Marketing is a terminology used in business and it involves a wide range of activities aimed at ensuring that the needs of the customers are persistently satisfied and a profit gained in return. It encompasses activities such as advertising, and Promotion as the most obvious undertakings when it comes to marketing (Hovard, 2001).
It is the “process” through which business corporations establish assessment for customers with an aim of building a strong business – customer correlations so that the greatest profit can be realized. It`s (Marketing) utilized in identifying the needs of the clients needs and on how those needs can be satisfied and their positive return in the final analysis( Nicholas,2002).
This is a process that involves making decision on the prices of goods and/or services together with the preferred discounts on the products. It is one of the new strategies that is employed by Maersk land shipping company. The objective is to work on a pricing strategy best suited for both the clients and the business firm. This strategy begs to ask the questions:
- How much is the customer willing to pay for the shipping services?
- How much profit are we intending to gain as Maersk land?
This simply refers to the process through which the goods and services reach the customers (the market).This facet is sometimes referred to as Place, implying, a channel through which a product or service gets to the targeted clients. It poses questions like:
- Is the product or service accessible at the right port?
- Is there enough quantity of the product or the service at the reach of customers?
Promotion is the process or the act of keeping the products or services in the minds of the customers to help stimulate demands for the products or services (Hovard, 2001). It is employed by the MacDonald’s company .The ongoing activities of advertising, public relations and sales have often been considered as aspects of promotion. Under this final facet, I will address such questions such as:
- How are the target audiences or the customers informed about MacDonald’s products and services?
- How best can we at MacDonald make them not to easily forget about our products and services?
For a new product to be introduced in the market effectively he manufacturer need to put into consideration the various mechanisms that will ensure the efficiency in terms of meeting the organizational goals as well as fulfilling the needs of the consumers (Fawcett, 2002).This puts a lot of pressure on the organization to invest in efforts aimed at ensuring high returns, viability and also avoidance of possible risks. Concerted efforts should be invested in appropriate research to find out the needs of the society (Hovard, 2001).
It is a stuck reality that new products face high risks in the market since they require continuous modification and the inability of the company to recover the costs incurred in the development process. These are costly since major costs are incurred at the design stage and consequently a large number of problems that are concerned with the quality are attributed to design (Nicholas, 2002).The company therefore should invest in mechanisms of manage risks through certain strategies that look at the risk factors which are evaluated on certain basis under a formulated risk reduction plan. The planners then engage in innovative strategies managing the supply of the new product while providing customer feedback, securing relevant connections with competent suppliers and correct branding.
This procedure should incorporate the use of the internal expertise to reduce costs of production. The design takes into account the ease of manufacture, purchase, distribution, the environmental impacts and the flexibility of the product for recycling and reuse (Fawcett, 2002).
On the marketing side, the company undertakes to convince the customers while meeting their needs in relation to the company’s goals, strategies, publicity and the SWOT analysis. This should be customer focused and not technology as most products do. Consideration might be placed on the positioning; pricing which should meet the consumer’s demand. The key point to note is that no new marketing strategy is considered better than the other. It is important that they are used alongside one another for better results (Fawcett, 2002).