Photo AI
To what extent do influences on marketing affect business success? - HSC - SSCE Business Studies - Question 26 - 2023 - Paper 1
Question 26
To what extent do influences on marketing affect business success?
Worked Solution & Example Answer:To what extent do influences on marketing affect business success? - HSC - SSCE Business Studies - Question 26 - 2023 - Paper 1
Step 1
Factors influencing customer choice
Answer
Influences on marketing significantly affect business success through various factors that shape customer choice.
These factors may include psychological, sociocultural, economic, and governmental influences. For example, understanding consumer behavior through psychological perspectives enables businesses to tailor their marketing strategies effectively. Sociocultural aspects, such as trends and cultural values, also play a crucial role in how a product is perceived and accepted in the market.
Step 2
Consumer laws
Answer
Another key influence comes from consumer laws. Businesses must be aware of regulations regarding deceptive and misleading advertising, fair pricing practices, and imposed restrictions that can impact their marketing efforts. If a company fails to comply with these laws, it may face legal consequences, thereby affecting its overall reputation and success.
Step 3
Ethical considerations
Answer
Ethics in marketing, such as truthfulness and accuracy in advertising, is vital as it can significantly impact the business's image and customer loyalty. Companies that promote honesty and fairness are likely to build trust with consumers, leading to long-term success. Conversely, unethical practices could damage a firm's reputation and lead to loss of business.
Step 4
Conclusion
Answer
In conclusion, the influences of marketing on business success are multi-faceted. Factors such as customer choice influences, adherence to consumer laws, and ethical marketing practices collectively determine how well a business performs in its market. Businesses must strategically navigate these influences to achieve sustained success.