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MARKETING PROCESS: Analysis of the Opportunities in the Market

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The first step is to analyze deeply the market you are about to enter to find opportunities that can be availed directly about the needs and wants of customers that are or are not adequately satisfied by the competitors. A company aiming for good marketing needs to find our ways to make its business beneficial in the long run success so that the overall performance can be efficiently improved. For this company may take help from Marketing Information System (MIS), and detailed marketing research. After this, a company can identify and split the market into different segments based on factors like age, group, geographical location, etc. Each part is evaluated to check potential in light of its strengths and weaknesses.

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Selection of the Target Market:

This is a very important step of marketing in which target customers are selected by conducting a careful analysis. As it is evident that a company cannot fulfill the needs and wants of the whole market, therefore, target must be identified in accordance with company’s own strengths and opportunities

Market Segmentation:

In this process, whole market is divided into different segments each having similar wants characteristics and consumer behavior that need marketing mixes and strategies accordingly.

Market Targeting:

Targeted segments of the total market are evaluated to ascertain the attractiveness of the segments to find most suitable. It must provide an opportunity to the company to create potential customer value overall in the long run.
Market Positioning:

This means the position of a product by the firm in minds of people in comparison to other competitor products. First, the competitive advantage a product has over other needs to be specified and then the whole marketing program must concentrate on the identified positioning strategy.

Development of Marketing Mix:

Marketing Mix is particular variables of markets that are combined by the company to generate desired response in the targeted segments.

01- Product:  means any offering (goods or services) to the market by the company.

02- Price:   means the money paid by the customers to obtain the product.

03- Place:  means the efforts which ensure the availability of the product in the market to customers.

04- Promotion:  means all the efforts by the company that guarantees the sale of goods to customers through the better provision of information about the advantages of the product.

A company must develop an effective marketing program in which a suitable combination of all the variables mentioned above are blended that may help in provided excellent customer value and eventually in achieving company’s objective.

Management of Marketing Efforts:

This is the action phase of development of marketing program in which specific marketing mix is finally chosen for the target market. Four functions are as following.

Analysis of the Market: by SWOT

Marketing Planning: to add value

Marketing Implementation: to achieve objectives set.

Marketing Control evaluates plans and ensures marketing objectives

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Online Marketing Tips for Small Businesses and Startups

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Whether or not your business already has online operations, chances are that you are not making the most of your resources for online marketing. Nearly half the world population occupies the internet, so the best possible way to take advantage of this is to overhaul your marketing strategies. Some of the richest entrepreneurs across the world have made their fortune by utilizing these techniques and tools to get their business off the ground.

Online Operations, Websites, and Blogs

You can literally conduct your business and manage your employees entirely online. This will significantly cut down your costs and make conducting your business a breeze. Your website should be user-friendly, informative, and optimized for search engines to ensure sales. Conducting your business entirely online will allow global access, which means big bucks for your company. If you are starting a small business, a blog can help promote you and your products or services in a far less salesman-like way.

Pay-Per-Click Advertising

Small businesses do not have limitless funds, which is why online operations are ideal. This also means there is not a lot of money to put into advertising. Targeted and tailored advertising campaigns are the one of the only expenses of running your business online, and it pays for itself when customers make a purchase. PPC ads are the most affordable and useful ways of bringing in paying customers.

Social Media

Never underestimate the power of having a social media presence and an advertising campaign. Even before you launch your business, you can set up profiles and pages to promote and raise awareness about your brand. Many people complain about people being overly consumed by social media, but that is exactly what makes these platforms ideal for your business to get going.

Super Affiliates

You can attract the attention of other entrepreneurs with whom you can form a joint venture. High profile individuals like Com Mirza are supportive and well known for being powerful super affiliates. Having these affiliates promote your products or services will guarantee you success.

With this information in mind, you should be able to launch a highly successful online business.

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Takata Airbag Flaw Forces the Withdrawal of More Honda Cars

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Honda has been having a tough year. With the world just recovering from a shaky economy, the year 2015 was expected to see a surge in car sales. Honda, in particular, was expecting a huge profit from cars sales all over the world. However, the Takata airbag fiasco has made a significant dent in the financial bottom-line of Honda.

12.Honda_Takata_Airbag_Withdrawal

What Happened?

Takata, a Japanese manufacturer, was well aware of the air bag issue. In fact, a New York Times report brought the issue to their reader’s notice way back in 2014. According to the report, Takata knew that their air bags had been rupturing and spewing metal debris on drivers.

In an effort to hide the issue, the manufacturer decided to carry out secretive tests on 50 airbags retrieved from local scrap yards. The tests showed that the steel inflaters on the airbags had a higher chance of cracking when the bags inflated. The inflaters would also spew metallic debris into the driver’s face and chest increasing the chances of dangerous injuries and vehicular crashes. Instead of alerting authorities, the company deleted the results and disposed off the test results. But airbag ruptures increased, and Takata eventually had to face up to the mistakes. Takata has deals with almost every car manufacturer in the world and this resulted in more and more defective cars rolling off the production line.

The Honda Situation

As of 2015, more than 11 automakers have had to withdraw more than 14 million vehicles because of the errors. Four deaths have already been tied to the defect and more than 139 injuries have been reported. Honda has felt the financial pinch of recalls the most.

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In the past, Honda spokespeople had discussed the issue with Takata and they had been reassured that the airbags problem was not a major issue. The discussion arose after a 2004 incident involving a 2002 Honda Accord and its airbag. This was the first known incident involving Honda. At the time, both Honda and Takata refused to disclose any details regarding the accident and a settlement was reached between the car company and the driver.

The situation worsened with at least six deaths and more than 64 injuries related to exploding airbags in Honda cars. Honda is now facing the brunt of the problem and it has had to recall more than 5.5 million vehicles since 2014. The new recall covers more than 88,549 vehicles of 2008 Honda Pilots, about 10,868 vehicles of the 2004 Honda Civic and 5000 vehicles of the 2001 Honda Accords.

As of March 2015, the National Highway Traffic Safety Administration or the NHTSA has also started levying a $14,000 fine per day on Takata for failing to report the issue and delaying responses to inquiries from the NHTSA. Affected car manufacturers like BMW, Fiat Chrysler Automobiles NV, Ford Motor Co, Honda, Mazda Motor Co, Nissan Motor Co, and other companies have also joined together to create an investigative panel to deal with the issue. Independent testing of all Takata airbags will also be carried out by Orbital ATK to ensure customer safety.

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Fuel Frugality

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The past decade has seen the major automakers become increasingly invested in the move to improve the fuel economy in essentially every car that rolls off their assembly lines. These automakers are utilizing the growing range of technologies that improve fuel consumption, in addition to modern alterations to the vehicles design.

First, vehicles today are becoming increasingly lighter on their wheels. With this weight loss there is increased fuel efficiency. Some of the SUVs on the market today have, in some instances, reduced their total weight by more than 200 kg. With many SUVs changing from a truck-type frame to a car-type frame, the loss in weight can increase the fuel frugality up to almost 30 per cent.

Working in from the frame to the transmission, continuously variable transmissions, referred to in short as CVTs, are another innovative method for a vehicle’s fuel economy to improve. The CVT is gearless which increases its effectiveness.

Many automotive industry analysts have advertised the increasing number of North American automakers with CVTs. Figures quoted that have number of CVT increasing just over 6 per cent of all transmission over the last decade. Some experts feel that another 10 per cent increase in automobiles sporting a CVT is possible in just the next few years.

From the transmission we next look to the engines for fuel frugality. As engines decrease in size, they lose power but become further fuel efficient. It is much more than simply reducing size of an engine that is adding to the ability of a car to be fuel efficient. Today’s models sport direct fuel injection systems rather that older conventional systems. Direct fuel injection sends the fuel right into the cylinder at a higher pressure, enhancing fuel use. This method has the potential for an up to 3 percent reduction in fuel consumption.

Another engine modification that has fuel savvy drivers smiling is variable valve timing. Rather than a conventional valve system that does not change with the requirements of the engine in different situations, a variable valve timing will adjust the timing of the engines breathing based on the driving conditions. With this innovation comes the potential for up to a 6 percent reduction in fuel consumption.

Of course there are those factors that impact fuel frugality that every model and make come with; how you choose to drive. It has been cited numerous times and that speeding or driving at inconsistent speeds, rapid acceleration or idling for an extended period of time will cost you more at the pump. Do not focus just on the technological changes but remember to do your part inside the car.

It may sound absurd but many of us often forget fuel. Most consumers do not have it in the forefront of their thoughts when out looking to purchase or lease. The cost of fuel is an unending expenditure sometime overlooked by the shiny new car. Selecting the greatest fuel-efficient and suitable size of car and driving in a fuel-efficient style, will save you fuel and money– even with fluctuating fuel prices.

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