Assignment

Department of Business Administration

Proposed Assignments for MGT Courses.

Semester 2nd, 2017-18

Course Name: Marketing Management

Name of the student: Tasnim.

Students ID: .

CRN: .

SOLUTION BY THE STUDENT

Target corporation in kingdom of Saudi Arabia .

Vision :

To be one of the best international companies that provide customers with advanced marketing solutions and practical work and be the first choice for investors looking for quality and honesty together in this field, "strong Secretary" and that our services always exceed the level of expectations of our customers and to use the best professional skills and the latest Methods and scientific tools.

Target corporation strive to make our products the preferred choice for consumers by leading us in the target markets and providing them with the best products and services that meet the needs of the market and the consumer

Mission :

Target corporation is committed to providing a high level of services and products according to quality standards. The Arab Contractors Company is keen to satisfy its customers .

Providing and innovating high quality Shari 'a compliant products and services that deliver outstanding competitive and attractive returns and add value to shareholders, investors, customers, employees and the community.

Business objective :

· Commitment to the highest quality and honesty in providing our services to our customers .

· We spare no effort to meet the needs of our customers and be above their expectations .

· We seek to build and maintain strong professional and personal relationships with our clients and gain their trust and satisfaction .

· We use the best professional skills and modern scientific methods in providing our services and products .

· The continuous development and the search for every new is appropriate to the nature of our business, our customers and the markets in which we operate .

· Excellence in performance .

· Consumer first .

· Development and expansion work .

· Geographic distribution of sales .

Product and type of services :

Target corporation provides so many products and services needed by the market and the consumer

That’s include :

· Clothes of various kinds such as:

Men's Clothing, Women's Clothing, Kids Wear, School Uniforms, and Family Wear.

· Shoes: Women's shoes, men's shoes and baby shoes.

· Accessories such as : watch, ring etc.

Kitchen accessories: kitchen furniture, kitchen utensils such as knives and others.

· Home furniture :

bedroom furniture, kitchen & dining, furniture, home office, furniture kids' , furniture nursery furniture, entryway furniture , custom furniture , lounge seating , furniture collections, small space furniture , statement furniture.

· patio and garden : Shop all patio & garden patio deals patio furniture fire pits & patio heaters outdoor lighting patio accessories grills & outdoor cooking lawn & garden .

· electronics : Shop all electronics electronics deals cameras & camcorders cell phones computers & office drones GPS & navigation headphones .

· movies, music & books : all movies, music & books movies books music TV shows .

· videos games toys sports and outdoors luggage school and office supplies beauty personal care health food and beverage household essentials pets party supplies clearance holiday shop.

S.W.O.T analysis :

Macro Environments :

Political factors

 Related to how the government intervenes in the economy and to what degree. This could include government policy, political stability or instability in foreign markets, foreign trade policy, tax policy, labor law, environmental law, trade restrictions, etc.

Economic factors :

Economic factors greatly influence how Target is doing its business and how profitable it is. Factors include economic growth, interest rates, exchange rates, inflation, disposable income for consumers, businesses, etc.

Social factors :

which include common beliefs and attitudes among the population. These factors include population growth, age distribution, health awareness, occupational attitudes and so forth. These factors are particularly important because they have a direct impact on how the company understands customers and what drives them.

Technological factors :

How quickly the technology landscape changes and how it affects the way we market our products. Technological factors affect marketing and management in three distinct ways:

New ways to produce goods and services

New ways to distribute goods and services

New ways to connect with target markets

Environmental factors

These factors have become important because of the increasing scarcity of raw materials, pollution targets, and business as a moral and sustainable company. These are just some of the issues facing the company.

Legal factors :

Legal factors include health and safety, equal opportunities, advertising standards, consumer rights and laws, product labeling and product safety.

Micro environments :

There are many micro environmental factors that have affected the performance of this company over the last few years. The micro environment is the proxies of the company that influence its ability to serve its customers such as the company itself, suppliers, marketing intermediaries, customer markets, competitors and the public's role in influencing their performance.

The internal environment consists of:

1- Competitors:

The competitive environment consists of some of the basic things that every company must take note of.

2. Customers:

They are the category the company targets to sell its product to them. One of the main reasons for the success of the company is to know its consumers.

3. Suppliers:

They are individuals or business houses to provide the resources needed by the company.

4. Public :

"The public is any group that has an actual or potential interest or affects the ability of the company to achieve its objectives"

5. Marketing Brokers:

They are either individuals or business houses that come to help the company promote, sell and distribute goods to end consumers.

6. labor union:

 Trade unions are a key element in modern business. The workers' trade union is an organization formed by the workers to protect their interests and improve their working conditions and so on.

All trade unions have goals or objectives to achieve.

Customer Relationship management :

Known as : (CRM) Is an approach to managing the company's interaction with current and future clients. This approach analyzes customer history data with the company to better improve business relationships with customers, with a particular focus on customer retention, in order to drive sales growth

Customer satisfaction has important implications for the economic performance of companies because it works to increase customer loyalty, use behavior and reduce customer complaints

Customers decisions processes:

Customer decisions include :

- Product selection, brand selection, store selection, purchase time, and purchase quantity.

The decision to buy is a process, not a single action, and therefore includes a set of stages or logical steps (such as a sense of need or awareness, searching for information, evaluation of alternatives, purchase decision and post-purchase behavior).

Customers decisions processes :

1. Access to information:

That the decision taken by the consumer is based on information obtained or reflects the quality of information and to be able to interpret the decision to buy the consumer, it is supposed to test the information used in the decision-making process.

2. Information analysis:

includes cognitive and psychological selection processes.

3. Evaluation of alternatives.

4. Psychological selection processes (consumer procurement decisions):

Where the decision is different depending on the degree of importance of purchases in terms of being high (car) or of little importance (a packet of sulfur)

 Low-Involvement Purchases.

High-Involvement Purchases.

5. Post purchases .

Market Research:

The process of compiling, analyzing and interpreting information about the market, products or services, as well as about past and future customers, potential customers, competitors and all market conditions such as political or economic conditions.

There are two types of information provided by the market research currency:

Preliminary information: This is information that you collect yourself or hire a market research firm to complete for you.

Secondary information: This information has already been collected by government agencies, trade organizations, or other companies in the same field.

Market research steps?

1. Do some interviews with your potential customers, either by phone or face-to-face.

2. Questionnaires & Surveys can be used either online or by e-mail.

3. Make the so-called "focus groups"

4. Do not forget to look at information collected by government agencies, trade organizations, or other companies in your field.

5. Monitor the competitor well by interviewing their clients.

6 - follow up all the political and social conditions of the market in which it intends to enter and also does not neglect the volatility of the stock market and the economic conditions of the market.

7 - Know if the culture of market customers will suit your product or not?

You should be interested in knowing the answers to these important questions:

- What factors make your potential customer buy a product or service?

- What do you like and hate your target audience of products available in the market now? And why?

My friend can turn to a company that specializes in such things to accomplish all of this.

Market Segmentation:

Target corporation has to know that the market includes buyers, buyers differ in one way or more, and may vary in their needs, resources, positions, purchasing positions, and purchasing practices. By dissecting the market the companies divide the homogeneous and large markets into small segments that are more accessible and efficient with products and services that fit With their unique needs.

The three main steps of targeted marketing

• The first is Market segmentation

The first is the dissection of the market: dividing the market into smaller groups of buyers with distinct needs, characteristics and behaviors that may require separate products or market combinations

The company defines different ways to divide the market and develop files for the resulting market segments

• The second step is Market targeting

The second step is to target the market - evaluate each market segment's attractiveness and choose one or more segments of the market to enter

• The third step is Market positioning

The third step is positioning the market - competitive positioning of the product and creating a detailed market mix.

Evaluating market segments:

In evaluating the different market segments , Target corporation must consider 3 factors :

- Segment size and growth

- Segment structural attractiveness

- Target corporation objectives and resources

Target corporation must first pool and analyze the data on current chip sales, growth rates, expected profitability for different segments. They will be interested in a slide that has the right size and growth characteristics

The larger segments and the fastest growth are not always the most attractive for each company.

Target corporation also needs to test key structural factors that affect the long-term slide attractiveness . For example , the slide is the least attractive if the Orde contains a number of competitors and the strong aggressive .

Service Product Management

After evaluating different segments Target corporation must now decide how many and how many segments it will serve. This is the problem of choosing a target market .. The target market contains a group of buyers who share the needs or characteristics that the company decides to serve. Figure shows that Target corporation appreciates the adoption of one of three market coverage strategies: Unified Marketing: Distinct Marketing: Marketing Center.

Choosing a targeting strategy:

• Several factors need to be seen for what we choose a market coverage strategy such as :

Company Resources , Product diversity , Life cycle of the product , Market diversity , Marketing strategies for competitors.

The key to winning and keeping customers is to understand their needs and the purchase process if the company has been formed alike.

meet the requirements of target customers

With the current labor market in which thousands of companies are competing to attract and retain customers, the company has to work to adopt customer-centric policies and practices, and to provide customer service is the only criterion that distinguishes the best professionals from others. Ultimately contributing to the company's profitability and image.

1. Predict in advance the needs and requirements of customers

Target corporation must adopt strategies and methods that help to understand the needs and desires of customers and identify the problems they face. If you want to excel, you need to provide products and services that meet the needs and requirements of your customers. You must also address the challenges facing your customers by providing the best services and finding innovative solutions to all problems. In fact, you should prepare a list of all the questions that you may be notified to the client so that you can answer them effectively.

2. Deal with them honestly

Employees have to deal with their customers honestly and sincerely. These qualities play an important role in winning customer satisfaction and loyalty in the long term. They should also ensure that they are constantly delivering outstanding service and commitment to their clients' duties to the fullest, while providing innovative solutions to all problems that the client may face. Lack of credibility adversely affects the employee himself, the company and its reputation.

3. Listen to their observations

Listening to customer feedback is the best way to earn long-term loyalty and trust. Where the employee must listen carefully to customer feedback and strive to apply in practice, the outstanding employee is the one who places himself in the client's place and understands the views and views of different.

4. Ensure constant communication

Poor communication may be the main reason why customers search for other companies that are more interested in their customers and meet their needs more effectively. So you have to be careful to create a customer service department designed to serve them in a quick and efficient way. Hire people with good communication skills, and provide them with training courses on how to deliver outstanding customer service and meet their needs and requirements effectively.

5. Build solid relationships

You must adopt good methods and policies to keep customers loyal and loyal to your company. You must show your interest in your customers through your actions, your words and your constant communication with them.

6. Ensuring the implementation of the promises you make

Neglecting the promises you make is one of the most dangerous behaviors to avoid, given its negative impact on your relationship with your customers.

Service Product Management

deals with managing a service product across its complete life cycle. This organizational function is equally common between Business -to-business as well as Business-to-consumer businesses. A service product, unlike a hardware or software product, is intangible and manifests itself as pure professional services or as a combination of services with necessary software and/or hardware. The service product management practice ensures management of a profitable service in the marketplace. Service Product manager identifies profitable service space, packages services in a productized form and delivers the same to the market. The function is a core service business management function and is a mix of sales and marketing functions. The function interfaces with various organizational groups like Strategy, Planning, Financial Controls /Management Accounting, Sales, Marketing Communications etc.

Development for new products:

Step 1: Generating

Utilizing basic internal and external SWOT analyses,

Step 2: Screening The Idea

Step 3: Testing The Concept

Step 4: Business Analytics

Step 5: Beta / Marketability Tests

Step 6: Technicalities + Product Development

Step 7: Commercialize

Step 8: Post Launch Review and Perfect Pricing.

The References :

· Assael, H., Marketing Management-Strategy and Action, Kent Publishing Co., Boston, Massachusetts, 1985.

· Baker, M., et al. (ed), Marketing: Theory and Practice, 2nd ed., Maccmillan Studies in Marketing Measurement, Hongkong, 1993.

· Bourne, F. S., Der Einfless von Bezugsgroppen beim Marketing, in: Kroeber-Riel, W., (Hrsg.), Marketing theorie, Kiepenheaer & Wistscn, Koeln, 1972.

· Buell, V. P., Marketing Management, A Stategic Planning Approach, McGraw-Hill Bock Co., New York, 1985.

· Cannon, T., Basic Marketing-Principles and Practice, Casell Publishers Limited, 3rd edition, London, 1992.

· Marking, R., Marketing, Strategy and Management, john Wiley & Sons, 2nd ed., New York, 1982.

· Wikipedia.

· McCarthy, E. J. and Perreault, W. D., Basic Marketing, A Managerial Approach, Richard D. Irwin Inc., UBS, 9th ed., New Delhi, 1989.

· Meffert, H. and Steffenhagen, H., Marketing-Prognosemodelle, Quantitative Grundlagen des Marketing, Stuttgart, 1977.

· Nieschlag, R., Dichtl, E. and Horschgen, H.,Marketing, Duncker & Humblot, 14., volling neubear b. Aufl, Berlin, 1985.

· Phillips and Duncan's-Carman, J. M., Uhl, K. P., Marketing-Principle and Methods, Richard D. Irwin Inc., Homewood, lllihois, 7th edition, 1973.

· Raffee, H., Konsumenteninformation und Beschaffungsen tscheidung d des Privaten Haushalt, Stuttgart, 1969.

· Silberer, G., Die Verwendung von Gutertest in for mationen im Konsementen bereich, in: Meffert, H., Steffenhagen, H., Freter, H., (Hesg.), Konsumentenverhalteh und Information, Wise baden, 1979.

· Stanton, W. J., Fundamentals of Marketing, McGraw-Hill International Book Co., 7th ed., Tokyo, 1984.

· Walters, G., Consumer Behavior: Theory and Practice, Homewood, Illinois, Irwin, 1974.

· Wiswede, G., Soziologie des Verbrau herverhaltens, Stuttgart, 1972.

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