Question

Explain the role of marketing in the business environment by participating in a marketing project in their current work setting.

Answer 1

Ans: The role of marketing in today’s world cannot be emphasized more. The success of any business venture largely depends on marketing. There is cut-throat competition among different brands and products. Marketing can be a bridge between customers and business organizations. So, what can marketing do for a business? A marketing project involves several steps. For a company which wants to sell specific products, marketing will involve the following steps:

(i) Identify target markets.

(ii) Determine which product should be launched in the market based on consumer research and whether products need to be modified to meet customer needs. Develop new products if needed.

(iii) Analyze competitors and their strategies.

(iv) It helps to find the best price for the product. Make use of penetration pricing if needed.

(v) It helps to find the best way to reach potential customers to make them aware of this product and to persuade them to buy them.

(vi) Identifying the most appropriate strategies to promote the product.

(vii) Create advertising campaigns to reach out to customers.

(viii) Create campaigns on social media to keep consumers.

(ix) Create customer loyalty and customer retention programs.

(x) Understand where a brand needs to be in the future and build on the brand value of the organization.