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UNIT II question 11 - The third marketing inefficiency not...

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UNIT II question 11. Marketing inefficiencies are the result of one or more cause. One being lack of interest in their customers or the misunderstanding of. If you don’t understand what the customer is saying, how are you going to be able to help or satisfy them? The business/firms need to be active in understanding when or what their target customers need or want. It’s important to be customer-oriented and to be able to have better offers than the competition. Another marketing inefficiency is, not combining the four basic variables in the marketing mix together to meet the customer’s needs all around. The customer should be the target of all efforts of the product, place, promotion and price. The final decisions need to be made at the same time for all four Ps in order to show that they are all equally important. Otherwise, it won’t seem to have met the customers all around needs. This could be the stopping point for the customer to not purchase or even be interested in the product.
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Unformatted text preview: The third marketing inefficiency; not understand or keeping up with the marketing environment or with what the competition is doing and or how they are succeeding. For example, if a company just jumps into new technology without research they could fail. The new product may or may not be of interest to the customer’s. Just because it is new, doesn’t mean it would be something the target customers would like. It is important to do the research and to plan. Or, if the business does not keep up with their competition and or try to improve or even keep up with the other producers for their product, the customers will purchase from those that do. If the marketers are not careful and do not do proper research and planning, they will most likely fail. Failure can be avoided if the producers are more concerned with what the customers are interested in and need all around. This is why it is important to combine all four Ps; otherwise, customers most likely won’t be satisfied....
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