Businesses Are Profit Seeking Entities Essay

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Businesses are profit-seeking entities. Hence, the main aim of businesses is to survive and grow. In order to achieve these objectives, businesses have to satisfy the consumers’ needs. Marketing helps to realise this through marketing activities. By helping to sell, marketing activities contribute to the creation of wealth. According to the CIM (Chartered Institute of Marketing) “Marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements profitably.” In other words, marketing helps businesses to put a product on the market at the right place, at the right price, and at the right moment using the most suitable promotion. For example, a company has no interest in selling solar panel in countries where there are not a lot of sunshine pear year or in selling scholar supplies a long time after the back-to-school period. To elaborate plans for a good or a service, businesses therefore use marketing activities such as the process of segmentation of the market that leads to the identification of a target market (for example, a certain part of the population such as teenagers or family) In order to satisfy its target market, firms manipulation some controllable variables (price, promotion…) also known as Marketing Mix. However, for a company to survive and grow, identifying and trying to anticipate the consumers’ needs is not a sufficient condition. Companies also need to accommodate to the constant marketing environment
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