Market Strategies

Essay by halfdidUniversity, Bachelor'sA-, August 2008

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Marketing is a means of finding ways to communicate a product or service which encourages people that receive the marketing communication to buy the product or service (Internet Article, 2007). First, a company would determine what its customers desire and then build the product or service. In order for a company to build a product or service, there must first be a need for the product or service and it has a perceived benefit.

The two major factors of marketing are recruitment of new customers, and retaining and expanding the relationships with existing customers, also known as base management. In order for businesses to grow, marketers must continue to obtain new customers. When businesses continue to build on their customer base, it increases their productivity or service enabling the business to grow and become successful. Marketers will always strive to find new ideas and ways to market their product so that it catches the attention of its current and future customers.

The other major factor of marketing is the retention of its customers (base management). Getting new customers is not that difficult. Retaining customers and building on that relationship can be a challenge and an integral part of the business. For example, Cingular Wireless Cell Phone Company has about 100,000 customers using its wireless service. Every year, technology forces new changes in the wireless industry. The way Cingular would continue to have a relationship with its current customers is by enhancing the benefits that sold the buyers in the beginning. Part of that process is keeping up with its competitors and improving the products and services its customers already enjoy.

For a marketing plan to be successful the mix of the "four "Ps", also known as the Marketing Matrix, must reflect the wants and desires of the customers in the...