Demystifying Marketing: a guide to the fundamentals for by Patrick Forsyth

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By Patrick Forsyth

This publication is a entire and obtainable publication masking all key advertising concerns, with an emphasis on practicality and why advertising is necessary in engineering. Aimed basically at non-marketing humans short of rationalization of marketing's objective, function and strategies, it will probably offer significant impression to the method of creating a advertising tradition inside of an business enterprise in a manner that certainly affects ends up in undefined. Practitioners can also enjoy the book's transparent reasons and the sensible view it takes of the need for advertising and marketing and its implementation.

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Extra resources for Demystifying Marketing: a guide to the fundamentals for engineers (Iet Management of Technology Series 23)

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Ability to make adjustments: Segmentation also allows an organization to make fine adjustments to the marketing mix specifically to suit the market. It may be necessary to modify only one aspect of the mix to change the effect or perception of the offering, and therefore make it more appealing to a chosen segment. The concept of segmenting markets should ensure that marketing can achieve the specified objectives of the organization. This can be done only if: • • • • the characteristics of the individual market are known; the influence of specific buying groups upon those markets is understood; promotional activity is directed to the specific market segments; these segments are exploited to achieve the defined marketing objectives.

Also, possible individual markets may exist within a niche, such as in the example above of Volvo. This is especially true in business-to-business markets, although the concept has been extended to a number of consumer markets. 3 Advantages of segmentation Obviously, segmenting markets requires thought and analysis. This uses the organization’s resources, so the work must be financially justified. The benefits of undertaking such work must therefore be identifiable and shown to be of value. • Ability to compare marketing opportunities: The major benefits can be considered as being able to see and compare marketing opportunities that exist within the marketplace.

The product might be machine tools or products necessary to them (from spare parts to specialized oil), as well as a whole range of components: items bought to become part of whatever product the purchasing organization makes and sells. It includes complex items such as ships or space shuttles. 1). 1 Derived demand In a situation where derived demand exists, as for example in a company manufacturing and selling glass bottles, these might be bought by a brewery and filled with beer. Thereafter, the success of the beer in the market dictates how many bottles are sold.

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