TEXT Article Example | Topics and Well Written Essays - 250 words

TEXT - Article Example In order to implement this marketing concept, the target market is identified first and segmentation is carried out on the basis of psychographics, geography, behavior and finally the product mix is applied to satisfy and build long term customer relationships. Product mix is comprised of four P’s of marketing namely product, pricing, placement and promotion. A product could be any physical product or a service that meets the demands of the customers. Pricing is carried out on the techniques of marketing skimming or penetration so that market share is grabbed by the company by setting initially higher and lower prices respectively. Distribution of products to the customers involves a supply chain of activities where the raw materials are provided by the supplier, assembled at the manufacturer’s plant, stored in the warehousing and then sent to the retailer for making it available for customer’s purchase. In order to create awareness among the customers about the product/service the company offers, techniques of advertising, personal selling and maintaining public relations are regarded significant. Customer relationship management is considered vital for any organization’s success because satisfied customers yield more profits. Every product has to go through a cycle where is it first introduced in the market, then it sees a phase of growth where the focus is on generating sales, then the product stabilizes or becomes mature in the market and generates good profits. Lastly, when competition becomes intense or the marketing efforts to maintain the product’s image fails, it goes through the declining

Week 6 learning activity Assignment Example | Topics and Well Written Essays - 500 words

Week 6 learning activity - Assignment Example Members of the organization should also participate in the determination of suitable corrective measures. Conversely, while using strategy evaluation there are variety of drawbacks in terms of consistency, consonance, feasibility, and advantage that affect is implementation in any organization, thus leading to unfavourable consequence. One of the pitfalls that affect implementation of an organizational strategy is failure of the firm’s to focus. The organizational goal and objectives have to be consistent for the success of the strategy. When an organization fails to focus, its consistency in the market is also affected; thereby the organization ability to gain advantage fails (Outram, 2003). This pitfall leads to loss of profits thus, hampering implementation of the strategy. To correct this kind of drawback, the organization has to determine its objective and focus on it. To ensure that the organization maintains its focus, the management plays significant roles. As a result, the organization can maintain its consistency in provision or a product or service in which it specializes to produce or offer. The second drawback that hampers strategy implementation in an organization is the incapability to nurture belief in its strategy. An organization trying to implement strategy in its operation without passion as a driving factor, will lead to failure of in implementing the intended strategy. This will deny the organization an advantage of creating a superior strategy against its competitors thus fails to ensure profitability as well (Outram, 2003). To correct this, organization has to demonstrate confidence in its culture and belief through effective communication with the intention to win its customers’ confidence. Organization strategic evolution is likely to fail when the organization does not inculcate a sense of pace in its operations. Mainly, organization’s inability to inculcate a sense of pace will affect the