At the end of our blog journey in the Marketing world, let’s reinforce why marketing is an essential part of any business no matter the sizes. For any business, marketing strategies decide how does the product appeal to the customers. In a word, marketing for business is doing the right things for the right people.
How does marketing actually helps the business make money is why marketing is so important. As we mentioned previously, marketing structure includes lots of aspects, but how does marketing actually business make money? Let’s go through each basic steps:
For any business, the first step is market research, which means business need to know their target customers and what customer’s needs. This will increase the potential sales. In another word, customers’ eyes would attract by something they are looking for. Next step is making the product, which means business need not only need to take customer’s favor, but also need to stand strong on product quality based on the market research result. A good quality product would retain customer’s and build up customers’ loyalty. Moving on to the first impression of what people think of Marketing, advertising. Advertise product means how to bring business’s product in front of customer’s eyes. If a business has great ideas and qualified product but no markets and customers know them, the business will eventually fail.
The purpose of marketing is for a business to increase sale. From the revenue function, Quantity of Sold * Price per unit=Total Revenue, we can tell that if the price is unchanged, more quantity equals more total revenue. Thus, marketing can directly increase the total revenue.
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