Mktg 205 Unit 4 Ip

These challenges, awareness, availability, accessibility and affordability are the obstacles that stand in the way of a product being successful or not. If appropriately traversed, the company can expect to see huge profits. However this can only be done through a very thorough understanding of this unique market and the appropriate application of practical and pragmatic marketing strategies.

In order to put these complicated processes into perspective, I’ll be giving a few examples of DHS missions that involve coordination between SSAs, State, Local, Tribal, or Territorial agencies, and private enterprise.

be any issues with the product entering the marketplace based on the company’s consumer base.

can be produced or maintained profitability. Also it's important to understand to how to produce a value added product when market

For sales and market share to be increased further, it will be necessary to achieve this through innovation with completely new product development and introduction, or more likely, as developing new products has become increasingly difficult to develop new brand/product extensions such as mixes and delivery systems,, and performance could be enhanced and margins protected by achieving world class marketing, innovation and production standards. At the same time costs will continue to be squeezed. Resources should be focussed on creating value that the customer is willing to pay for.

The consumer decision making process consists of five steps: need recognition, information search, evaluation of alternatives, purchase and post

Date: 17-01-13 Universidad Carlos III Master in Marketing Jean-Philippe Charron Casper van Drongelen Kaloyan Andonov Mihaela Filcheva Angel Vargas Mark Bender

Therefore, I have been asked to prepare a shot report that’s displays my understanding of marketing, which should address the following:

Once information has been gathered and analyzed, the designers can respond accordingly to develop a product based on consumer demand. The last stages of the Marketing phase includes advertising, distribution and finally the selling of the product to the target market.

the unique product in hole. Increase brand awareness and sales by the development of the

The product itself is arguably the most important part of the marketing mix because this is what the customer is actually going to buy, so it is very important that it meets the demands of customers. By taking a customer centric approach, a business can ensure that the product meets the customers demands rather than a product centric approach as this wont meet all of the target markets needs. “Customers want a product which is both environmentally friendly and safe” (Gbadamosi, n.d.) By providing these two things when a product is being launched, would help ensure that a product launch has been successful. However in some cases, some businesses will struggle to meet this for example a motor vehicle. Due to the fact that cars release emissions, cars are not going to be environmentally friendly, however if the company is able to show that the business is improving on what they previously offered in terms of reducing emissions from their cars, customers are more likely to be pleased and therefore makes it likely that the product is going to have a successful product launch.

The one striking aspect of all the theories thus far was the portrayal of the consumer as a logical, rational decision maker who made complex choices based on reason, rational thinking and minimal risk-taking. The five cognitive stages that a consumer goes

Problem recognition: This is the most step in the buying process. If there is no need, there is no purchase. In this step, there is a lag between the consumer’s actual situation and the ideal and desired one. All needs may not turn into buying. There is always some lag between need and buying. For example, one may spend 250$ on buying grocery but not on outsourcing car washing at same rate to specialized company. The latter event has low importance. So the purchase behavior differs as per situation. In some cases price is important. For instance, one has option of buying smartphone and 2 brands are available with similar features. One will mostly tend to buy the cheaper one. The gap between the actual situation and the ideal situation may be due to some reasons. The current situation has not changed, but the ideal situation has (a friend recommended a cheap car cleaning company). Or, the ideal situation is still the same but it’s the actual situation has changed (you’re tired of cleaning your car by yourself). Lastly, the two situations may have changed. The need of a consumer can be classified as: Internal stimuli which opposes the external stimuli: one may not purchase a burger immediately after watching a mouth-watering ad but one will definitely purchase it when hungry. Type of need like functional need (buying a latest smaprtphone as it supports quick video calling) , social need (peer pressure or luxurious lifestyle can make one buy trending or costly items) or need

According to Wikipedia, 2006, Marketing is "the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges

* The purchase decision process is the stages a buyer passes through in making choices about which products and services to buy.