What knowledge do you possess that can contribute to serving a market need

Document Type:Essay

Subject Area:Engineering

Document 1

Its good also to know his or her own weakness and strength. The important issue is only to concentrate on the strength and try to improve the weak areas that may help me in marketing. Other than that, good communication skills are also an important aspect, which is required for any to succeed. Also having a good relationship with the surrounding people like the director, workmates and also the customers. This helps to have good relation with them hence, enabling teamwork. This can be described by how the products are moving out of the company and how the company is achieving more of the revenue. If the trend of income and production is increasing, it means there is a growth but if there is decrease, it shows the signs of failure of the company.

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When the company is growing it can invest more and open more branches in different areas meaning the company is expanding. Lastly, we have Heterogeneity of that demand across customer segments. Customers refer different products depending on their choice. This business I would suggest it is in the growth stage. This stage allows business to set its roots and a good background. Question 4 What is the capital intensity, advertising intensity, company concentration, and average company size within your chosen industry? I have decided to venture into an ICT firm or industry, which deals with ICT consultation and solution either hardware or software. The capital intensity of the business is very high since we have to invest a lot keeping in mind there are very many firms offering ICT consultation and solution.

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In terms of marketing, it has to be done a lot since the company is still on the growth it means it is yet to establish and it remains at a very risk stage of collapsing if the company does not strategies on marketing. Psychographics can be defined as a qualitative practice used to explain customers on emotional characteristics (Punamäki et al, 2007). It helps the firm understand well the people in a particular area. It has also been used to learn personality, values, views, attitudes, benefits, and lifestyles. This helps the firm to know which product to introduce for example in an area where there are many youths they may be interested in buying Apple products because they believe they have a particular class which the other phones lack.

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Question 6 How can you stay current on technical advancements and societal changes that are emerging?  In the contemporary world, technical advancements and societal changes vary with time. This industry is a mature industry and hence have become what is qualified as a master on the learning curve. After mastering the need of the customers, it enables the company to compete with the rival’s competitors who we are in the same business. To go through the curve is not easy because it has some challenges that are faced but at the end of the end of the business sustains and overcomes the challenges it becomes stable and it can count profits as it expands to a different location or innovating new products and services (Coughlan et al, 2006).

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Sometimes the curve may take longer depending on many factors like location and also the people who are included and other situations it takes less time. My firm takes a short curve since its stages are not that many. Question 9 How does the reputation of competitors influence your success? Reputation are views different people have toward a particular person or a firm. ICT firms being several within this location, leads to a very high competition. Different companies have different reputation depending on how they handle their clients. Some have a good reputation, which makes it hard for the customers to shift from their companies due to the good services and a product they get from them. once the clients are served well and they gain trust in you it becomes very hard to shift from one company to another unless the product or service they are looking at a particular time is not available.

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