PHSE5 DB: The Global Marketplace Fundamentals of Business Plan

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PHSE5 DB: The Global Marketplace

Fundamentals of marketing

Marketing is a process through which an organization's goods and services move to the consumers. It involves coordination of four major elements: identification and selection of a product, determination of the price and selection of the best distribution channels to reach customers. Marketing is also the ability to identify the needs and wants of customers as well as the ability to deliver products that satisfy those requirements. Marketing is the most fundamental activity in an organization. It affects directly the amount of sales and recognition of an organization. Marketing covers various fields that aim to create awareness about a product and enforce selling. These include advertising, public relations, personal selling, sales promotion and direct marketing. Marketing is composed of seven major steps known as the principles of marketing. These principles provide a guideline on how to conduct effective marketing. Marketing starts with research, product identification, customers and markets, distribution channels for the identified products, advertising and promotion for the product, pricing and planning.

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Importance of marketing for the business plan

In developing and designing a business plan, marketing is an essential aspect that requires attention. Marketing is an important effort required in order to gain attention, building the product demand and attracting customers. Marketing is important for start up businesses and those already in operation. It aims to provide information about customers' needs and desires, marketing opportunities for goods and services and changing attitudes, and purchasing pattern of the customers (Pride & Ferrell, 2011). In a business plan, marketing helps to clarify key elements of a business and provide direction and objectives within a business. It focuses major elements of marketing known as the four Ps; price, promotion, product and place. Incorporation of a marketing plan in the business plan helps to create clear guidelines on the suitable marketing….....

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