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Marketing is the major factor in the success of any business Discuss
In this essay I will be exploring the many factors that go into the success of any business, and finding out if marketing, is in fact, the major factor, or just a minor one of many. I will closely examine each factor and find the strengths and weakness' of them.
Marketing defined - Marketing is essentially about marshalling the resources of an organisation so that they meet the changing needs of customers on whom the organisation depends. As a verb, marketing is
all about how an organisation addresses its markets. The Chartered Institute of Marketing provides a typical definition of marketing
Marketing can be seen as the major factor in a company because it's what gets it recognised by the public. Without marketing a company would have no recognition, therefore no customers or profits, but this is not the only thing that can effect a business. Without and money in a firm to begin with, there would be no firm. There would be no money to build a premises for a firm, no building materials and no money to market their business/product.
The factors in any business also depend on firm's objectives. A firm must decide whether it is to go in the public of private sector and whether it is to be a nationalised firm, or a local business. A local business would have to deal with much competition, and try and get their firm as widely recognised as possible, and gain a good reputation in the type of market it is in.
The size of a business effects the type and size of marketing required. A multinational company such as Mars would depend on marketing much more than a small firm. If Mars markets a product incorrectly, and doesn't appeal to the right audience, that will effect the profit and success of that, and could prove a huge loss for them.
One major factor is the quality of a product, if a product doesn't meet the right standards, this will effect the entire business and gain the firm a bad reputation. It could also land the firm in trouble with the trading standards agency, which would gain a lot of bad publicity. A quality product is defined as
Quality is defined as fit for purpose and as such is not an abstract standard of cosmetic appearance or ability. A quality product is not one that has been over specified nor over engineered for a particular application. A company that offers a standard product needs a system to ensure the product meets the standard specifications.
A company must do market research before they start a marketing campaign. This can be done in the form of questionnaires, a focus group, or using secondary sources of information to find a general trend in a market etc. The company can then decide on the type of marketing that they wish to pursue .
They must also decide on a price for the service they are charging or their product, if this is priced too high, the company may not gain any customers and will go into recession. They must also ensure that they're staff are being paid correctly, and are being treated right, if not this may lead to strikes in the company and possible lawsuits.
In all, I believe that marketing is possibly the major factor in the success of a business, but it takes many of the other factors to contribute to it, because without the other factors, there would be no business or product to market in the first place.
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