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There are some uneasy challenges or problems that every business person or marketer faces before setting up their own business. Here we'll help you to sort out such problems. Below are some KEY FEATURES along with some USEFUL TIP which can help you in planning a superior strategy for your business. The first step to overcoming your obstacles is identifying NEED AND WANT of targeted customers. Once you know what’s in front of you, it’s much easier to tackle them one piece at a time. Below are 4 common challenges that every marketer faces (in starting a business) as well as some insightful advice for how to approach them head on.
  1. NEED AND WANT: A marketer's job in an organisation is to identify need of the targeted customers and develop products and service that satisfy such needs. In other words, the focus of marketing process is on satisfaction of the needs and individuals and organisation. #Useful Tip: Simply,Human Needs are shaped and affected by factors such as culture, personality, society, religion and basic wants. So always focus on targeted customers and their needs and wants.
  2. CREATING A MARKET OFFERING- Market offers refers to a complete offer for a product or service,having given features like size, quality, taste, quantity etc, at a certain price, available at a given outlet or location and so on. For example,let us assume the offer for a cell phones available in four different versions,with certain different features vary such as size of memory or RAM, sizeof screen,battery backup,internet access,camera and so on, say between rs 2000-20,000(depending upon the model selection), available for sale at say firm's in and around all metropolitan cities. #Useful Tip: A Good "MARKET OFFER" is the one which is developed after analyzing after the needs and wants of the potential customers. **Now what we mean by potential customer are those people who have a common need or want for a particular thing and are considered as potential customers because they may buy that
  3. CUSTOMER VALUE- Every consumer has a unique set of needs and resources, so no two consumers will place the same customer value on the same product or service. BENEFITS+COSTS=CUSTOMERS VALUE #Useful Tip: A product will be only purchased if it is perceived to be giving greatest benefits or values for the money. The job of the marketer is, therefore, to add to the value of the product so that the customer prefer it in relation to the competing products and get convince to purchase it.
  4. Customers Value- The act of obtaining a desired object from someone by offering something of value in return is called the exchange process. Whether the exchange takes place or not depends on the suitability on the act of exchange to both the parties, whether it makes the parties better off or at least not worse off. #Useful Tip: To successfully guide consumers through the buying process, marketers efforts to make their products and services more appealing by offering payment or credit terms, rebates, sales promotion and many other premiums to convince customers to buy now rather than later. Complimentary perks and services such as add-on features and lifetime warranties are other strategic moves used by companies to sell product and service benefits to consumers.
  • 11 Feb
  • logicalmind

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