(2005:6) explained that marketing is social and managerial process by which individuals and groups obtain what they need and want by creating and exchanging products and value with others. From the previous explanation, it is clear that the concept of the marketing company should be able to provide need and want to its potential or loyal customers to find out the company‟s needs in order to survive. 17 Figure 2.1 The Core Concept of Marketing Source: Kotler et al. (2005:6) 2.1.1 Marketing Management Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers by creating, delivering, and communicating superior customer‟s value (Kotler and Keller, 2006:6). While marketing deals with customer needs and wants by segmenting, positioning also delivering it by advertising, sales promotion, etc.
Marketing also involves analyzing customer needs, securing information needed to design and produce goods or services that match buyer expectations, and creating and maintaining relationships with customers and suppliers. Marketing is essential to the success of any business. Its primary aim is to enable businesses to meet the needs of their customers and potential customers, whether then it’s for profit or not. To make my strategy successful for business it must: Ø Understand customer needs Ø Understand and keep ahead of competition Ø Communicate effectively with its customers to satisfy customer expectations. Ø Coordinate its functions to achieve marketing aims Ø Be aware of constraints on marketing activities I will also be considering the importance of developing and maintaining a relationship with its customers, potential customers and other stakeholders.
A Marketing objective is the aim in which a company or marketing strategy want to achieve in order to be successful within their business or market. Not having a marketing objective, could cause disorganization and could let other rival companies obtain you clientele/consumers. A marketing objective is to, analyze the market, being innovative; creating and producing new products and ideas and staying ahead of other competitors. Most marketing objectives for businesses are ‘SMART’, specific- their objectives and goals should specifically show what they want to achieve, measurable- they should be able to measure whether they are meeting their objectives, achievable- they should be able to analyze whether these objectives are achievable/attainable, realistic- are the goals/objectives set that are realistically achievable and time- in what duration does the business wish to achieve their set objectives? The role functional areas play in supporting marketing activity.
Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses. Marketing Defined The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides.
Meeting customer’s needs is the main key in marketing. The chartered institute of marketing used the following definition: Marketing is “The management process responsible for identifying, anticipating and satisfying customer requirements profitably”.  The definition explores that the customer is at the centre of the organisations activity. “Marketing consists of individual and organisational activities that facilitate and expedite satisfying exchange relationship in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas.” Understanding customers and anticipating their requirements is a core theme of effective marketing, for a business to be successful it requires satisfied customers who return to the business to provide additional custom. Customer’s requirements change as their needs alter, having a change in spending powers due to increase in salary.
Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
Marketing needs to determine the location the goods and services are needed and how will the product get there, decide types of promotion necessary to inform potential consumers about the product, estimate how many competing companies are producing the same type of product and figure out how what type of warranty service may be required. These a few items are required to market a product. (Perreault & McCarthy, Jr., 2004, 2/1) Marketing is important to the success of the organization. If the organization does not lay out the groundwork properly, the organization may not be able to adequately sale the product. The must be a market for the product that and organization wants to sell and the distribution network must be thought out.
Analysis of Marketing Strategies Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
So these companies in general find it most important to promote a product and sell it to make income. 3. Market Orientation: This type of business is one that believes marketing (or how the product is being sold/advertised) is the most beneficial piece. In other words, it is all about what the customer wants and how they evaluate products. Firms like these recognize that in order to understand and beat the competition, you need to know everything about the customer.
Then the company will base on demand to produce goods, which make profit for the business. And make the marketing focus on the satisfaction and goods quality of customer needs, wants and requirements. That is good for exchange between customers and companies to make the relationship well. For whole marketing, it uses products of company to make value for business in the public way. ( b ) Example:sonyToyota(finance)foodtown(customers service) Customer value is an organization’s rating of the value it provides to its customers relative to that provided by its competitors.