CMI 523 Assignment Example

oyees and shareholders, or external, such as customers and suppliers. Marketing involves many different stakeholders, each with its own priorities and objectives. For example, a manufacturer might focus on highlighting the features of a product, while a retailer may prioritize pricing and promotions. Understanding the needs and goals of each stakeholder is key to creating an effective marketing strategy. It’s also important to consider how stakeholders interact with one another. For instance, a retailer is more likely to promote a product if they feel supported by the manufacturer. However, conflicts can arise when stakeholder interests don’t align. For example, a company may want to raise prices to boost profits, but this could lead to customers choosing competitors’ products. In such situations, organizations must carefully evaluate the potential impact of their decisions on all stakeholders to strike a balance that benefits the business and its relationships. AC 2.2 Examine the impact of an organisation’s strengths and weaknesses on the marketing of a product or service Every organization, whether profit or nonprofit, has strengths and weaknesses that can affect its marketing efforts. For instance, a small company might not have the budget to compete with larger businesses in advertising. However, it could use its close, personal relationships with customers as a strength in its marketing approach. On the other hand, a large company might bene...