Bad marketing, bad budgeting, and bad customer service can lead to the Research Paper

Bad marketing, bad budgeting, and bad customer service can lead to the failure of a business - Research Paper Example (Mercer, David. 1996; Shim, Jae. K, Siegel, Joel.G, Shim, Allison.I. 2011) A good and healthy business needs a perfect alignment and coordination of these components in order to be profitable. Organization can not exist without its market; all its strategies are based on winning the market. Marketing focuses and revolves around customer’s needs and demands. To any organization customer- i.e. the consumers of its product are everything. They are revenue generating and are the reason for which the organization exists. Marketing emphasizes on a long term perspective of building strong and long term relationships with the customers. The aims of marketing is to reduce down the dissatisfied customers, identify reasons for their dissatisfaction and work on strategies and products that fulfill their demand and needs, keep them satisfied and brings customer loyalty as increased customers lead to increased revenues and profitability. (Mercer, David. 1996) Market research and advertisement are important aspects of marketing. Market research helps the organization to gain an understanding about the environment it operates in and gives an in-depth knowledge about the opportunities and risks which helps the organization in formulating its future strategies for success. Advertisement and promotion on the other hand are other tools to develop or increase brand recognition and increase market share. Other strategies of marketing like after sales services, promotional offers etc. are all ways to win customers for growing revenues and profitability. (Mercer, David. 1996) Budgeting is a tool and technique used for systematic and productive management. Budgeting allocate funds and set targets to achieve a desired outcome. Budgets are created after determining the over all strategies of the company, then these strategies are translated into long tem and short term goals and objectives which provides the basis of budgeting and allocating resources.