Question

Marketing is a limited activity, performed when a business is first established and when it introduces a new product to the market. Once a firm has fine-tuned its marketing activities, can it turn its attention elsewhere?

Answer 1

Marketing is an ongoing process vital for a business to remain relevant and competitive. It involves differentiating a firm's products from competitors, leading to increased demand and profits.

Step-by-step explanation:

The idea that marketing is a limited activity is a misconception. Marketing is not just a one-time effort during a business launch or when introducing a new product. It is an ongoing process that a firm should continuously refine and adjust in response to market changes, customer preferences, and competitive dynamics. In monopolistic competition, for example, advertising plays a critical role in making people believe that a firm's products are differentiated from those of competitors, which can lead to increased demand and higher profit margins. Additionally, successful marketing contributes to brand recognition, potentially leading to an oligopoly where a few brands dominate the market. Ultimately, ongoing marketing efforts are essential for a business to remain relevant and competitive.