Importance of Marketing - Research Paper Example

The initial step that marketing takes is to get prospective buyers and after this base management which is aimed at retaining the customers takes over. Base management requires the business to build and nurture relationships with the customer by improving service delivery and the quality of the products the customer needs (Tybout & Calder, 2010). Enhancing customer-business relationships enables the marketer to participate competitively in the market and this creates customer loyalty because the customer trusts that the business will be able to meet all their product needs in the best way.

Customer satisfaction is paramount for any business to be successful and marketing will enable the business to know the needs of consumers since it will also involve marketing research to know the needs of the society. Marketing will enable the new business to make use of the four Ps of marketing, which will reflect the desires of the customers and the target market (Tybout & Calder, 2010). The product aspect of marketing will enable the business to determine the product desired by the market and ensure that this product is available to the customers. Pricing will ensure that the price of the product is set at a charge that is favorable and competitive enough, thus not running the new business out of the market. The promotion aspect of marketing will ascertain that there are advertisements, public city, and sales promotion, which are aimed at promoting the brand or the new business. The last aspect of marketing is placement, which will entail making strategies of how the product will reach the target market and the channel that will be used. The four Ps are useful as they will ensure timely and effective delivery of the product to the target market and this creates customer satisfaction, which will increase sales as customers will be able to acquire goods when they need them.

A marketing plan lays down the strategies that a business will use in reaching out to the market. A marketing plan will enable the entrepreneur to stay focused by coordinating efforts and guiding him towards his goals of acquiring and retaining customers. While marketing engages in how sales are made, a marketing plan entails knowing how these sales will be made, and a good plan will reduce the shortcomings a business may encounter due to lack of sales and increase the company’s profits (Tybout & Calder, 2010). A marketing plan will lay down how the business will be run since it will answer questions of who the target market is and the products that will satisfy their needs. This in turn will provide direction on where to focus sales hence helping the business to grow.