Literature review Essay Example | Topics and Well Written Essays - 4500 words

Literature review - Essay Example On the contrary, marketing is perhaps the only functional division of an enterprise which is solely concerned with the consumer. It is regarded by many critics that marketing is the most crucial of all the functional aspects of the business; it can be argued that marketing is the prime means for attracting a customer, and without customers, there is little that the other departments are going to do. Marketing is important in helping the company to construct upon their corporate and business foundations, and to use them to solidify their goals. In order to further the objectives of the business, the business needs to consider the bigger picture. From the perspective of launching a product in the market, the bigger picture would entail exploring the market potential for the product, researching the competitors in the market giving particular attention to their strengths and weaknesses, coming up with an appropriate marketing strategy for the product and selecting suitable marketing cha nnels. Moreover it is also important to develop apposite measures for managing and supervising the launch of the product in the market. ... Functioning businesses have two main purposes. Firstly, they are working for the retention of the customers that they have attracted. Secondly, businesses are endeavoring for attracting new customers and increasing their clientele. There are a number of philosophies that can be implemented for the attainment of these two goals of the business. The first philosophy relates to the production concept. This means that all consumers are going to consume those products that are not only within the range of affordability but are also easily and extensively found. One of the famous corporations who follow this strategy is Wal-Mart. According to the founder of Wal-Mart, Sam Walton, the company should work on the philosophy of ‘Pile ‘em high and sell ‘em cheap’ (Moore & Pareek 2009). On the other hand, the product concept entails that customers are going to buy that product which is the most promising in terms of its value after taking into account the worth and perfor mance of the product. Consumers are going to perform an evaluation of the product according to its various features, such as how durable it is or its serviceability; at times customers take into account a juxtaposition of the factors and their choice of different products depends on whether the products meet these juxtaposed product-based aspects. When referring to brands, customers also take into consideration whether the product is going to fulfill their psychological need or not. Five Forces Model Enterprises which operate on the selling concept support the notion that a large-scale effort is needed to promote a product; in the absence of a large-scale concept, customers are not going to consume enough products in order to