Marketing environment Essay
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Define how marketing impacts both a corporation and a consumer
Marketing is an approach that involves understanding the needs and wants of the consumers. When marketers engage in research they must understand the gaps in the market, preference of people and then design products which will meet their satisfaction. When the products will be available in the market the business will be able to generate more profits because of the increased demand and hence reduce the gaps which exist in the industry. In Business the company depends on the strategies that are used by marketers to influence the clients from the external environment. The mode of communication determines the attitude of people to a brand. Similarly, the quality of the product will determine the number of people who will buy from the firm. Currently, a number of people have access to the internet. They are aware of the product features and quality. Moreover, the issue of pricing is also important when developing a relationship with the consumers (Lefebvre 54). There are diverse products in the market which have substitutes and hence the need to develop fair pricing strategies when marketing the products so as to avoid the extent through which consumers will switch to other brands because of cheaper available substitutes.
What role does a consumer play in marketing today?
Consumers play a key role in marketing the product, especially in the use of social media. Consumers give feedback and when they give positive reviews a number of people will develop the desire to buy the product and hence increase the revenues which will promote the growth and performance of a business.If the consumers give the negative reviews then the growth and performance of the company will be affected negatively. Secondly, the consumers can generate referrals for, example, friends and families. Through the referrals the business will have a chain of a network of people who will be aware of the unique benefits of the products and then make strategies that will promote fair growth and performance of the business. In E-commerce the consumers have helped the companies to improve the quality of the product based on the information and feedback which they give to the company (Lefebvre 72). Firms manage to improve the quality of the products and it improves the growth and performance of a business. It is necessary that leaders identify the gaps when conducting research, such that when they segment the clients they will be able to develop segments which meet the needs of the clients.
What do you think the role of marketing will be in 5-10 years?
Marketers are constantly looking into the future so as to offer the products in the market which meet the needs and wants of the consumers. Currently, the business environment is driven by technology and in the future business will have to look for unique ways through which they can offer products which meet the needs and wants of the consumers. In the future the marketers will have to focus on the values of the customers. People will not be in a position to sell the products if they are not aware of the market circumstances (Lefebvre 72). The marketers will have to look for ways by which they understand the external forces which influence demand and then develop the approaches which will increase satisfaction and hence generate more revenues which will promote the growth of fair business practices. Research will be necessary in the future because it will marketers to find out ways by which they could improve the relationships between the clients and the company hence promote effective growth of the business.
Lefebvre, R. Craig. “An Integrative Model For Social Marketing.” Journal of Social Marketing 1.1 (2011): 54-72. Web.
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