How can effective marketing help lower prices?
Effective marketing can help in increasing demand, which in turn allows the company to increase production, that will lower cost per product and will result in the company charging less; allowing the customers to buy more which subsequently helps the company make more profit.
Differentiate between efficiency and effectiveness.
Efficiency is concerned with minimizing resource costs in completion of activities while effectiveness is concerned with getting activities successfully completed or attaining the set goals
What are some of the fundamentals of running a successful business?
Whether you are starting a small business or a huge corporation, some of the basics of a successful business are: - Creating and sustaining a customer - Offering high quality and reliable products and/or services - Helping customers with products and services that have proven to be successful - Charge a fair and competitive price - Customer satisfaction comes first - Manage your finances in order to cover your costs and make profit - Stay focused on what you do best while keeping an eye on competition - Hire the right people