Explain the costs and benefits of a marketing approach. (con.)

Cost of:

Ø   Regular marketing research

             Market research helps better communicate.

             Market research helps identify opportunities.

             Market research will minimize risk.

Ø   building long-time relationships with: customers, suppliers, distributors

 Every business today is a relationship business. The quality and impact of your work, and the profitability of your business, depend upon relationships — with customers, co-workers, and competitors; with suppliers, distributors, and support services; with direct reports, senior managers, and boards. Global mergers and alliances offer opportunities for creating growth, but they also pose new challenges.

Benefits:

Ø   Profit

Profit generally is the making of gain in business activity for the benefit of the owners of the business.

Ø  customer loyalty and trust

Building trust results in customer loyalty, which results in more profitable customers and a greater chance for marketing and sales success. Most businesses struggle because trust is not yet present in a loyal customer base.

Ø  long term goal

 Long-term goals are ones that you will achieve over a longer period of time        (e.g., one semester, one year, five years, or twenty years).

Long-term goals often are our most meaningful and important goals