Factors of Marketing
Jorge L. Castillo
ST. Thomas University
Marketing is a tool or technique companies use in order to attract customers. Marketing schemes or tactics are deployed in many forms. Each independent company may place heavier emphasis in certain areas depending on how they ultimately want their product to be perceived. A good marketing team can attract many customers not only to purchase but to convince a consumer to remain loyal to their brand.
Solid marketing must be organized and remain true to their mission. A company’s marketing department is responsible for facilitating relationships and alliances with their customers. Many forces play a role in determining these relationships which include: other brands competitiveness, technological advances, and regulations which can restrict company’s schemes. All these factors are what drive the marketing departments focus and schemes.( Payne 2009 ) Marketing occurs when two or more parties are met with an unsatisfied need. An existed need is then met with a desire to be satisfied which in turn creates an avenue for parties to communicate. Lastly an article is exchanged and a transaction between a consumer and company occurs. Meeting this unsatisfied need is the core of marketing. This is why discovering this need and at times convincing a consumer to direct themselves to the need is important.( Kerin 2011 )
Richard Warren Sears began a watch company upon purchasing a shipment of watches in 1886 where he worked in the railroad industry. The watches were purchased at for Twelve dollars and at the time would retail for twenty five. Purchasing for twelve dollars and reselling for twenty five sounds like an ideal profit however Sears had a different perspective which only a true entrepreneur recognizes. By selling the watches at fourteen dollars Sears made five thousand dollars in six months creating his company R.W. Sears. Upon analyzing Sears one learns that...
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