Principles of Marketing for Business Essay Example | Topics and Well Written Essays - 1000 words

Principles of Marketing for Business - Essay Example One such theory is the Maslow’s hierarchy of needs proposed by Abraham Maslow. Their motivational theory is largely based on a hierarchy of needs. These hierarchical levels can be defined into lower to higher levels as shown in the figure below: Figure 1: Maslow’s Hierarchy of Needs (Source: Phinney & Halstead, 2003, p.15) Marketers can use this theory in conducting market research about consumer behaviour of a target market audience. It is a well known fact that a successful product is largely one that can satisfy the needs and wants of the customers. Hence marketers spend considerable time and resources towards trying to figure out the demands of the customers. The model of hierarchy shows that only when the needs in the lower part of the pyramid are fulfilled the individuals are motivated to fulfil the next level. Marketers can therefore use this model to predict the needs and wants and also use surveys to find out the level of the needs that are being satisfied by t he present product offering. Adequate motivation can be provided in the form of innovative advertising strategies so as to motivate individuals to move to the next level of hierarchy. An example in this regard is the computers. Initially computers were desktop based devices and thus fulfilled the basic needs of computing, however as the basic needs of individuals got fulfilled they wanted more value from the products. The arrival of laptops and now tablets is a classic example of how this motivational theory can be used by marketers to gain competitive advantage. Question 2 Choose a product and explain how the market for that product could be segmented. One of the most useful and highly innovative products is the tablet PC. The tablet PC is actually a modification of the laptop and is much smaller in size but has advanced functions and can be very well used as a mobile computing device. The market for tablet PC can be segmented on the basis of price as well as quality. In the curren t situation a tablet PC would be designed that would have optimal functions and same looks but would be priced on a lower level. The market for tablet PC’s can be segmented on the basis of income levels and age. The low cost tablet would be specifically targeted for the student segment. The product features of the product would be such that it would tend to satisfy all the needs of students with regards to using such devices in their educational needs. It will not carry advanced features like 3G or other high end graphics that are essentially not required for students in their educational activities. The product would come at a very low price tag of only 40 US dollars. The above stated segmentation strategy can largely be stated to be price and need based segmentation of the market. In the case highlighted above the product is segmented for lower income group individuals with a specific need. In this case students perfectly fall into this segment. Other than this there are st atistical techniques and tools like cluster analysis and factor analysis that can be used by marketers as a marketing research tool. Gathering real and live data from the market can help generate even better analysis and results and help generate competitive advantage in the market. Part 2 The environment The market environment is perhaps a very important area for marketers. Any organization is largely

Design and creative enterprise Essay Example | Topics and Well Written Essays - 3500 words

Design and creative enterprise - Essay Example Graphic designers have to know all these things about the art of graphic design in order to operate competitively in the current industry (Heller and Fernandes, 2010). The graphic design industry is a fun and creative one. Being a graphic designer enables one to spend the whole day doing what he laves to do. The industry is also quite a lucrative one as it is possible to earn a lot of money from the designs. It is possible for graphic designers to work in a variety of environments. Many graphic design graduates normally find work in companies that deal specifically with the field of graphic design. These companies include design consultancy firms and branding agencies, publishing, marketing and communications companies (Gold, 1995). However, with the introduction of PCs into the industry, the shift is quickly changing and more graphic designers are opting to work independently. The innovation of new graphic design software that is easily available has also contributed a great deal to the increasing number of independent graphic design enterprises and free lance jobs. The graphic design business is easy to scale and one can work with as much flexibility as he wishes (Foote, 2004). Graphic Design Business Graphic design, regardless of whether it is practiced as a large enterprise or as a freelance job, has an important place in the social scene. It can be used to communicate a particular social ideal. It is also used by many business people to attract clients or consumers. It is used as a motivational tool for political campaigns. Graphic arts is also used in travelling guides to help people find their way in places that they do not know (Landa, 2001). In other words, graphic design does much more than just make things look pretty. It is an audience centered approach of visual communication and it is always geared towards meeting all of the clients needs. This is the ideal design practice that helps in the protection of creative values and enables a creative prof essional set up his design business (Goldfarb, 2006). In order to meet all of the clients’ needs, the professional designer has to know the intended audience very well. The ideal design practice requires graphic designers to fully understand the audience so as to be as effective as possible when they are communicating their clients’ ideas (Heller and Fernandes, 2010). This means that he must analyze all relevant data about the audience, including their class, education level, gender, buying habits, favorite television shows, personal traits and many more. The designers then use this psychographic and demographic information to determine what exactly it is that the audience perceives (Foote, 2004). A successful graphic design enterprise does not only rely on the understanding of the audience, but also on the grounding of fine art and creativity which is combined with ample technical knowledge. This technical knowledge encompasses special processes, digital file presenta tion, paper stocks, quality control printing inks and troubleshooting. The ideal design process is a combination of these technical skills as well as creative and research skills. A graphic designer wanting to start his own business must therefore ensure that he has all the technical and non-technical materials he needs to ensure that his business starts off on the right note (Gold, 1995). How to start the graphic Design Business Like any other business, a person