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Strategic role of marketing
Importance of marketing concept
Importance of marketing in an organisation
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Marketing is the process in which the goods move from the place of conception to the consumer who wishes to use it. As per marketing principles the art of marketing depends on the 4 P’s namely • Identification and development of a Product • Determining the correct Price of it. • Proper channelization to make it reach the correct Place (Customer). • Plan and implement the Promotional strategy. Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing views the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs." In other words, marketing has less to do with getting customers to pay for your product as it does developing …show more content…
Market expansion) As shown in the figure 1, one of the key factors of market expansion is Technology. Using internet, mobile phone and making transactions online are all put together under one term – The Digital marketing. Digital marketing is the advertisement to boost up the sale of products or brands using the available forms of electronic media. Digital marketing is creating exponential leaps for businesses of all categories and varying sizes. The basic difference of digital marketing to traditional marketing is that digital marketing involves the use of one or more among the various methodologies that enable an organization to analyze their marketing strategies that are proving to work out and the ones that are failing to reach the intended target. Digital marketing majorly monitors what products are being viewed, how frequently and what is the duration for which they are viewed, the monetary conversions, the appealing content and non-appealing posts and so on. Internet is the channel most widely used with digital marketing. Other tools apart from the company’s web site, include wireless text messaging / pagers, mobile short messaging services, mobile applications, podcasts, electronic bill boards, digital television and radio channels, …show more content…
The impact of integrated campaigns increased by 84% from 31% in 2011 to 57% in 2015. 3. Surprisingly, for 72% India Marketers ‘Websites’ is the primary e-Marketing activity in 2014. However for Retail & e-Commerce and Travel sector the primary e-Marketing activity is ‘Email Marketing’. 4. Content Marketing is earning its place with India Marketers. 61% marketers believe ‘Blogs and Newsletter’ is the most effective content marketing tool. However for Education (63%), Retail & e-Commerce (71%) and Travel (55%) sectors, Social Media acts like a more robust tool for content marketing. 5. ‘Reaching out to target audiences’ is the biggest Email Marketing challenge India Marketers faced in 2014, with 51% marketers agreeing to this statement. However, 60% of BFSI factors believe ‘inadequate segmentation’ was a bigger issue for them. 6. ‘Frequency/volumes of sending’ is the most important factor that will impact Inbox Deliverability in 2015, replacing ‘content’ as the primary factor since 2011. ‘Sender Reputation’ is a growing concern for marketers, with 66% increase the last 5 years (36% in 2015 vs 21% in
DIGITAL MARKETING: It provides solutions and services for how digital advertising and marketing are created, managed, executed, measured, and optimized. This segment also offers analytics, social, targeting, media optimization, Web experience management, and cross-channel campaign management solutions to digital marketers, advertisers, publishers, merchandisers, Web analysts, chief marketing officers, chief information officers, and chief revenue officers.
According to the American Marketing Association, "Marketing is an organizational function and set of a processes for creating, communicating, and delivering value to customers and for managing customer relationships in a way that benefits the organization and its stakeholders" (2006). In other words, it is how a company determines what a customer's needs are and gears its products or services towards those needs in a way that their customers perceive value and the company makes money. Marketing can be broken down into two areas, between businesses and individual customers (B2C) and between businesses and businesses (B2B). When most people think of marketing, they picture consumer products being promoted through large advertising campaigns. While that area might be publicly perceived to be the largest area in marketing, the (B2B) market is actually much larger. According to researchers, "forecasters expect domestic B2B purchases will total several trillion a year" compared to "$269 billion expected [for] 2005" (American Marketing Association, 2006). The following paper will look at some of the differences between marketing on a B2B and a B2C website.
Email marketing have become an important tool for business in all stages and industries. It has enabled companies to cost-effectively
The increasing process of globalization, coupled with an organization seeking to satisfy the needs of consumers globally, contributes significantly in embracing technology in the marketing process. In addition the marketing strategies are inclined towards reaching not only the targeted segment, but also potential customer that can be captured based on the market forecast of the firm. Therefore, integrating various tools of communication as well as platform of reaching out to a wide range of audience has been embraced by corporate globally. Notably, effective communication is vital in the marketing process (Percy, 2008). On the other hand, reaching out to a wide range of customers or audience in the advertising process in significant important. From this perspective organization can utilize both effective communication and a contemporary platform to reach to a wide range of
The research analyzed the importance of the internet as a marketing tool in the U.S., Europe and Asia to determine (1) what factors inherent in the internet result in marketing success, (2) how the potentialities of the internet as a marketing tool affects efficiency and impacts business, (3) establishment of a "theoretical set of reference for the accounting of the results achieved with internet presence" (Tiago, Couto, Natario & Braga, 2007, Hypotheses section, para. 2), and (4) enhance current knowledge regarding the "types of company activities that use the internet as a fundamental component of the business" (Tiago, Couto, Natario & Braga, 2007, Abstract headnote section, para. 1).
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
Digital media have proved to be very efficient in their degree of reliability and fast data transmission. This has led to a major boosts in the connectivity and communication of restaurant businesses with their customers. In restaurants, there exists a very close relationship between the attendants and the customer. With such attributive aspect, good customer-producer relations can be built comprehensively through digital media. This study will help justify the past research work and will also seek to unravel the mystery of the impact of technological marketing approaches on the discovery and progress of food and restaurant services enterprises.
Digital marketing is a growing field that “promotes products or brands via one or more forms of electronic media.” Examples of “advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards, as well as via digital and television and radio channels” (businessdictionary.com) This method of advertisement makes a digital marketing analyst necessary to help navigate a company through the proper marketing channels.
Digital technologies are able to emulate almost every aspect of marketing communications and traditional media channels and, in doing so, to span the marketing mix. However, digital promotions are more specific and are an element of the marketing communication mix. Nevertheless, the boundaries are less than clear, because digital technology is not only a means of communication but also a method of distribution. The flexibility afforded by the technology means it is highly complex. Marketers are faced with learning how to use and understand emerging technologies (e.g., social media), determining how to make strategic decisions that enable them to make best use of the technology and implementing Digital Marketing plans which
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Technologies are increasing rapidly and shaping not only the traditional marketing but internet marketing as well. That is why marketers are facing a great global competition in terms of modern marketing. Marketers should know this thing that new technologies can help them by making their work simple, so they should shift to latest technologies and some new things. Business gets success when it comes with something new and interesting. That is why marketers must change their strategies as the tradition, trend, and environment changes. When we talk about changes and technologies, we can’t forget viral marketing, which is a form of fresh marketing. Many advertisers and companies are moving towards it. (H.B Klopper, 2002)
Digital marketers must keep up-to-date with the consumers preference, trends and needs, in order to meet these needs and to be able to remain competitive in the market . The connectivity created by digital media leads to enhanced product benefits such as online games and applications (Pride & Ferell, 2014). However, the use of the internet to sell products could be a disadvantage to the business since the goods being sold are intangible, the consumer could research and find reviews describing a product as low quality which could result in sale losses (Brand Driven Digital, 2013).
Marketing has been in existence for decades. According to etymologists, the term marketing first appeared in dictionaries in the sixteenth century where it referred to the process of buying and selling in a market. However, it is now described as, “the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. It focuses on identifying unfulfilled needs and desire (Kotler).
For businesses small and large, marketing is essential in promoting a service or good to potential consumers. The ultimate objective is to maximize profits by creating consumer awareness of a certain brand. The results of successful marketing includes higher sales, and a solid reputation in the industry. In any industry, there are various ways to advertise a product or good. Traditional marketing refers to the non-digital methods of promoting a product, which includes newspapers, radio, direct mail, and telemarketing (“Digital vs Traditional Marketing”). Digital marketing is considered an ‘umbrella term’ which refers to the use of any digital media, such as the internet, social media, emails, and blogs,
What are we referring as marketing? Marketing are commonly known as process of selling and advertising the products and giving special price to customer to attract them and keep grow current customers by delivering satisfaction. In short, marketing is known as how to manage customer to get profit. In the other hand, marketing usually defined as social and managerial process by which individuals and organization obtain the needed and want through creating and exchanging value with others. Since narrow business context describe marketing involves building profitable value-laden exchange relationship with customers. So, we can define marketing as the process that a company create value for customers and build strong customer relationship in order to