or frustration in any part of your sales or marketing activities, be open to revisiting that area. Be open to the possibility that your current pricing structure is not ideal for the current market. Be open to the need to revise your prices, if necessary, to remain competitive, to survive and thrive in a fast-changing marketplace. Promotion The third habit in marketing and sales is to think in terms of promotion all the time. Promotion includes all the ways you tell your customers about your products or services and how you then market and sell to them. Small changes in the way you promote and sell your products can lead to dramatic changes in your results. Even small changes in your advertising can lead immediately to higher sales. Experienced copywriters can often increase the response rate from advertising by 500 percent by simply changing the headline on an advertisement. Large and small companies in every industry continually experiment with different ways of advertising, promoting, and selling their products and services. And here is the rule: Whatever method of marketing and sales you're using today will, sooner or later, stop working. Sometimes it will stop working for reasons you know, and sometimes it will be for reasons you don't know. In either case, your methods of marketing and sales will eventually stop working, and you'll have to develop new sales, marketing and advertising approaches, offerings, and strategies. Place The fourth P in the marketing mix is the place where your product or service is actually sold. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales. You can sell your product in many different places. Some companies use direct selling, sending their salespeople out to personally meet and talk with the prospect. Some sell by telemarketing. Some sell through catalogs or mail order. Some sell at trade shows or in retail establishments. Some sell in joint ventures with other similar products or services. Some companies use manufacturers' representatives or distributors. Many companies use a combination of one or more of these methods. In each case, the entrepreneur must make the right choice about the very best location or place for the customer to receive essential buying information on the product or service needed to make a buying decision. What is yours? In what way should you change it? Where else could you offer your products or services? Packaging The fifth element in the marketing mix is the packaging. Develop the habit of standing back and looking at every visual element in the packaging of your product or service through the eyes of a critical prospect. Remember, people form their first impression about you within the first 30 seconds of seeing you or some element of your company. Small improvements in the packaging or external appearance of your product or service can often lead to completely different reactions from your customers. With regard to the packaging of your company, your product or service, you should think in terms of everything that the customer sees from the first moment of contact with your company all the way through the purchasing process. Packaging refers to the way your product or service appears from the outside. Packaging also refers to your people and how they dress and groom. It refers to your offices, your waiting rooms, your brochures, your correspondence and every single visual element about your company. Everything counts. Everything helps or hurts. Everything affects your customer's confidence about dealing with you. When IBM started under the guidance of Thomas J. Watson, Sr., he very early concluded that fully 99 percent of the visual contact a customer would have with his company, at least initially, would be represented by IBM salespeople. Because IBM was selling relatively sophisticated high-tech equipment, Watson knew customers would have to have a high level of confidence in the credibility of the salesperson. He therefore instituted a dress and grooming code that became an inflexible set of rules and regulations within IBM. As a result, every salesperson was required to look like a professional in every respect. Every element of their clothing-including dark suits, dark ties, white shirts, conservative hairstyles, shined shoes, clean fingernails pand every other feature gave off the message of professionalism and competence. One of the highest compliments a person could receive was, "You look like someone from IBM." Positioning The next P is positioning. You should develop the habit of thinking continually about how you are positioned in the hearts and minds of your customers. How do people think and talk about you when you're not present? How do people think and talk about your company? What positioning do you have in your market, in terms of the specific words people use when they describe you and your offerings to others? In the famous book by Al Reis and Jack Trout, Positioning, the authors point out that how you are seen and thought about by your customers is the critical determinant of your success in a competitive marketplace. Attribution theory says that most customers think of you in terms of a single attribute, either positive or negative. Sometimes it's "service." Sometimes it's "excellence." Sometimes it's "quality engineering," as with Mercedes Benz. Sometimes it's "the ultimate driving machine," as with BMW. In every case, how deeply entrenched that attribute is in the minds of your customers and prospective customers determines how readily they'll buy your product or service and how much they'll pay. Develop the habit of thinking about how you could improve your positioning. Begin by determining the position you'd like to have. If you could create the ideal impression in the hearts and minds of your customers, what would it be? What would you have to do in every customer interaction to get your customers to think and talk about in that specific way? What changes do you need to make in the way interact with customers today in order to be seen as the very best choice for your customers of tomorrow? People The final P of the marketing mix is people. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales and marketing strategy and activities. It's amazing how many entrepreneurs and businesspeople will work extremely hard to think through every element of the marketing strategy and the marketing mix, and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person, in a specific way. Your ability to select, recruit, hire and retain the proper people, with the skills and abilities to do the job you need to have done, is more important than everything else put together. In his best-selling book, Good to Great, Jim Collins discovered the most important factor applied by the best companies was that they first of all "got the right people on the bus, and the wrong people off the bus." Once these companies had hired the right people, the second step was to "get the right people in the right seats on the bus." To be successful in business, you must develop the habit of thinking in terms of exactly who is going to carry out each task and responsibility. In many cases, it's not possible to move forward until you can attract and put the right person into the right position. Many of the best business plans ever developed sit on shelves today because the people who created them could not find the key people who could execute those plans.

Measuring customer satisfaction? NS C MR MSP F

Knowing what customers want allows the enterprise to adapt to please its customers. It is also helpful to know the opinions of lost and potential customers to find out what it culd or should do to attract or reattract their custom. However, measuring customer satisfaction can be difficult. Customer satisfaction: The extent to which customers are pleased with the products and services provided by an enterprise. Number of sales: This is a simple and quick way to measure customer satisfaction. Have sales increased or decreased? However, care is needed as changes in sales may be due to other factors, such as changes in income, tastes or competition, rather than customers being unhappy with the product or service. Number of complaints and returned products: Customers complain when they are unhappy about something. If unhappy customers tell other people about this, it can lead to a bad reputation and result in a loss of sales. Action has to be taken quickly to address the problem and prevent this. Remebr that prodcuts mya be returned for many reasons - the cusotmer may not be unhappy with all aspects of the entperse. As well as using market research to identify potential customers, the same methods can also be used to obtain feedback from customers: Customer questionnaires and surveys: These can be face to face, paper based or elcdtronic. Customers are usually asked a few short questions hwen and what is asked depends on what the entpeirse wants to know. Suggestion boxes and comment cards: Some enterprises provide simple forms or book to complete for customers to leave feedback. Mystery shopper programmes: People act as customers to test out the service offered by a given enterprise. The shopper is given a number of issues to assess and then scores the enterprise on the basis of their experience. Usually this method is organsied by a specialist business and is generally only used by large etneprises because of the cost involved. Focus groups: Some entperisees want to explore the needs, thoughts and opinions of customers. Talking to the same or similar group of people over a long period of time allows and etnperise to build up a fuller impression of what its customers think.

Market Share

Market share is the percent of total sales in an industry generated by a particular company. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period.

Evaluating the methods of market research?

Primary research: Primary information is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research. This type of information generally falls into two categories: exploratory and specific research. - Exploratory research is a less structured option and functions via more open-ended questions, and it results in questions or issues being presented that the company may need to address. - Specific research finds answers to previously identified issues that are often brought to attention through exploratory research. Primary market research The main types of primary research: - Surveys and questionnaires: Asking people a list of set questions. They can be done online, face to face or sent by post. This is a relatively cheaper way to gain information as large numbers of people can be asked the same simple questions. more people can be asked which increases the sample size. This can help reduce the risk of bias. The questions must be carefully Designed as poorly worded, misleading or the wrong questions can lead to poor decisions being made. This could result in higher costs, wasted resources and lost revenue. It can take a long time to collect all the questionaries and people may not complete the surveys. - Observations: Watching or recording what people do or purchase. This can provide an insight into what people do, but you cannot ask questions about why or what they behave in this way. This means the information gathered can be limited or misleading. This is a cheap method as all someone has to do is watch what happens for an agreed period of time and questions do not need to be prepared. - Focus groups: Gathering together a selection of people who have similar characteristics to the target market to give their opinions on a product or service. This allows for highly detailed information from a selected group or service. This allows for highly detailed information from a selected group of customers. However, the sample size is very small and other group members can influence what others in the group say or do. Focus groups are expensive and time consuming to arrange. - Interviews: Interviewers asl individuals a number of questions. This method can provide more detailed answers as there is time to explore the answers given to the questions. Interviews tend tend to provide higher response rates than surveys. However, interviewers take a long time to complete. Fewer people are asked which means the sample size is smaller than surveys. Like questionaries, there is also a risk of interviewer bias. - Test marketing: Introducing a new product to a small number of potential customers to see their reaction to it. An entrepreneur can see if the product could appeal to a wider market or whether it needs to be changed or withdrawn. This approach is expensive and takes time. It could also alert competitors to what you are doing. This could limit the potential competitive advantage of the new product. Primary research can help an enterprise in a number of ways, including: - Surveys and questionaries to identify what customers need or want - Interviews with customers or previous enterprises to find out a good place to sell - Observation of buying habits - Focus groups to find out customers views as a way to measure customer satisfaction. Secondary research Using the existing sources of information can provide useful data about the market internal and trends. Secondary research is cheaper and quicker to collect than primary research. However, care is needed. The data that is collected for a different purpose may not provide the specific information to identify potential customers. This is because the questions asked might not be relevant to your enterprise or idea, the wrong people were questions and the information may be out of date. Any of these issues could lead to the wrong decisions being taken. It can include either qualitative or quantitative forms of data. Secondary information is data that an outside entity has already gathered. This can include population information from government census data, trade association research reports, or presented research from another business operating within the same market sector. Secondary research: - Sales data: Internal record such as past years sales can help indicate which products are popular. This information is free and easy to obtain. It can also be kept secret from you competitors. However the data may be incomplete and, if it is a new project or enterprise, there may be no information available. - newspaper and internet articles: can provide a wealth of general information on markets or trading conditions and trends in the market - Trade organisations and journals: these can provide industry-specific data for its members. Trade Journals (also called Professional Journals) contain articles written by professionals to provide practical information and to promote education and skills within a particular trade or industry, and are available in paper and/or online format. Trade publications or trade journals are periodicals that are written for and by people involved in a particular industry. - Government statistics: including census records can provide information about population, income and economic data. Such information is usually free and can be useful to identify trends over time. - Company and market research reports: These can be a good source of market and competitor information. You may have to pay to access the data and it may be incomplete. In essence, a market research report is a document that reveals the characteristics of your ideal customers, their buying habits, the value your product or service can bring to them, and the list of your top competitors. - Market research agencies: These organisations carry out research for other people. They will often provide information to other enterprise or individuals for a fee. Secondary data is useful to: - Show what products are in demand and who is buying them - Identify the number of competitors or their sales - Identify a gap in the market not being exploited - Illustrate which products are successful in other areas - Identify costs for the enterprise - Find target markets - Compare the adverts of competing enterprises to compare effectiveness or get ideas

Benefits of retaining customers

Repeat purchases Higher margins Stable relationship Purchase related products Positive Word of Mouth

Successful Marketing

Successful marketing is anything that changes brand perception or product perception that leads to higher sales, profits or market share. At its core, marketing is about communicating to an audience, so it's no surprise that communication is the top skill those in the field need to have! Being able to express yourself and convey concepts to others in a clear, engaging way will be essential to your work as a marketer. Advertising can increase sales by telling potential and current customers about your new product launches, special offers and improvements. Apart from reminding current customers about your business, advertising can also help to create or develop a distinctive brand for your business. It has the desired qualities of strong credibility, high audience attention levels, and friendly audience reception. It features open-ended conversation with questions and answers about the product, psychological incentives to purchase, memorability, efficiency and frequency. Raise customer awareness of an enterprise and/or product Increase/defending sales revenue Increase/defending market share Maintain or improve the image of the business Target and enter a new market or market segment Develop new or improve existing products Increasing profits

Consumer Awareness

The act of making sure that the consumers have access to the information about a business's product and their consumer rights. This can be about the product's safety, warranty or the ability to return it. Making consumers know about their rights towards the information of a product they are buying. Making sure that they're fully aware of the products and pricing. This way it is mutually beneficial for the seller and buyer.

What is the purpose of marketing?

The purpose of marketing in any business is to build the brand name, attract new customers and to ensure that existing customers remain loyal. Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company. It is the management process responsible for identifying, anticipating and satisfying consumers' requirements profitably. The role of marketing in a business is as follows: Identifying customer needs through market research. Satisfying customer needs by producing and selling goods and services. Marketing consists of marketing methods, customer retention and marketing communications. Marketing involves: Identifying - finding out what customers want and need through market research Anticipating - what customers demand can change, so it is important to look ahead to spot the next big thing. This allows an enterprise to respond more quickly to changing tastes and fashion. Satisfying - providing products where and when they are wanted, and at a price that customers are willing to pay. The purpose of marketing is to generate revenue for a brand, company, or organization. Marketing professionals and teams achieve this through the execution of strategic digital activities that drive traffic, qualified leads, and sales, in direct collaboration with their sales team. Marketing educates many people about a certain product. When people are well-informed about your product, your sales will increase. Marketing is a great help for many business establishments to create revenue options. It is when business sectors use different marketing strategies to increase business profits. Capturing the attention of your target market. Persuading a consumer to purchase your product. Providing the customer with a specific, low-risk action that is easy to take. The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the product, price, place, and promotion of a good or service. Enterprises use marketing to help it achieve its aims and to Raise customer awareness of the tnerpises and/or products and services Increase or maintain brand loyalty Improve image of company Increasee or defend sales, market share or profit Help the enterprise compete Help the enterprise reach its target market Marketing is important because it helps you sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. Creatives explained that without marketing many businesses wouldn't exist because marketing is ultimately what drives sales. Marketing educates many people about a certain product. When people are well-informed about your product, your sales will increase. Marketing is a great help for many business establishments to create revenue options. It is when business sectors use different marketing strategies to increase business profits. Marketing is responsible for communicating with customers about products, explaining who is offering them and why they are desirable. Marketing is also responsible for listening to customers and communicating back to the provider about how well they are satisfying customer needs and opportunities for improvement. Marketing leads to consumer satisfaction through honest advertising, assurance of quality products, and availability of innovative products. Thus, marketing takes every effort to satisfy the consumer. A regular supply of goods: Through efficient distribution channels of marketing regular supply of goods is possible. It provides customers with knowledge about the products so they can make more informed decisions. Customers can save time, as they don't have to search for the information they need Being able to make informed decisions could save the customer money, as they don't end up buying the wrong product It raises awareness of products that customers did not realise were available to buy, which allows them the opportunity to purchase if needed or wanted. Entperises have to keep it's customers needs and wants in mind. This can lead to suitable products and services being made and becoming available to buy.

Why is the negotiation process an important part of business?

We all need or want thing - permission to do things or go to places, information, access to resources, cheaper prices, more wages. Others have needs as well and sometimes this can fit with what we want and sometimes it can't. Others will sometimes want us to do or offer something inexhange for what we want. The terms of the transaction - what and how much can be discussed. Negotiation is all about trying to find a solution that everyone is happy with; The process of discussion inorder to reach agreement on a course of action (orsolve a dispute) that satisfies the interests of all involved. Negotiation is a process where two or more parties with different needs and goals discuss an issue to find a mutually acceptable solution. A negotiation is a strategic discussion that resolves an issue in a way that both parties find acceptable. Negotiations can take place between buyers and sellers, an employer and prospective employee, or governments of two or more countries. Negotiation is a method by which people settle differences. It is a process by which compromise or agreement is reached while avoiding argument and dispute. In any disagreement, individuals understandably aim to achieve the best possible outcome for their position (or perhaps an organisation they represent). Negotiation holds the key to getting ahead in the workplace, resolving conflicts, and creating value in contracts. When disputes arise in business and personal relationships, it's easy to avoid conflict in an effort to save the relationship. resolving disputes agreeing upon courses of action bargaining for individual or collective advantage reaching outcomes to satisfy the interests of those involved Planning a negotiation: You can't predict what is going to happen in the negotiation. Having a clear focus can help you stay calm whatever happens in the meeting. Planning involves two main stages: setting objectives and identifying benefits and drawbacks of a proposal. The process of negotiation: Resolving disputes Agreeing on courses of action Bargaining for individual or collective advantage Reaching outcomes to satisfy the interests of those involved Three main stages in a negotiation: Planning Conducting the negotiation Measuring success Setting objectives: Thinking ahead is important to a successful negotiation What do you want to achieve from the negotiation What do you think the other side (person/organisation) wants What are you going to say and how are you going to say it Who are you going to be negotiating with Wha twill you do if you can't get your first choice? What are you prepared to accept, offer or give up to reach a compromise agreement Will you insist on getting exactly what you want or area you willing to collaborate with the other side to find an alternative solution Have you listed the consequences for both sides if your proposal is not accepted At what point would you walk away from the negotiation, and why Possible outcomes: Good negotiations contribute significantly to business success, as they: help you build better relationships. deliver lasting, quality solutions—rather than poor short-term solutions that do not satisfy the needs of either party. help you avoid future problems and conflicts. But successful negotiation is about discussion aimed at reaching an agreement. An adept negotiator uses skillful techniques to reach a deal without aggression. While negotiation skills can require some practice, becoming a good negotiator is within reach A collaborative approach can often provide the best result as it aims to achieve a win-win outcome. This is where both sides gain something from the process Some negatiations will end in a compromise agreement (also knwown as a win-lose/lose-win) with both sides getting a slightly different outcome than originally intended. If you adopt a competitive approach (win-lose) you must be sure you are right and the other isde has no choice but to accept your proposal. If you are not willing to compromise at all you must be prepared to leave the meeting with nothing (lose-lose).

Impacts of poor customer service

Without feedback the business carries on - losing repeat and potential customers. The reputation suffers, Sales will decline, Competition may benefit

Markting communication: T R C N M P or L E S W A S

television, radio, cinema promotions newspapers and magazines adverts Posters or leaflets delivered to households online communication such as email social media, online advertising word of mouth and announcements Sponsorship