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Question
Marketing is essential for the success of a business organisation. Give five reasons to support your answer.
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Solution
Marketing is essential for the success of a business organisation.
The reasons behind the statement are as follows:
- Creating demand: Marketing enables the firm to determine what the customers want and then to design the product accordingly.
- Providing Consumer Satisfaction: Marketing effectively considers the product’s pricing, transportation, warehousing, and distribution channels.
- Coordination: Marketing establishes coordination with other managerial departments.
- Profit maximisation: Marketing aims to maximise profit through consumer satisfaction. It is the only way for the firm to generate revenue and profits.
- Goodwill: Marketing seeks to build the enterprise’s reputation over time. The firm aims to establish a strong market presence by offering high-quality items at affordable costs and providing excellent after-sales support.
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