The importance of marketing:
The increase in appointing a Chief Marketing Officer (CMO) shows the importance of marketing for many companies. They are on the same management level as Executive Officers and Chief Financial Officers. Jack Welch, General Electrics former CEO, stated ‘Change or die’ when it comes to surviving in business.
What is Marketing?
This chapter will take a look back on the fundamental elements of marketing and also what is happening in the 21st century.
Definition: ‘marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders.’
Peter Drucker states the aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
What is Marketed?
Goods: these are the physical goods that most companies put their marketing efforts towards.
Services: it is becoming more and more common for companies to include services into their company. The US economy now consists of 70-30 ratio of services-to-goods mix. Many markets use a combination of both a product and a service for example a fast food restaurant offers a product and a service.
Events: marketers are now using events to promote. These can include trade shows or company anniversaries.
Experiences: this is best represented in Disney theme parks where an experience is bought and therefore marketed.
Places: the tourism industry must promote cities, states and regions to help attract tourists there.
Properties: real estate must be bought and sold, for this to happen the exchanges must require marketing.
Organisations: for any business to be successful they must not only be able to sell and market their product or service but also their company.
Information: the production, packaging and distribution of information are some of the world’s major industries.
Ideas: Charles Revson of Revlon said ‘in the factory, we make cosmetics, in the store we sell hope’. This emphasizes the fact of how products and services are just mediums for delivering an idea or benefit.
Who Market?
A marketer is seeks a response from another party who is called the prospect. These responses could be attention, votes, a purchase or donation.
Marketers are responsible for demand management. One of the duties of a marketing manager is to seek to influence the level, timing and composition of demand to meet the objectives of the company. The eight demand states that are possible are:
- Negative demand: consumers dislike a product and may even pay a price to avoid it.
of revolutionary rhetoric. Basically, they used the texts of two authors - Malcolm X and Frantz Fanon, both of whom were born in the same year. They both prematurely deceased shortly before the activation of «Panthers»: Fanon died of leukemia in 1961, Malcolm was assassinated in 1965.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
It is not secret that marketing plays one of the key roles of a successful business. As Phillip Kotler said: “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential”. Simply stated, marketing is everything you do to place your product or service in the hands of a potential customer.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
1. Marketers have to pay attention to consumer behavior that occurs before the purchase and continues after the product has been used.
In general, there are numerous definitions of marketing as it has various features to involve, and the one below has concluded main factors of it:
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”
Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. 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.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
First, a commercial manager includes developing and communicating a strategic vision of growing the products or services offered a company or organization. Second, the ability to energize sales and marketing to become more targeted and more closely aligned with customer needs and expectations. Third, be well-versed in the principles of commercial risk management. Fourth, the ability to execute high value added projects, products, and programs according to customer needs. Fifth, conducting extensive and detailed market research may also be a required skill for this
Another definition of marketing is the "selling of products or services: the business activity of presenting products or services in such a way as to make them desirable" (MSN Encarta). However, according to (Kotler & Keller, 2006) the formal definition of "marketing is an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders"(Kotler & Keller, p.4). According to these definitions, marketing needs to cover customers' necessities and at the same time sell products to increase future revenues. However, marketing is more extensive than just selling a product. Moreover, marketing activities are all activities associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competitors. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution.
“function that links the consumer, customer, and public to the marketer through information-information used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. Marketing research specifies the information required to address these issues, designs the methods for collecting information, manages and implements the data collection process, analyzes, and communicates the findings and their implications..”