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Marketing: Customer Analysis - Essay Example
Pages 4 (1004 words)
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…
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. ...
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