Strategic Role of Marketing Goods and Services
- Marketing provides consumers with choice and highlights a business or product’s competitive advantage.
- Process of developing a product and implementing series of strategies aimed at correctly promoting, pricing and distributing the product to a core group of potential customers.
- Marketing can create brand awareness through strong and effective campaigns.
- Involves researching changing nature of consumer preferences and ensuring resources of the business are directed towards developing a product that satisfies its target market.
- Marketing can increase market share and therefore sales and hopefully profitability.
- Aims to maximize sales, increase market awareness & maximize consumer choice and satisfaction.
Extract from Business Studies Stage 6 Syllabus. © 2010 Board of Studies NSW.