Sales & Marketing

Sales & Marketing

- in Business Studies

Sales and Marketing is the core of a business in terms of making sales and generating revenue, without any sale business will not have the income to operate for example pay its staff on time buy new stock and assets, pay off its expenses.

Businesses use Marketing as a tool when trying to attract customers or bring in customers into their stores, this could be from advertising to promoting a product or services to even handing out leaflets to attract customers into their stores. Spending on marketing within a business depends on its budget and affordability. Many businesses have a budget each year for marketing and spend accordingly to that.

Driving sales within a business will increase its profitability and revenue, this could allow the business to pay its staff more money, buy new assets and products and even perhaps recruit more staff which will expand the business and grow the business.

 Customer service is an important factor for any business. Customer service is the key to making people understand how valued they feel, let’s take an independent pharmacy as an example when customers are purchasing products from the store they may require help with the mechanics of the products what the products do and how it works for example with medicine, they would ask questions such as ‘would it relieve the symptoms’ which it is bought for the purpose of relieving ‘how many times should it take this medicine, what are the side effects’.

Therefore it is important for the service to be up to high standards, for the shop assistant or workers to have that knowledge of the product and services that is sold in the store so that when customers ask about that product they are given as much information about it.

In conclusion, providing good customer service to your customers will always bring them back to your store as they will feel valued and cared for, they may also recommend others to go to your store. Customer service is the key to a business and customers who are given the best customer service will always come back as they will seen to be looked after and cared for.

Looking at creating a new product and launching that product into the marketplace can be indeed a difficult task in terms of making a success. We can look at some of the factors that need to be taken in to consideration for example, when creating a product you will need to think about what is unique about the product you are creating, is this product going to sell well, who is the target market that you are aiming this product at, who will buy this product, is there a demand for this product, these are the type of question you will need to ask yourself in order to understand your product and its place in the market.

The other factors that need to be looked in to are the cost of launching the product, for example, do you have the right capital to launch this product, what is the cost involved, how will you market this product, do you have competition, will it work. These are the important factors to consider when creating a new product, the factors will also determine what the risk are and how best to deal with them.

Once a person is confident that they have done their research and have an understanding of the above questions they can then build a picture into how successful their product will be in the marketplace among its competition of similar products out there in the market.

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