Industry Analysis
Essay Preview: Industry Analysis
Report this essay
In organizations, the first thing to be cut in a budget is marketing. Organizations now have to cut corners and market less but more efficiently. They are making their products look better without changing anything about it or they are trying to come up with products that sell themselves.
Efficiency of marketing should be the discussion going through organizations instead of cutting back on marketing or advertising all together. When the economy started getting bad and people started cutting back on expenses, various companies started advertising an “economic stimulus sale.” This is when a business decided to make a sale on something that not everyone would use but would like to have. Car stereo stores and window tinting businesses really advertised the most with the “economic stimulus sale.” Since the president talked about Economic Stimulus in the majority of his speeches last year, businesses thought since it was a familiar term at this point, they would use it in their advertising. Hyundai now has a new program they added to the fine print of their loan documents. If the person looses their job, Hyundai financing pays their car payment for 6 months, after that then they will buy it back if the owner still has not found a job. This term has brought more customers in the store during the job loss scare last year. Smart and efficient marketing is important to any organization.
If organizations would understand that the cheaper that they make a product or service, the more that they would sell; they would learn the potential to make more money. There are so many family restaurants that have video arcades in the restaurants to entertain children. If they would all be like Chuck E Cheeses and the games are priced at $0.25 per play, they would earn more because kids and parents could play more for their money. Instead of putting in $1 in the machine for one game, they would put in $5 and play 20 times. Marketing and business management go hand in hand when it comes to managing a business; they need to think to themselves “How could we open up our business to earn more money instead of our business crashing?”
Marketing can affect everything within an organization. The way an organization gets their name out into the public is very important to the organizations future. They need to get a positive name to the organization and to be known for something great, if they are known for something negative then no one will want their products or services. Wal-Mart has a campaign that states “Save Money, Live Better.” Slogans such as these help families assume that with a slogan like that Wal-Mart can save them money on everyday products they would purchase somewhere else but they can get everything that they need at Wal-Mart in one stop.
To cut marketing and advertising costs when the economy is not doing so well is an idea of poor