Step by step marketing

Article Abstract:

Students of the Institute of Chartered Accountants in England and Wales taking up the Conversion course are required to develop a marketing strategy for an imaginary product. These students should know that the key to designing a marketing strategy is understanding what the customers really want. This helps identify what products are most likely to be embraced not only by targeted customers but also by potential ones. Segmentation of the market is necessary to reach out to the intended consumer base. In targeting each segment, there are three possible approaches that can be used: undifferentiated targeting, differentiated targeting and concentrated targeting. Finally, a marketing mix should be designed. The four Ps that should be considered in creating the appropriate mix are product, price, promotion and place. A sample marketing strategy for a hypothetical product is discussed.

Institute of Chartered Accountants in England and Wales, Study and teaching, Marketing management

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Small firms and the marketing mission

Article Abstract:

Small accounting firms facing financial adversity must realize that marketing is not an extra that can be cut without hurting the firm. Marketing is essential to the prosperity of a small accounting firm. The marketing of any professional firm must proceed from a strategic plan that matches the resources of the firm to the needs of a client. Creating a successful marketing program necessitates the creation of a marketing statement that defines the outlines of a marketing plan. The marketing plan reviews the firm's current position, defines the firm's goals, identifies the firm's strengths and weakness, and considers the firm's opportunities and competitors. The marketing objectives will be elucidated within the marketing plan, after which marketing tools should be considered to create focused marketing acitivity that makes clients more favorably predisposed to the firm.

Small business, Accounting firms, Accounting services

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Speeding into export markets

Article Abstract:

Sponsoring a motor racing team can be an effective way to promote a company's name and products, especially in foreign markets. Motor racing is second in popularity only to soccer. Motor racing sponsorship is very expensive and usually only large companies can afford the costs of sponsorship, which can run from about 1 million to 10 million pounds sterling. Smaller companies may be able to participate as co-sponsors or subsidiary sponsors.

Analysis, Usage, Employment, International business enterprises, Multinational corporations, International trade, Sports sponsorship, International trade and employment, Automobile racing

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