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The Essential Requirements of Marketing |
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As a business evolves the requirements of marketing will change: (a) Firstly to identify the needs of consumers against the business need of generating a profit. The logic being to produce something that consumers will want to buy. This is the short term target. (b) Secondly, as a business expands, to look at the marketplace and identify potential market segments for growth. This would be a medium term target. (c) The final stage is to create a differential advantage whereby the business products stand out both in the marketplace in relation to competitors, but are also cheaper in relation to other products, or have some distinct quality advantage. This will be required to maintain the long term stability of a business. |
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