1. Define marketing and the two goals of marketing. As a company president, explain why each of the two goals of marketing is important to your company. Give examples.
Marketing is defined as the process by which companies supply a valued product or service to consumers and in return capture value from said consumers. The first goal of marketing is to attract new customers by providing a desired product or service. The second goal is to keep the current customer base loyal while continuously striving to increase that base.
As a company president both marketing goals are vital to the success and longevity of my business. The first goal of attaining customers is a key factor due mainly to the upfront investment a consumer makes when they decide to purchase my specific product. This initial decision and purchase pays for labor, over head, research and production costs and many other things that are a cost to me as a company to produce the sold goods. The second goal of retaining initial customers while growing the collective pool of customers is how my company maintains profit and sustainability.
Let’s use Dell computers as an example for both marketing goals. The consumer has many options for purchasing a new computer, the company he will go to is narrowed down by the basic need this computer will fill such as gaming, general office work, photo editing etc. Dell has created a nice niche in the consumer computer arena due to being able to fill all the above mentioned uses, you can personalize your personal computer and purchase this computer at a reasonable price. You can also purchase any and every computer accessory as well and as added value Dell has a great customer service department and a warranty structure to sway the most cautious of buyers. Dell incorporates both marketing goals into their business and that is the very reason you see Dell emblazoned on some piece of tech on almost every desktop in America.
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