Impact of Marketing on Business Growth

This assignment examines the multifaceted impact of marketing on business success. It delves into various marketing strategies, including public relations, sales promotion, and distribution, highlighting their significance in driving customer satisfaction, loyalty, and profitability. The report emphasizes the importance of quality management, production planning, and meeting customer expectations for sustainable growth. It also explores the advantages of online advertising over traditional methods and concludes by showcasing marketing's pivotal role in creating new avenues for organizational expansion.

Running Head: Business Project
Final reflection report
Business Project

Table of Contents
Introduction...........................................................................................................................................2
Marketing..........................................................................................................................................2
Importance of Marketing...............................................................................................................4
Distribution helps in marketing.........................................................................................................4
Financial Management..........................................................................................................................6
Production planning and Equality......................................................................................................7
Conclusion.............................................................................................................................................8
References.............................................................................................................................................8
List of figures
Figure 1: First rollover 2017......................................................................................................3
Figure 2: Existing rollover.........................................................................................................3
Figure 3: Result after first Rollover-2018..................................................................................4
Figure 4: Selecting Marketing Segment.....................................................................................5
Figure 5: Branding and Distribution..........................................................................................5
Figure 6: Financial Management...............................................................................................6
Figure 7: Pricing chart................................................................................................................7
Figure 8: Equality.......................................................................................................................7

Introduction
It is important to make suitable decision by real life experience whenever there is the
introduction of new service or product in the market. In this report i have gained knowledge
about smart Sims group which has helped me to acquire the final result and gave me the
capability to make final decision. In this report I have illustrated why there is a need of
marketing whenever new product is launched in the market. It has helped in enhancing
personal experience to make business decision using Sims simulation. It has also cleared the
point of view why branding of service is needed, importance of financial management. After
this report, it is clear how some real life experience supports business for crucial progress.
Marketing
One of the most important thing for a business is marketing as it increases the
awareness of a product which in turn increases the sale and engages more customer. For
running the business successfully, services and the products should be marketed to increase
potential buyers. As advertisement of a product, service boosts up the organisation sale and
increases the chance sale (Coughlan, et. al, 2006). Marketing acts as a key component in
providing information to the market and is vital when it comes to profit of an organisation.
Marketing is a key to success, without marketing business doesn’t get recognized in the
market. This can be done by direct sale, advertisement or via social media. Marketing is the
key to create the product awareness as it helps to develop customer relations (Jobber and
Ellis, 2012). It also helps in building trust with customers. Marketing allows business to
create awareness of product. It is extremely important to advertise the product to enhance the
sale. As the experienced gained in simulation of smart sims helped in knowing changing the
price can affect the market. Here are the decisions made thoroughly throughout different
years.

Figure 1: First rollover 2017
Figure 2: Existing rollover
Here, when pricing increased from $700 to $720 the change reflected by amount of 18,500
which is more than the actual unit available for sales. When decreased the investment in
advertisement and the highest decrement was on Internet over $250,000, Tv: 200,000 and
Magazines: 150,000 which was totalled to $600,000.
Therefore, result after first Rollover (2018) was:

Figure 3: Result after first Rollover-2018
Importance of Marketing
Marketing plays a important role for business enterprises as it focuses on getting more
customers, increasing market share of the firm. As there is heavy completion in the market,
marketing helps to stand out from other companies and it allows businesses to grow in the
marketplace. Marketing is helpful for development of country’s economy (Wilson, et. al,
2016). It also plays a very major role in constructing relationship between the customers and
the organization. Advertising and public relationships allows businesses to increase market
awareness for particular product. Therefore marketing is very important when launching new
products to make consumer aware of that particular product and allocation of sales (Slater,
Hult and Olson, 2010.). It is initiated that major companies are spending a lot of money in
marketing from last few years.
Distribution helps in marketing
Distribution helps in marketing of product, promotion of product and distribution of
product. It is important to decide the flow of distribution of a service, as the flow of a
distribution should be matched with the area of consumption of that product. If the
distribution channel is selected correctly, it will increase the sale of the product.

Figure 4: Selecting Marketing Segment
Figure 5: Branding and Distribution
Branding helps to increases the marketing of the product by giving a particular identity. It
increases the awareness of the business among the customers. Branding helps the
organisation from differentiating it from other competitors; future increases the credibility by
improving the business. In short, branding increases the value of the organisation and helps in

connecting with more customers. As spending money on branding the product will work to
increase awareness in the market (Wright and Watkins, 2010).
Financial Management
The aim of every business is to maximize the profit and minimize the expenses. So,
financial management is used for proper planning and directing financial activities. Objective
of financial planning is to look at the capital requirements of the organisation and reduce the
uncertainties which may cause hindrance in the growth of the company (Brigham and
Ehrhardt, 2013).
Financial planning ensures the balance flow of funds so that stability is maintained in the
organisation. It helps in maximizing the profit of the company, increasing efficiency and
reducing operational risks (Brigham, E.F. and Houston, 2012).
It provides the basic guidelines to set the goals by analysing the data so that proper decisions
can be taken regarding capital, budgeting cost, money management. Financial management
helps in making some sensible decisions regarding paying of debt and managing equality
(Titman, Keowand Martin, J.D., 2017.).
Figure 6: Financial Management
Several changes are made this year by deciding new financial decisions by increasing the
price from $725 to $710 and forecasting the sale to 18,000 but the actual availability was
$16,850. Expenditure for TV is 200,000 ; Internet: 500,000 and Magazines: 50,000
respectively. The expenditure increased to $750,000 this year. So ,total cash available after
all financial decisions for 2020 is $7,425,328.

Figure 7: Pricing chart
Production planning and Equality
Production planning is important to increases customer relations by planning the process for
future production. By upgrading the quality of product helps in getting new customers and
enlarging the business. Increasing the efficiency helps in getting new customers (Mitra,
Grossmann and Arora, N., 2012).
Reputation of business is gained by serving the best quality of product. Therefore, managing
the quality is crucial. Serving good quality reduces the cost in terms of longer run.
Efficiency is important for earning a good amount of profit or growth. By increasing the
efficiency the time and money is automatically saved, thus making the business profitable.
Efficiency of a business can be attained by proper planning and evaluation of ideas (Crama,
Oerleman and Spieksma, F.C., 2012).
Figure 8: Equality

The shares are equally divided and planned accordingly. Production planning is done as it
allows controlling the amount of production. It also helps in forecasting sale and review to
changes for specific segment of production unit. Proper production planning helps in
indicating the wastage and time for the production unit.
Meeting customer expectations is crucial, as satisfaction of customer and maintaining their
loyalty on a long-term increases profit.
Conclusion
From this report it is concluded that marketing Is not just about sale and adverting of a
product, rather it include activities such as public relations, sales promotion and distribution.
Marketing is a process for creating, delivering and exchanging values for customers and
society. To reach to more number of clients marketing is used, online advertising the product
is very much cheaper than traditional methods. In short, marketing creates new doors for
growth of the organisation, helps in communicating with large amount of audience, deliveries
quality services, helps In advertising the product in the target market to increase the sale of
the product and defiantly increase the profit of the company.
References
Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice.
Cengage Learning.
Brigham, E.F. and Houston, J.F., 2012. Fundamentals of financial management. Cengage
Learning.
Coughlan, A.T., Anderson, E., Stern, L.W. and El-Ansary, A., 2006. Marketing channels.
Crama, Y., Oerlemans, A.G. and Spieksma, F.C., 2012. Production planning in automated
manufacturing. Springer Science & Business Media.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing (No. 7th).
McGraw-Hill Higher Education
Mitra, S., Grossmann, I.E., Pinto, J.M. and Arora, N., 2012. Optimal production planning
under time-sensitive electricity prices for continuous power-intensive processes. Computers
& Chemical Engineering, 38, pp.171-184.
Slater, S.F., Hult, G.T.M. and Olson, E.M., 2010. Factors influencing the relative importance
of marketing strategy creativity and marketing strategy implementation
effectiveness. Industrial Marketing Management, 39(4), pp.551-559.

Titman, S., Keown, A.J. and Martin, J.D., 2017. Financial management: Principles and
applications. Pearson.
Wilson, A., Zeithaml, V., Bitner, M.J. and Gremler, D., 2016. Services marketing:
Integrating customer focus across the firm. McGraw Hill.
Wright, M. and Watkins, T., 2010. Marketing financial services. Routledge.