Economics of the Construction Industry Essay

2132 Words 9 Pages
Economics of the Construction Industry

Although the company has some marketing strategies in hand, its policies are not generating sufficient interest in current projects, suggesting some up dating is needed. Not knowing what policy is in place it is reasonable therefore to start from scratch.

What is marketing?

Fundamentally, marketing is about identifying, satisfying, or exceeding the needs and wants of the customer, which are constantly changing, and which can be fulfilled in a product more efficiently and effectively than the company's competitors, whilst still maintaining profit. This broad statement is apparent in most forms of business activity, from planning, pricing, promoting, and
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This approach implies that the customer is King, and goes hand in hand with the company's goal, which ultimately is to make a profit and stay in business, whilst purveying a caring image.

Product concept. This approach states that the ultimate consideration is geared around the product itself, taking into consideration the products competition, and then designing it better in quality with more features, which will out-perform that of its competitors. The concept therefore directly if not indirectly ignores the customers "want satisfaction".

Production concept. This approach states that the product will sell well if it is well made and low in price, displaying value for money to entice the customer. In this concept the emphasis is directed towards the company's activities, Involving improved

manufacturing techniques and the cost structures of the business, rather than the customers "want satisfaction".

Selling concept. This approach concentrates on developing sales techniques to try and entice customers into purchasing the company's product, whether they want it or not. The emphasis therefore is placed on the customer, but not necessarily on the customer's "want satisfaction".

Societal marketing concept. This approach is a fairly new idea combining

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