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OLevel

Business Studies - 7115

The Role of Marketing

Paper 1 & 2

The Role of Marketing

The Role of Marketing

When the word marketing is used anywhere, the first thing that comes to our mind is the names of different brands, different advertisements, and promotional activities to sell different goods and services. These services are also very important and carried out by the marketing department of the company but this is not the central role of the marketing. The central role of marketing is to:  

Identify Customer Needs
Satisfy Customer Needs 
Maintain Customer Loyalty 
Build Customer Relationships

The central role of marketing is discussed below in detail.

Identifying Customer Needs

It is important to know the customer's needs as everything is marketed and sold to earn profit and the customer is the only source that buys our products and services. It is tried to find out what is the need of customers and how this need could be fulfilled? What problems the customers are facing and what product can solve their problems? How many customers can pay for that particular product? In case, if a new product is designed, how much cost and time will it take to come into the market and how much are the chances for that product to be successful in the market. All of these answers are found while identifying customer needs.  

Satisfying Customer Needs 

When customer needs are identified, the next step is to satisfy these needs. 

To fulfill their needs, if there are some existing products a business organization is offering, it is tried to make the availability possible for customers at their doorstep.

In case, if a new product is required to launch in the market, it is also tried to find out how will it satisfy the customers. What should be the price of this new product and in what quantity it should be presented? It is also important to address that how will it advertised and distributed because anything from distribution, advertising, and marketing, price and size, or SKU (Stock Keeping Unit) is not properly addressed may lead to failing the product. 

Maintaining Customer Loyalty 

When any business brings a new product to the market, it is highly recommended for it to maintain its customer loyalty. There are different ways to maintain customer loyalty.

It is better to keep the customers close to knowing their perception of your products. Customer feedback always plays an important role in the improvement of the products. Their feedback will make you realize what changes customers want in your product or whether they are interested to continue your product or not. If their expectations are not being met with your product, it is better to improve the standard of your products. You may modify your product according to the customer's requirements. Failing to fulfill the customers' needs will ultimately lead to the failure of customer loyalty. It is far cheaper to retain an existing customer rather than attract a new one. You may retain the old customers with better customer services while to attract new customers, advertising and promotional cost will occur.     

Building Customer Relationships

Customer relationship is an important aspect of marketing that enables you to understand the behaviors of your customers. It is important to engage the customers first if you are willing to build relationships. 

Communication is an essential tool in customer relationship building. Try to communicate with your customers more and more. Instead of telling them about your business, it is better to communicate in a way to know the needs that you can solve through your products or services.

Your customers choose you because they expect good service from you. Don’t let their expectations down. Always try to provide services that exceed their expectations. It is not so difficult. Just providing them the same thing in the less anticipated time will also help them to remember you at the time of their next purchase.   

Feedback is an important source to build customer relationships. Always focus on feedback even if it is negative, it may teach you how to deal with customer issues and how to resolve these issues.

Loyalty programs are also very important to keep the customers retain. There are various examples that customers use your services for a long time when they use an offer like loyalty programs. Courier services and Airline services are the best examples where loyalty programs are used.  

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