Marketing
The marketing process is the process of analyzing market opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort. Target customers stand at the centre of the marketing process. Once the corporate strategy has defined the company’s overall mission and objectives, marketing plays a role in carrying out these objectives.
Delivering Value to Customers: Marketing alone cannot produce superior value for the customers. It needs to work in coordination with other departments to accomplish this. Marketing acts as part of the organizational chain of activities. Marketers are challenged to find ways to get all departments to think with focus on customer. In its search for competitive advantage, the firm needs to look beyond its own chain of activities and into the chains of its suppliers, distributors, and ultimately customers. This “partnering” will produce a value delivery network.
Connecting with customers: To succeed in today’s competitive marketplace, companies must be customer centred. They must win customers from competitors and keep them by delivering greater value. Since companies cannot satisfy all customers in a given market, they must divide up the total market (market segmentation), choose the best segments (marketing target), and design strategies for profitably serving chosen segments better than the competitors (market positioning).
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