Marketing Essentials: Supply, Demand, Segmentation, and Competition
Marketing Fundamentals: Supply, Demand, and Competition
Supply and Demand Relationship
- S << D: High unmet demand. Marketing is less critical. Prices are supplier-driven.
- S = D: Balanced supply and demand. Focus shifts to production output, advertising, and promotion.
- S > D: Increased competition as supply exceeds demand. Marketing plans emphasize production and inventory management.
- S >> D: Marketing becomes a strategic imperative for the company.
Market Segmentation
Market segmentation
Read MoreMarketing and Business Planning: Key Concepts
Marketing and Business Planning
Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential.
A business plan is a written document that describes in detail how a business, whether new or established (undergoing a new strategic direction or adapting to market reality), will achieve its goals from a marketing, commercial, financial, and operational viewpoint.
Creating an Effective Business Plan
To achieve its goals,
Read MoreInternational Distribution & Marketing Communication
International Distribution Channels
Short Distribution Channels:
- Manufacturer → Final Consumer
- Manufacturer → Retailer → Final Consumer
Long Distribution Channels:
- Manufacturer → Wholesaler → Retailer → Final Consumer
- Manufacturer → Wholesaler → Cash & Carry → Final Consumer
Functions of Distribution:
- Transaction Function: Intermediaries between manufacturers and consumers.
- Logistic Function: Intermediaries and retailers allow product diversification, storage, and transportation.
- Product
Consumer Insights: Focus Groups, Sensory Marketing & Sampling
Consumer Behavior Research Methods
Introduction to Focus Groups
In the pursuit of understanding consumer behaviour, companies are confronted with multiple methodologies, each with its strengths and limitations. One method that stands out, especially in revealing consumer attitudes and preferences, is the focus group: a qualitative research technique used to collect data through group interaction. This essay explores the reasons why focus groups are the most appropriate qualitative research method
Read MoreUnderstanding Advertising: Types, Objectives, and Impact
Understanding Advertising
Advertising is a key component of marketing, specifically within promotion. It communicates a sponsor’s message to a specific audience using various media, including television, radio, print, and the internet. These media have associated costs and are impersonal yet far-reaching. The goal is to achieve predetermined objectives.
Advertising vs. Publicity
Propaganda involves spreading an idea, usually freely, while advertising is a set of activities used by a company to attract
Read MoreEnhancing Competitiveness Through Quality and Marketing
Competitiveness and Quality
The quality of a product is the set of properties and characteristics that confer its ability to meet demand. Improving quality involves establishing a management system that includes the following points:
- Define desirable factors.
- Determine quality standards or specifications.
- Establish a monitoring system to verify that specifications are met.
- Identify and correct problems of poor quality.
The costs of quality improvement are less than the costs of poor quality. Investments
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