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Bussiness Marketing

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The role of marketing
Philosophy behind the marketing efforts of modern businesses is that the company should satisfy the needs of their customers and produce products and services to satisfy those needs. This way, the customers is at the centre of the business.
Production concept – The production concept is where a business focuses on creating economies of scale in production and distribution of a product or service. This assumes that customers will purchase lower-priced items, so demand is driven by availability. Examples of this practice can be found in construction suppliers, where construction firms will purchase cheaper building materials to increase their profit margins.
Sales concept – this is commonly known as ‘the hard sell’, where a product or service is produced and personal selling and other high-pressure selling techniques are used to convince customers to part with their money.
Marketing concept - unlike the alternatives above, the customer at the centre of all decisions before the product or service is developed. This can make business more efficient, by focusing investment on products that customers will need and use rather than investing in products that customers may not buy.
SMART objectives * Specific – the objective must be clearly stated and focused * Measureable – in order for the business to see how it is performing against its objectives, it needs to be able to quantify its performance * Achievable – for an objective to be useful, it needs to be something that the business is in a position to achieve * Realistic – it is no good for a business to set itself unrealistic goals because it will inevitably fail; this is bad for morale, and worse for share prices * Time-related – the objectives must be related to a timescale, otherwise there will be no real impetus behind the objective and measurements of the

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