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Marketing: Customer Analysis - Essay Example

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Marketing: Customer Analysis

Study shows that producers need to create commodities on high demand thus, the need to make potential estimates. While marketing industrial grinding machinery, a marketer will have to make four decisions, which include; the pricing decisions, the product decisions, the placing decisions and the promotion decisions. Under the product decisions, the marketer will first have to decide on the quality, brand name and functionality of the machinery. Depending on the potential estimates made and the potential customers being targeted, the standards set can be high or low. Marketers need to consider this because for instance; some brand names will appeal to some customers while to others they may not make any sense at all. The pricing decisions are highly critical since they determine the profit making of the organization. The marketer should ensure that the price set is in accordance with the potential estimates made. Prices should not be exceptionally high since this may cause customers to shift to the competitors. In making this decision, marketers should evaluate the prices of other grinders in the market. The marketer also has to decide whether discounts will be issued on the machinery or not (Pride & Ferrell, 2011). Under the placing decisions, the marketer has to decide on the distribution of the grinding machinery. Depending on the potential estimates made concerning the market available, the marketer has to decide which places to distribute the product and which to be left idle. Transportation decisions also have to be considered, and the number of distribution channels. However, most distribution centers should be placed where a wide potential market has been identified. Promotion decisions include the various ways in which the marketer can market the product. Different marketers will use different strategies of marketing a product depending on its type. For instance, marketing grinding machinery would need a method such as personal selling to ensure that the customer is totally made aware of the product and its functioning. However, other methods of marketing such as advertising might leave some information about the product. 2) What is the relationship among market segmentation, target marketing, and positioning? What will happen to a company’s target marketing and positioning efforts if markets are incorrectly or not effectively/insightfully segmented? Market segmentation refers to the division of the customers of a product into different groups. Customers will mainly be divided depending on their needs, their characteristics and their financial ability. While segmenting the market, the marketer also has to consider the organization’s ability to satisfy all the segments and the competitive advantage of each segment. Other factors that have to be considered in evaluating the segmentation includes; the costs of the product and the sales estimates (Pride & Ferrell, 2011). Once the business has divided its market into different segments, it then evaluates the potential gains of each market and then chooses which to concentrate on. This process is referred to as target marketing. The market chosen is then referred to as the target market. This is usually the market that has a large ...Show more

Summary

Customer analysis Marketing 1) Given that absolute market potential almost always exceeds actual industry sales, why do marketers bother to make potential estimates? Discuss 4 decisions that a marketer of industrial grinding machinery might make based on such potential estimates The business world today has become diverse, and with increased availability of technology, many people are able to open up their own businesses…
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