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Marketing - role in business

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Introduction

Market Research Marketing | mkt | n. M16. [f. MARKET v. + -ING1.] 1 The action of MARKET v.; an instance of this. M16. b spec. The action, business, or process of promoting and selling a product etc., including market research, choice of product, advertising, and distribution. L19. 2 a Something bought at a market; a purchase. rare. E18. b Produce to be sold at market. rare. L19. Marketing is the creation or enlargement of demand for a good or service by a company. Market research is the study of consumer' needs and preferences. The aim is to obtain information that will help design a product or service, so that its sales and profits can be maximized. ...read more.

Middle

Most advertising is produced through national agencies, which employ copywriters, art directors, jingle writers, video producers, production specialists, market researchers, public relations officers, and a media department. We use market research to help sell a product or service. By performing surveys we can find out the needs and wants of the public. If we didn't use market research we would risk putting out a product or service onto the market that nobody would want, therefore the company would have no sale or profit. The four Ps stand for Price, Product, Place and Promotion. Each one of these is essential to a business and its marketing plan. ...read more.

Conclusion

Also if the company charges too low a price, it may not cover its costs. Once the product has been made and the price set, it is important that potential customers are told about the product. Promotion can also be used for reassuring the consumer that the product is of good quality and persuading them to purchase the product. Promotional methods include: advertising, direct selling, point of sale and incentives. Place decides where the product is to be sold. There are 3 main distribution channels to choose from: Traditional - selling the product to wholesalers who will then sell the product on to retail outlets. Modern - producers selling the product directly to the retail outlet. Direct - the producer selling directly to the consumer such as door-to-door sales or over the Internet. ...read more.

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