Marketing Grade Course Satisfaction of Market Needs Essay

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Marketing

Grade Course

Satisfaction of Market Needs as the First Step towards Product Development

Product, Price, Place, and Promotion are the core foundation of the marketing mix. The designing of a product initially goes through the product-development process. It starts off with the idea itself, then the concept, followed by a prototype, which is then placed under a product test, market test, and then finally launched. The success of high performers in the market is highly dependent on a thorough understanding of the market demand. A Deep insight into the need that is being met is the best guarantor of success in the short and longer term (Kotler et. al 300).

A new product launched within a market would only be successful if its features and specifications truly resonate with clients' requirements, and if there are sufficiently large segments and demand structures at which the product launch is focused on. In order to satisfy customer needs before launching a product it is essential to focus on market segmentation, which implies investing deep consumer understanding and focusing first on clients and competition. For attaining relevant information regarding the market needs, market research is essentially required which helps in knowing potential target markets by first sending out an online survey to find out more about market demographics. Analysis of market needs caters in highlighting the areas requiring enhanced customer satisfaction efforts. Market sizing analyses are instrumental in estimating market opportunity potential, reachable market share, and potential revenue. Until these types of activities resolve themselves, ambiguity will rule the early launch environment, which might lead to unsuccessful product launch results.

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It is therefore imperative to conduct marketing activities, which drive and shape the go-to-market strategies and execution tactics required for the product launch. The lack a detailed understanding of your target markets attributes results in a knowledge gap that will flow through all product development and go-to-market activities and significantly weaken the launch efforts and post-launch business success (Kotler et. al 100).

Question 2

Role of Internet in Product Distribution

The advent of Internet has actually made product distribution more interactive by launching fields like e-products, e-retailing (also called e-tailing), e-advertising, e-research, and even e-delivery in the form of downloadable news, books, and music. Consumers having a personal computer and an Internet connection could be easily accessed by majority of the companies. Internet has enabled advertising through web sites and e-mail, which saves time and money by reducing the expenses required by foreign postage and long-distance phone calls. The Internet virtually eliminates the borders between countries and even continents, allowing for a truly global marketplace. Not only this, online product distribution caters in bringing your products or services to the right people and in reaching the target audience. Consumers on the Web are getting smarter in using e-tailers which include online search engines and agents for convenience and comparison-shopping. Social networks like Facebook, MySpace etc. are instrumental in reaching more people and maximizing the awareness and benefits of a particular product or service. Social media and Blogs also serve as effective product distribution channels.

Question 3

Advertising -- The foundation of Promotion Mix

Advertising is considered as an essential element of the promotion mix.….....

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