(a) Briefly state and explain four ways in which marketing is important to a business. (b) List and explain four promotional tools Jones Ltd could use.

Answer Details

(a) Four ways marketing is important to a business

1. Identifying customer needs: Through market research, marketing finds out what customers want, so the firm produces goods that will sell.
2. Increasing sales and profit: By promoting and distributing goods effectively, marketing raises the volume of sales and the firm's profit.
3. Creating and satisfying demand: Advertising and promotion create awareness and desire for products, and ensure goods reach consumers to satisfy that demand.
4. Giving a competitive edge: Good marketing (branding, packaging, pricing) helps the firm stand out from rivals and win customer loyalty.

(b) Four promotional tools Jones Ltd could use

1. Advertising: Using media such as radio, television and newspapers to inform and persuade customers about the product.
2. Personal selling: Employing salespersons to contact customers directly, persuade them and close sales.
3. Sales promotion: Offering short-term incentives such as discounts, free samples, coupons and gifts to boost sales.
4. Publicity/public relations: Gaining favourable free mention in the media and creating goodwill through sponsorship and community activities.