Discussion Questions - Essay Example

Discussion Questions Marketing is a significant aspect of any business. It is a multifaceted process that entails series of market researches. After determining the market for the product or service that a business prides itself in, the marketing department selects the best way of letting them known so as to allow the targeted consumers from a bond with them. The aim of marketing is to promote a particular product or service and eventually establish a loyal consumer base. Due to such an establishment, a business firm will experience profit from the improved sales instigated through effective marketing.

A longer productive business life means a steady profitability for longer and for all these to be achieved, effective marketing of the company’s products and services must be carried out. Marketing is done mostly through advertisements and promotions. These two services are important to any established business venture. For these two to succeed, they have to be supported by a brand position statement that embodies a factor of production that the firm takes pride in. For instance, these may include high quality products, low prices, convenience among other attributes.

When choosing a brand positioning tool, care must be taken so that it gets straight into the minds of the target audience. Taking pride in quality means that prices should not matter to the customers; no matter how high the goods and services are priced, they will still access the market. Trying to convince a customer that a product is of a high quality and low price is never achievable. A marketer must thus stay open minded and be keen enough to grab an opportunity where others opt not to see any.

The essence of setting up any business is to benefit from accrued profits. The strategy for attaining success differs from one business to another. Some concentrate on quality while others concentrate on sales brought in from the products offered. When expanding one’s customer base, it is very likely for the business to engage in activities that will lower earnings but in the long run, the business stays viable for longer and promises and steady flow of income from the increased customer size (Kotler 78).

While the manager who is interested in profits will be exploiting a limited customer base, the other who believes in expansion will seek to get more. Some of the methods of doing this include price reductions and the provisions of other incentives. Chances are high that these incentives will attract customers from the other business. After a short period of time, as the other businessman goes out of business, the one who majored on customer satisfaction will be having more business opportunities which would even warrant increased prices.

In brief, customer satisfaction and expansion programs reward businesses through increased profits (Kotler176). Cox and Kings, a tour company in India, is known for having joined other businesses across the globe to increase their competitive advantage. One of such other businesses include Royal Tours of the United Kingdom. This way, they expand their customer base and are sure of a bilateral exchange of business. In retrospect, businesses exist to make profit. However, managers must employ all the techniques necessary to ensure that the profit is earned for longer periods.

Work CitedKotler, Peterson., et al. Marketing for Hospitality and Tourism, 5th ed. Upper Saddle River, NJ: Prentice Hall, 2010. Print.