Marketing plays a big role in business as it does not only function to promote products and services, but helps develop new products and services to meet customer needs and wants in a market.
Marketing plays a role to;
Identify, satisfy and anticipate consumer needs and wants
Developing customer loyalty to brand, building customer relationship
Generating revenues and profits through increasing market share
While, their objective is to;
Create awareness on product and brand
Improve brand image of firm and product
Help develop better design and quality of existing and new products
Maintain and increase market share, sales and profits
Expand and access new markets locally and abroad
Develop customer loyalty and encourage repeat purchases
Marketing activities are able to achieve their objectives through a marketing mix. They are;
Product - designs product according to quality and expectations of target customers
Price - determines price of product that customers can afford and are willing to buy
Place of Sale/Business - decide on the best location most convenient to target customers
Promotion - develop a campaign that would raise awareness and attract target customers to purchase product.
Marketing activities differs in every business depending if it is a market-oriented firm or product-oriented firm
RELEVANT CONCEPTS
Marketing Mix
Branding
Customer Loyalty
Competition
PAST YEAR QUESTIONS
Identify two reasons why it is important for LBM to satisfy customer needs. (2 marks) Oct/Nov 2019/12
Identify and explain two reasons why building good customer relationships is important (4 marks) May/June 2019/12