In managing activities of an organization, marketing is an important area that generates trades therefore involves planning, controlling, managing, and analyzing activities. The activities are concerned with creating and maintaining high customer levels in terms of satisfaction and delivery of services. Business functions of an organization relates to marketing and innovation. Wilkie and Moore dividing marketing development into four eras: First era: The fields’ foundation between 1900 and 1920. Here, economists focused on production while attention was required on distribution. Second era: the fields’ formalization, which was between, 1920 and 1950. Third era: Paradigm shifts between 1950 and 1980 where mass marketing dominated, and focus was on looking at the filed on a marketing manager perspective. Concepts such as marketing orientation, segmentation, and branding were developed. Fourth era: Mainstream fragmentation between 1980 to present times (Wilkie and Moore 54-55). The major marketing principles include product, place (channels of distribution), price, and promotion, also known as the 4Ps. Furthermore, marketing principles are a set of guidelines used in guiding the company when doing market campaigns and includes conducting market research among others.
This is the most important part in business and can be a tangible item or service rendered in exchange for money or other compensation forms (goods and services). Marketing looks into deciding the right product, that is if the needs of the customer are clearly understood then a concise decision is reached. Businesses communicate to customers why their product is unique from that of their competitors. Furthermore, customers understanding of the product and associated benefits must be clearly stated. For example, consumers buy a product like a car because it supplies them with transportation services. The physical product in such instances is the vehicles, which delivers service to the consumer (Kotler and Armstrong 29). Nevertheless, services supplied by other vehicles like, organizations, and activities, when an individual is bored, travel to various destinations becomes the norm, or engage in physical activity in health club, or even adopting different life philosophies. Brand X has successfully assessed the benefits, attractiveness, reliability, expectations, competition, and functionality of the product. The branding of Brand X is of high quality and managed to pull many people to buy the product. Many people have included the product and have found different benefits of the product with regard to their tastes and preferences.
Purchasing of the product depends on this element and is a profit determiner. In addition, it influences the awareness and availability of the product, and in some instances, high prices on an item gives the consumer the perception of product quality. Moreover, if businesses can rely on product quality in terms of competition, then a lower...