Question

Understanding Customers and Competitors (Topic)

How could you and your venture use the ‘new marketing approaches’?

Answer 1

Introduction

in an business the customers are backbone. understanding the behavior and attitude of the customers help the company to grow in a perfect way. In business terms the customers are the person who buys and consume the goods and services. The business are undertaken depends on the customers. The companies need good customers to run the business.

In business a company operates in similar industry and provide the same service is known as competitor of that company. The availability different competitor in the market place help the society to reduce the price and increase the availability of multiple products.

Customers

customers are the persons who buy and consume the goods and services from the company. they are known as in different names like, client, end user, consumer. Customers are the essential element that runs the business. The companies are produce and offer different product and service for the customers to buy and consume it for the satisfaction of their needs and wants.

The main objective of company is to satisfy the needs and wants of customer. The customer maybe the individual or business unit. The customers keep a strong relationship between the enterprises. The companies always try to make the customer happy because the happy customers make the repeated purchase.

competitor

competitors are the co-participates in the same market place. the competitor are person, entity, business. The competitors are operates in the same industry try to create maximum customer attraction. in a market availability of large number of competitors will create price advantage to customers and produce better quality products.

The competitors does not try to produce the similar products they sell their product in similar prices. The quality of product changes from one company to another. in the case of competitors who makes the better analysis about the market will help to retain the possession of market leader.

for example Coca-cola and PepsiCo are the best competitor.

New Marketing Approaches

The companies are mainly implemented the different approaches to facilitating the smooth functioning of marketing activities of an company. It includes the different strategies that satisfy the customer.

following are the different marketing approaches and its use;

a) Product related approaches

b) Price related approaches

c) Influence of Intermediary

   d) Relationship

e) social media marketing

f) Internet marketing

g) direct selling

   a) Product related approaches

In every company they make new strategies to modify the product. The product is the thing that end users are consume. The companies make good quality product that compared to competitors.

  b) Price related approaches

Every company offer the attractive price to attract the customer in the market. The companies make the offers on their product to compete the others in same industry, they make different pricing strategy.

     c) Influence of Intermediary

The influence of intermediary an important thing in the marketing of product. the sales are depend on the intermediaries. when the presence of intermediary less the customer get benefited.

  d) Relationship

in every purchase and sales the company make the relationship between the customer. The good relation makes a repeated purchases.

  e) social media marketing

Social media marketing is the new and wide reach method of marketing. these method helpful to reach large scale of business because every one uses the social network.

f) Internet marketing

The internet marketing is another way of new marketing approaches. marketing done through the different search engines support. they reestablishing the visited product in search engines.

  g) direct selling

direct selling is the method of marketing done through door to door method. marketing people interact with consumers directly to introduce the product. this is the fastest moving method of marketing in recently.