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Business Marketing Essay

5209 words - 21 pages

Introduction:Within this essay we will evaluate and cover the effectiveness of the marketing strategies in achieving a business's core goals. The main area's that will be covered for market strategies include; Market Segmentation/Differentiation/ Postitioning, Price, Promotion and Place, People, Processes and Physical Evidence, Emarketing and Global Branding. Each individual marketing strategy stated above plays an effective role in achieving profit maximization, growth, and increased market share and customer service within a business.Firstly we will look at the business's key goals Profit Maximization, Growth, Increase Market Share and Customer Service and why they are such important ...view middle of the document...

If growth is sustainable for the business it can increase market share, expand to other locations and employ more staff for higher demand.Increase Market Share:Increasing a business's market share means that a business is looking to expand their product range into new markets. To expand their product range the business needs to undertake market research, collect data and identify their target market before they make a new, innovative product that will have a competitive advantage over their competitors. Once they have released this product, a business needs to make sure that they maximize their customer service, they want to build relationships for their company for the long term which in the long run will pay dividends for the business. Apple uses a segmented approach to market share, they mainly sell to consumer markets but also have intermediaries such as JB HI FI selling apple products.Customer Service:Customer service is also an important factor for a business as it provides feedback and communication to the company of what they can improve on. A business should be looking to build their customer base by addressing three areas: They want to have a long-term relationship with these customers this will increase customer loyalty for the business. They also want to retain customers over competitors, as this will contribute to profit maximization of the company. Also they want to acquire new customers to their business or product this will increase their market share and will increase competitive advantage for their company. Apple provide customer service at every apple store with having the "genius's" take care of each customer as they enter the store. By greeting them at the door they have already started their relationship with that customer, if they are helped out they will probably come back and use Apple again.Once the business has figured out its key goals the business will now look at which market segments and their target audience they are going to target. Once they have decided their target market they can fully understand how that market will have an affect on the business's market objectives.Market Segmentation/Differentiation/ PositioningVariables in which a business can segment their market are as follows:Demographic:Demographic is dividing the total market according to particular features of populations for example age, gender and education. Demographic segmentation can identify the wants and needs of the consumers and it can also identify your target market. Demographic allows a business to pin point what products and services to target and who and what type of advertising/promotion to use. Demographic is effective as it targets and helps increasing your market share and profit maximization by allowing your business to target key areas of the population where your product is not going to be wasted and also make your product be specific to the market your are trying to target.Geographic:Geographic is dividing the total market...

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