Principles of Marketing Sales Profits

Question: Writeabout the Principles of Marketingfor Sales Profits. Answer: Marketing is the ability of the management to come up with ways of ensuring the products or services of the company reaches the customers promptly and the right conditions. The marketing process aims at creating value for the client whereas the business benefits from the sales profits. During commercialization, the company must clearly understand the needs of the customers it serves (Hsu, 2013, pp.436-451).Measures or plans must be put to meet the needs which have been identified. The company must decide after that build good customer relation and be able to know the feelings of the customers regarding the products and services it offered to know the right step to undertake. Customer driven strategies aims at creating value for the client by ensuring that their needs are met. Aspects of customer-driven strategies include market segmentation, targeting, differentiation, and position. In this proposal, I am going to look at different steps that can help Asian family run their tradition al tea distributor company. I will name the company QuaTea Company (Armstrong, Kotler, and Opresnik, 2016). Segmentation Strategies Segmentation is the process of dividing the whole market into parts or segments with same needs, characteristics and behaviors to be satisfied by the supplier using specific marketing mixes. In the market, not all areas are potential consumers of the company's products. The company must, therefore, know the different needs of different segments to know which to put a high emphasis on high returns. Segmentation also determines the resource to put in a market segment in terms of time, employees, money, etc. There are many ways of market segmentation and they include: geographic, psychographic, demographic, behavioral and inter-market or cross-market segmentation (Wedel, and Kamakura, 2012). Geographic segmentation divides the market into different geographical units or various locations. They include nations, regions, states, cities, counties, etc. The assumption here is that the consumers in the different location have same needs and therefore the company will succeed if it divides the places. All the areas needs can be satisfied entirely as their needs are known thus customer satisfaction. The people in the markets have unique and with different needs. Psychographic segmentation divides the environment regarding the various classes of the people, different interests, lifestyle, and attitudes. The environment has both poor and the rich thus this makes them be in different categories and with different needs. Demographic segmentation divides the market regarding gender, age, income levels, education levels, religion, ethnicity, etc. The different types of segmentation are age and life-cycle segmentation which divides the market according to the age and life groups of its inhabitants. Gender segmentation divides the market in terms of the sex of the population. Male and females have totally different needs that must be addressed separately. Finally, Income segmentation which divides the population according to its income levels. The poor and the rich needs are totally different and any business must cater for that need. The poor require cheap products which are in small sizes whereas the rich see costly items as the ones of high quality and they purchase in large quantities. Behavioral segmentation is dividing the market regarding consumer knowledge, attitudes, uses and responses to products. People may have different behaviors in demanding the products of a company. These may be due to the occasions, benefits they are looking for in the products and services, their status, resources available and also the loyalty status. Finally, cross- market segmentation is dividing markets or customers with same demands and behaviors, but they are located in different countries. Technological changes in the world leading to globalization enable cross-segmentation necessary for the businesses involved (Pride, 2013). Targeting Strategies Targeting is clearly identifying buyers with the same needs for the company to be able to serve them to their satisfaction. The buyers may be in different market segments. There are many strategies used in targeting strategies, and they include mass, segmented, niche and local/individual targeting. It is important to identify the target willing to supply goods and services to be able to put the right plans by the managers (Jobber, and Ellis-Chadwick, 2012). Mass targeting aims at dealing with the whole market with the one offer. Managers take this decision when the whole market demands one product or service thus it will be easy to serve it whole without dividing it into segments. Segmented targeting aims at providing different sectors in the market with various products or services. It is useful when the demands of the various sections in the market are entirely different. High profits, therefore, will be obtained if the managers differentiate the markets. Concentrated or niche targeting is where the market focuses on a large number of customers but in a smaller market. Micromarketing targeting aims at providing the needs of the individual needs or the needs of the local clients. The manager has to tailor the goods and services to conform their particular requirements to satisfy them ( Lehner, Wang, Marsch, and Hunziker, 2013, pp.742-757). QuaTea firm must identify the best method to reach the customer to get a high return. Using the best targeting and segmentation methods will enable it to serve the client needs and promptly. Choosing the market to segment and target needs intensive market research and consultation. This enables me to know the different demands of the market and know the areas to fully reach for maximum sales. The reasons for targeting and segmentation of the market are; Identify the areas to supply the products of the firm and in return get high sales Identify customers of the firms products Identify the specific needs of the target market Avoid bad marketing choices which may result to losses to the firm. Enable timely delivery of the products to the customers without delays Sustaining marketing Targeting Strategy/Strategies QuaTea Company must put measures to facilitate achievement of the needs of market targeting. Strengthening the targeting strategies, the company must have; Adequate resources to carry out intensive research about the market. A Clear vision of the market segment it serves to avoid any confusion. Awareness of their products life cycles stages to enable them to get right products to the consumer in the required period. Knowledge of the changes in the market to be able to segment the market accordingly to serve them with their specific needs. Aware of their competitors marketing strategies to formulate better strategies and give it a competitive advantage in the market. References Armstrong, G., Kotler, P. and Opresnik, M.O., 2016. Marketing: An Introduction. Pearson Higher Ed. Hsu, Y., 2013. Marketing strategy and its correlation with design strategy and design characteristics: an example of consumer electronic industry. International Journal of Business and Systems Research, 7(4), pp.436-451. Pride, W.M., 2013. Marketing 2014. Cengage Learning. Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th). McGraw-Hill Higher Education. Lehner, R., Wang, X., Marsch, S. and Hunziker, P., 2013. Intelligent nanomaterials for medicine: carrier platforms and targeting strategies in the context of clinical application. Nanomedicine: Nanotechnology, Biology and Medicine, 9(6), pp.742-757. Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science Business Media.