Question

Fast fashion. Fast Food: how do we all become more sustainable in the way we live?

Pretend you are a consultant and that you have to do a presentation to Australian Accountants Society on why marketing is important to business.

Answer 1

First of all, let me start by saying that marketing is necessary because of the implications it holds over our ability to form customer relationships. The fact that the most profit is made from repeat customers, not just converting newer ones, means that once we get them to engage with us, we can make a real profit later down the line, which, when considered from a pure shareholder’s perspective, is a blessing. However, there is so much more to marketing than just keeping the customers we currently have. We can say that marketing works on the following factors and principles that we need to address;

1. It informs the customers.
2. It sustains the customers.
3. It engages the customers
4. It grows the base of potential customers.
5. It helps us to sell.

With assumptions, we need to address that marketing is useful in bringing fresh customers, getting them to look at our products some of which would eventually make a transaction and buy the products. It also needs to be addressed that once they do make a purchase, the necessity does not end there. The fact that repeat customers equal more profit means that we need to create engagement for them to stay, whether it be with our products, throughout our service and interaction, or our constant marketing and communication, every aspect needs to be considered to approach the process with a holistic mindset. We then address the fact that it creates the buzz in the market, which eventually leads to sharing(or clicks) from potential customers and the general population, creating word of mouth publicity which eventually connects us with the actual target customers. This is necessary for us to be able to create the demand, even before we start building the to, first of all, make sense of the scope and potential in the market and then design the product to suit that need as close as possible. This is why marketing is an indispensable area of business, because, in the simplest sense, we can say that customers don't purchase our products if they do not know about us, have not heard about us, or have never interacted with us before.

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