Question faith Business & Management
Marketing is a way of doing business: Discuss
Marketing is a way of doing bussiness: discuss
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Answer Internal Staff
Some practitioners would argue that marketing has grown to be so important that it has ceased to be just a business function playing its part in a larger system, and instead is the main focus of a business.
This can be supported as marketing, the act of presenting a good to a market, is without doubt a crucial component of successful business. A good product with bad marketing can lose out to a bad product with good marketing – so clearly there is great value added through marketing. Making marketing the core target of the business can make it highly efficient at adding value to a product (from a consumer’s perspective) through creating a desirable brand and high expectations. This can aid sales and/or can lead to being able to charge higher prices.
However, marketing is an expensive process, and the success of a marketing campaign is never certain. Furthermore, if marketing raises consumer expectations, but the product does not meet these expectations (perhaps due to poor quality), then the customer will be left disappointed and unlikely to develop loyalty to the brand. In practice a balanced approach is needed, where good marketing supports and is supported by a good product/service.