Marketing principles Assignment Example | Topics and Well Written Essays - 3250 words

Marketing principles - Assignment Example The benefits that can be achieved if you understand the customer is very important it can also help avoid any pitfalls and other issues. 2. Analyzing the market to check viability. Some basic market research should be carried out before introducing the product so that there are no issues when you launch the product or try to get something done. It is very important that some of the research that has been carried out should be utilized to ensure a successful product launch. The data such as total available market, market growth (historical numbers and projections), market trends, etc. are easily available and can be utilized for the benefit of the organization. 3. Analyzing the Competition that exists in the market 4. Researching and establishing the market distribution channels 5. Defining the Marketing Mix that exists and that the company plans to launch Marketing mix involves product, price, place, and packaging. 6. Analyzing the financials of the company and then deciding the mark eting plan. 7. The last step is to revise the steps that have been taken and then finalize the decision. There is no need to spend much on advertising. They can just print out the flyers and use the posters that can be put up so that people can become aware of the restaurant. At first they do not need any kind of marketing. They can start selling packaged lunches and dinners so that the students can have very easy access to food. This will help the restaurant build a better image as it will be creating an ease for the students. The main function of any organization’s marketing department is to be aware of what the consumer expects from the products of the company and be sure to devise methods that will help deliver the promises that they have made and satisfy the customers. The control and the leading quality of the management is visible from the way that they had anticipated the fact that it’s the ethnic groups that are basically introducing newer trends in the market s. The new product range that they had introduced also showed the keenness that they had in attracting newer customers and the tactics that they used to retain the older existing customers. The introduction of the newer product range and making Mc Donald’s â€Å"an any time walk in restaurant† has totally changed their positioning in the market, since they are catering to much more diverse market than ever before. When we analyze the facets that have influence on the buying behavior that people have are the different psychological aspects of the personality like attitudes, beliefs, values, motivation and perception, these are what play a major role in how much the person will spend and how will he spend it. The following psychological aspects have also been discussed in the hierarchy of needs and as well as the other theories that have been given by different psychologists (SHIMP, 35-36). The restaurant’s management can establish the cafes and revamp the play ar ea and in fact create a better one so that the incoming families who are about to settle in the newly finished houses, that they were bent on remaining the market leaders and not losing their touch in the daily life of general public. This will help the restaurant create a better image for them. Also, through the case study that has been mentioned it was visible that the increase in the turnover had the sole reason that