Satisfying – This involves meeting consumer requirements. Customers want the right goods at the right price at the right time and the right place.
Profitability – This motivates organisations to supply goods to consumers in a market. Profit may be simply one motive for supplying the goods to a market. Also market share and market leadership maybe included as well. God marketing helps managers to improve the performance of their part of the business and to meet the most basic of the business objectives – a profit.
Successful marketing is important to a business because it has an effect on the profit you make (depending on how good the marketing is.) The basics of marketing come from the 4 P’s
They are:
Price – pricing the product correctly or calculating a successful pricing strategy.
Promotion – using the right advertising to get people to buy your product
Place – the location of the business and how easy to access it is
Product – choosing the right product
The principles of marketing
Marketing is essential to the success of every business. Its main aim is to enable businesses to meet the needs of their actual and potential customers.
These are the main principles in an organisation
- Understand customer needs
- Understand and keep ahead of the competition
- Communicate effectively with its customers to satisfy customer expectations
- Co-ordinate its functions to achieve marketing aims
- Be aware of constraints on marketing activities
- Understand customer needs – Knowing what customers needs are and satisfying that need as well as making a profit
- Understand and keep ahead of the competition – Anticipating what your competitors are doing and keeping a close eye on their main activities so that you are always in front of them
- Communicate effectively with its customers to satisfy customers expectations – Finding what customers really want and making sure that they purchase the product also make sure that you make a profit.
- Co-ordinate its functions to achieve marketing aims – making sure that staff are motivated by varying and introducing new activities so productivity stays at the top level
- Be aware of constraints on marketing activities – this has a lot to do with links between different departments e.g. the finance department control the budget of the marketing department.
The main stakeholders in a business are:
- Customers
- Employees
- Managers
- Shareholders
- Government
It is important for every business to have a strong relationship with these kinds of stakeholders because they can influence and usually improve the way the business is run.
- Customers have an influence on the organisation by letting them know what the expectations of the business are
- Employees have an influence on internal factors like training, working conditions etc
- Managers have an influence on how the business is run because they have a wide range of control over the business and all its staff and is usually the direct link to all the other departments, the shareholders and the directors
- Shareholders have the last word of say on what is decided in the business and the money they have invested so they have a large influence on the operations of the business
- The government would probably have a small influence on expansion in the business e.g. supporting the organisation with some funds to speeds up the development.
The internet is a very important in marketing because it opens up a load of new markets for a business globally.
E-commerce is very important to marketing because it can be used to enhance advertisements that will tempt and attract in a stronger fashion making it a better chance of the product being bought.