1. The key challenges that companies facing in twenty-first-century to reaching their consumers?
2. The actions that a marketer need to take to ensure that they are attractive to consumers?
This report contains the details of what challenges companies facing in the twenty-first century and how to solve them and how they can ensure that they are attractive to the consumers. The middle portion of the report describes the price determination of a product for small business and the last part of these report shows how the shops are engaged in a completion to satisfy their customer. According to a category of products a list show how the different shop giving services to their customers and how their decoration and attitudes make shopping a pleasure rather than feeling bothered.
In this century companies facing many problems to reaching their consumers, here the key challenges are discussed below-
The main key challenge is capital or the financial strength of the companies. In this century, the main thing that every company needs to reach their consumers is capital or money. Many companies failed to apply their planned strategies to reach their consumers due to lack of money or financial power. Ex: Diary companies facing this problem due to their lack of capital (Blinov, 2015).
Due to lack of knowledge or skills, the companies failed to find out the needs of the consumers. To reach the consumers companies should have the knowledge about needs of consumers and the financial status of the market. Ex: Lack of knowledge about the consumers need the Microsoft Company fails to reach consumers in their mobile phone business (Biederman, 2013).
Time is equaled to money and this is true. Time is essential for the companies to manage their time intelligently. To plan every event in advance and ensure that everything will be done on time it is very important for achieving the business goal. Ex: In fishing business the companies have facing this problem cause they are dealing with a product which has the durability for few hours.
This problem arises because of not making a detailed business plan. The companies are excited to setting up their own business that they failed to make a proper plan for reaching the consumers. Ex: New small start-up companies facing this problem (Blinov, 2015).
To reach the consumers companies need to produce the product or serve the services as per consumer’s choice or needs. To understand the needs and choices of the consumer, the companies must have the information of the present market need or wants of the consumers and the marketing data of the product company dealing with. Ex: The small companies faced this problem due to the small set up and the lack of the sources which are quite expensive. Out of the above-mentioned problems companies facing many more problems to reach to their consumers like poor marketing plan, poor structure of company, lack of skilled workers etc (Costa, 2001)
To ensure that company are attractive marketers need do some strategies or need to follow some process like making new business policies, solve the financial problem by making some suitable plan for business or finding a financial source.
At first, the marketers need to collect the information about the consumer’s needs and choices. Then the marketers will be able to reach to consumers by fulfilling their needs and wants.
Marketers need to advertise their products so that consumers can know about the products and the good side of it. Then the consumers will buy the product. Without knowing about the product, consumers cannot buy the product (Danes and Mullikin, 2012).
Marketers need to improve the packaging of the product and make the cover of the product more attractive by using colorful covers and adding a catchy line. This will attract the consumers and make an exception of the product in the market.
Marketers can sell their products with the minimum profit for a period of time in which consumers started to buy the product because of the low price of the product of the same category.
The small businesses always face a common problem which is a determination of the price of the product. To determine the price of the product the firm firstly need to collect the data of the similar products. Data likes how many similar products are available in the market and how many products are available in the same market where the product will be a sale. The product of same categories costs how much in the market and how many products are available on the market in the same price. How many rival firms are present in the market with the same type of product (Gerson, 2005).
For determine the price of product firm need to compare the price of same types of products available in the market. The firm needs to charge a similar price for other similar products available in the same market otherwise consumers will not buy the product due to the higher price of the product (Haley, 2012).
In the time of price determination of a product, the firm should consider the class of the targeted consumers. They are a rich or middle class or poor from the financial point. If the targeted consumers are rich then the company can fix a higher price for the product but if the majority of the targeted consumers belong from the middle class or from the poor class then firm have to fix a lower price for the product.
At the time of fixing the price of a product a small firm should consider the distance to the market from the production area if both places are in a large distance then the firm need to bear more carriage to send the products to the market and this will increase the cost of the product and if firm needs to bear a less carriage then they can fix a lower price for the product.
In the time of setting a price of the product, the firm needs to charge a price including a normal profit. Normal profit helps to increase the sale of the product. By earning a the normal profit a small business can run a long term business(Hill and Power, 2013)
To charge a price for the product the firm should consider the purchasing power of the consumers and how much they can purchase. If the purchasing power of the consumers is high then the product will the firm be able to sell more products. Also, if the purchasing power of consumers is high then firm easily set a higher price for the product they want to sell in the market.
If the government already fixed a price for the-the type of product firm producing then firm should maintain that pricing level. The firm cannot fix a price above the government mentioned price level otherwise the government will ban the sale of that product.
In the time of price determination of a product firm also consider the demand for the product. If the demand for the product is higher than the supply then a firm can fix a higher price for the product (KhaderMoh et.al., 2013)
On last Sunday visited the ABC Shopping Centre and visited numbers of cloth shops. There have so many clothes shops like Debenhams, River Island, Marks and Spencer, Lee and many more (Nnamseh, 2015). First I entered in River Island shop and get a nice welcome from a shopkeeper. A big poster of 40% sale on new arrivals attracts my vision first and I started to find new arrivals. A shopkeeper came I asked me what kind of clothes I like and gave me the details about the new arrivals. The shop was well decorated with different colors of lights. From there bought a shirt at 40% discount and get an additional discount for being the 100th number of customer of the day and this added a little smile on my face. After that, I found a shop very colorful and clean named Debenhams. I was amazed at their decoration. One shopkeeper welcomes me and asked about my choices and showed me a catalog. This shop has several types of jeans, jacket, full sleeve shirts, and a new type of trousers. They are offering a shirt fully free of cost with the purchase of two pants. A shopkeeper helped me to choose the color which suits me more. All shopkeepers were well dressed and their behavior was so gentle. From there I availed their “Buy 2 Get One free” offer. After that I entered in Marks and Spencer, there everyone was well dressed (Raustiala and Sprigman, 2012). This shop was also very nicely decorated. After entering the shop get a welcome by their shopkeeper. This shop was filled with varieties of clothes in every category. They have a different section for different categories. The shop was very clean and nice music was soothing the environment of the shop (Scarborough, 2014). A shopkeeper showed me the different type of jackets. This store has digital catalog board where you can search for different types of clothes of different brands. They were offering 50% off on clothes of Autograph brand, 45% on Indigo Collection and offering 30% on Best of British. There was an offer of “[email protected] & [email protected] Free” on a collection of Twiggy (Schenck, 2012). That shop giving an additional 5% discount for their card holders. The shopkeeper helped me to collect the dresses which I selected from the digital catalog, their way of talking and body language was very gentle. I bought a dress from that shop and they gifted me a pen with my dress.
Which three shops I visited on last Sunday they all were very nice and every shop was well decorated. But among them, I like the shop of Marks and Spencer most for their good decoration on every section. Their shopkeepers were well dressed and so gentle in handling their customers also their digital catalog system helps me to find my choices of clothes from a huge number of collections. Debenhams was well decorated but the shopkeepers were not dressed well but they are very gentle with their customers and helpful too. I liked their additional discount for being their 100th customer for the day. River Island was also well decorated and was very colorful and their shopkeepers were also well dressed and they very nicely handle their customers. A major goal of marketing is to maximize the customer satisfaction and these shops are very good in satisfying their customers. Their good decoration and the gentle behavior of every shopkeeper help to satisfy the customers.
Conclusion
In the first part of this report, we can see the challenges that companies facing in the twenty-first century and what actions marketers took to ensure they are attractive to the consumers. The second portion of the report shows the price determination factors for a product in a small business.Lastly, the report shows that how the location, decorations of shops, attitudes of shopkeepers are helping them to sell the product and maximize their profit.
References
Biederman, R. (n.d.). Songwriter’s market 2013.
Blinov, A. (2015). ECOLOGICAL DEVELOPMENT OF SMALL BUSINESS. Business Strategies, (3), p.1.
Costa, E. (2001). Global e-commerce strategies for small businesses. Cambridge, Mass.: MIT Press.
Danes, J., and Lindseyâ€ÂÂMullikin, J. (2012). Expected product price as a function of factors of price sensitivity. Journal of Product & Brand Management, 21(4), pp.293-300.
Gerson, D. (2005). Choosing small, choosing smart. Washington, DC: NALP.
Haley, A. (2012). 2012 songwriter’s market. Cincinnati, Ohio: Writers Digest Books.
Hill, B., and Power, D. (2013). The pocket small business owner’s guide to business plans. York, NY: Allworth Press.
KhaderMoh.ALmasri, A., M. Alsaraireh, J. and M. K worse, D. (2013). The Effect of Strategic Business Objectives Alignment with Information Management on Enhancing Small Organization Performance. International Journal of Computer Applications, 72(3), pp.24-29.
Nnamseh, M. and Akpan, S. (2015). Revitalising Small Business Growth Strategies: Exploring the Risk-Benefit of Strategic Management Approaches. IBR, 8(7).
Raustiala, K. and Sprigman, C. (2012). The knockoff economy. Oxford [U.K.]: Oxford University Press.
Scarborough, N. (2014). Essentials of entrepreneurship and small business management. Boston: Pearson.
Schenck, B. (2012). Small business marketing kit for dummies. Hoboken, N.J.: Wiley.
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