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In order for businesses to understand the needs of the customer, businesses need to implement a marketing strategy. A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors products offering prices, distributions, promotional efforts and services toward these market segments. Ideally, the strategy should address unmet customer needs that offer adequate potential profitability; a good strategy helps a business focus on the target market it can serve best. (SBA Marketing Basics, 2007) A company's financial success depends on marketing. A customer who had a bad experience with a particular company can hurt the future sales for the company as well as any potential customer to whom he or she share their experience with.
Businesses must understand that what works for one company may not work for the next company. Businesses also need to review the important strategy of the four P's product, place, price and promotions. (Oppaper, 2006) Simply stated, marketing is important for a business to understand what is being sold, where is it going to be sold, for how much, and to whom. Just as an organization would do with a in your business plan, you will need to pull the many pieces together to demonstrate how you will reach your target audience.
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In summary, marketing is the function of an organization that identifies their current and potential customers, creates products or services that meet the needs and wants of customers, informs and persuades the customers to purchases these products or services, and reinforces the customer's confidence in the purchase that they made. (Michigan State University, 2007) Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. (Shields) Marketing is paramount for the success of a business.
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