University of Phoenix
Marketing: a useful Tool for Success
When you hear stories of how successful a firm is you are probably wondering what actions did they take to achieve this pinnacle? There is more significance in that question then you may think. Certain elements lie behind the work of that firm’s success through strategic planning. This strategic planning may affiliated with finance, internal operations or marketing. However, today I am only going to discuss one strategic element and that is marketing.
When I first think of marketing, what comes to mind is billboards or advertisements in a magazine, on a commercial or a cereal box? I thought that marketing was simple; just put your product out there as much as possible and create a market trend. Needless to say I found that marketing was much more then advertisement. Marketing deals with identifying and meeting human needs otherwise known as “meeting needs profitably”. Moreover, when you are dealing with marketing you are analyzing people to decide your target market. You want to determine when people will buy, what type of product they will buy, what type of look they will buy and how will you get your message across that you have what they are looking for.
Importance of Marketing
There are many other reasons why marketing is such a crucial element to a company; let’s go back to finance shall we? Ask yourself this question: would a company finance a project that is not going to bring a high rate of equity? Marketing is often a key element when it comes to finance operations so if there isn’t a sufficient demand for the products a project can produce then why produce it? I will use my company as an example to paint a better picture.
I work for Nexans, who are global experts in cable systems and distribute power and telecommunication wire throughout the U.S. Lately we have invested in many projects for new...