BlackHat Money

The existence of a firm is largely dependent to the demand of its goods or services in the market. This then means that the reason why a business operates is to provide its customers with the needed goods and services while earning income in the process. Therefore, customer needs are of great importance when formulating policies and plans in any organization.

In a company setting, the marketing manager has an obligation of deciding the best ways possible of effectively and sufficiently satisfying consumer needs, while acting in liaison with other departments to ensure that all goods produced are sold in time to and bring in profit.

As concerns market research, a marketing manager should keep the market under scrutiny noting the extent of the market, his firm’s share and the share of the market held by competitors and also all the aspects of changing demand.

Effective marketing involves initiating research and development to meet customers’ requirements appropriately. After assessing the level of demand for a particular product and identifying a need to maintain or increase it radically, a marketer should then carry out the most suitable mix of sales promotion such as; advertising and displaying, pricing policies, discounts and credit terms to maximize sales.

The marketing policy-making procedure involves the appraisal of many factors in order to decide the best way possible of sales promotion. Such factors would include; nature of competition, present position of the existing products and the most effective methods of advertising.

In advertising, firms need to capitalize on the shortcomings of the competitors’ products or advertising measures, whenever there is fierce and competitive promotion.

Since the marketing sub-system of a business contributes largely to the whole organization, all activities of a company should be drawn together to a common goal, with the full co-operation of other departments like production, research and finance.