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[Jun20202p]

Measuring the Size of the Target Market Area In the attempt to make a match between the firm and the target market, the SBO must be provided with information about the following:1. the number of potential customers, and2the population growth trend of the target market area. Knowing the number of potential target customers will provide the means for ascertaining the most economical approach to reach them. This will even help in deciding whether or not to continue adapting to the target market. Information about the growth trend of the target market area is very important for the firm. To most companies, growing markets offer several advantages, One of them is expanding sales potential. give me an explanation about it

 

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Expanding sales potential refers to the ability of a company to increase its sales revenue by tapping into a growing market. When a market is growing, it means that there is an increasing demand for products or services in that market. This presents an opportunity for companies to capture a larger market share and increase their sales.

For example, if a company operates in a market where the population is growing rapidly, it can expect that there will be more potential customers in the future. This means that if the company can effectively target and acquire these customers, it can increase its sales potential.

In addition, growing markets may also present opportunities for companies to introduce new products or services that cater to the changing needs of customers. For instance, if a market is experiencing a shift towards more environmentally-friendly products, a company that can offer such products can tap into this growing trend and increase its sales potential.

Overall, information about the growth trend of the target market area is important for companies because it can help them identify opportunities to increase their sales potential and expand their business.

 

[Jun20202p]

Marketing mix refers to the set of marketing tools that the firm uses to pursue its marketing objectives in the target market. give me an explanation about it

 

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The marketing mix, also known as the 4Ps of marketing, consists of product, price, promotion, and place. These four elements are the foundation of a company's marketing strategy and are used to promote their products or services to potential customers.

Product refers to the tangible or intangible items that a company produces to sell to its target audience. It can include physical goods, digital products, or services.

Price refers to the amount that a customer pays for a product or service. This can include discounts, promotions, or different pricing strategies that a company employs to attract customers.

Promotion refers to the various methods that a company uses to communicate the benefits of its products or services to its target audience. This can include advertising, public relations, sales promotions, direct marketing, and personal selling.

Place refers to the distribution channels used by a company to make its products or services available to its customers. This can include physical stores, online marketplaces, or other distribution methods.

By using the marketing mix, companies can tailor their products and services to meet the specific needs and wants of their target audience, which can help them to achieve their marketing objectives and increase their sales and profits.

 

[Jun20202p]

The products sold by the firm could be offered so that customers will prefer them over the competition. The products may involve a physical good, a service, or a combination of both. It also includes packaging, warranties and guarantees, associated services, installations and maintenance. give me an explanation about it

 

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In the competitive market, it is essential for businesses to offer products that customers will prefer over their competition. The products could be a physical good, such as a car, or a service, such as a haircut. It could also be a combination of both, such as a subscription-based software that delivers a service through a physical device.

Packaging is also an important aspect of a product as it influences the customer's perception of the product. A good packaging design can attract customers and make the product stand out from the competition.

Warranties and guarantees are another way to differentiate a product from its competition. A company that offers a longer warranty or a money-back guarantee can build trust with its customers, making them more likely to choose their product.

Associated services, such as installation and maintenance, can also differentiate a product from its competitors. A company that offers free installation or maintenance services can make the product more attractive to customers.

In summary, a successful product strategy should consider all aspects of a product, including its physical attributes, packaging, warranties and guarantees, associated services, installations, and maintenance to meet the needs of customers and differentiate it from its competition.