Fundamentals of Business Economics - East Electric

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Some recommendations and solutions that we have for East Electric are:

- design and make products at an international standard of quality and fiability, in order to meet all your clients' needs at the highest level.

- combine the capabilities of the Research and Development departments with the Production department and integrated them into a coherent management policy.

- the mission of the company should be to create and sell valuable products for worldwide customers.

-satisfy the long-term concerns of the stakeholders.

- offer your clients the necessary assistance in formulating their needs, competence, seriousness, respect, integrity, availability and new solutions for their problems.

- you shall maintain the orientation of the company towards progress and development and you shall invest a lot in them.

- study and improve your knowledge and experience so you can became better and better.

- participate at National or International R&D competitions to promote your projects of interest.

- develop some strategies to reduce the costs so you can reduce the prices.

- establish partnerships with other R&D units from our country.

5.1. Marketing Strategy (recommendations and solutions)

East Electric already has a well thought marketing strategy, as it already developed a webpage and a facebook page in order to advertise its products.

Their pages are very well made and designed and it keeps continuous track of their products, projects and future activities. These pages are created in order to raise awareness to the company and brand.

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Even if at first sight these online advertising methods may seem at first sight a little bit undeveloped, these methods are enough for the current state of the company and would not need any further improvement as it is easy for the clients to find them as the ways their method of reaching their target market is quite successful so far.

The way the company is thought of does not require a very developed marketing strategy, as it would not require much of improvement as well. What is needed is a new way of reaching their clients, also the clients they already have, but also new ones, even if from a financial point of view would be much more costly.

This can be achieved easily if a few steps are followed through:

1. Understand your customers

Getting to know your customers is the most important stage of marketing process. The more accurate your information and knowledge, the more effective you will be at selling.

2. Get their attention

It is up to you to get the attention of your consumers. Do you know how to do that? You speak to their need. You inform of them of the solution that you provide.

3. Design your product or service around the customer

Once you have a marketing plan in place, you need to make sure your product or service is tailored to your customers - from the packaging to the way it is promoted. Entrepreneurs often fall into the trap of making the product they want to sell, rather than designing and presenting things in the way the customer wants.

4. Use marketing methods that are visible to your consumer

The reason you need to evaluate the different marketing methods are so you can select the methods that are more visible to your potential purchaser. Why spend money on television advertising if they are spending more time surfing the internet? When you select the right marketing methods, you create a placement that your potential consumers will see.

6. Conclusion