Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
Related questions
Question
Explain why marketing is so important to small businesses.
Expert Solution
Step 1 Marketing
Marketing strategy refers to the technique or the way through a company is successfully able to identify the customers in the market and target the potential customers with the appropriate products or services. Market mix or marketing strategy refers to building strategy for the elements of marketing which is the product, price, place an promotion. These are the different aspects and element of marketing and they have to be crucially evaluated so that the marketer can successfully position the products in the market.
Following is the importance of creating and implementing effective marketing mix strategy to an organization-
- Helps in excellent mix creation
- Marketing mix helps in new product development
- It increases the product portfolio
- Provides guidance to improve the business
- Helps in product/ service differentiation
- Helps the organization being dynamic
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