Marketing Overview
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Marketing Overview
Organizations today want to recognize the essential measures needed to compete in today’s commerce. Effective management along with strong leadership skills are two of the most vital elements needed to run a successful business. Along with these two elements management needs to determine their marketing strategy to be able to put the product or service in the public eye. In order for any organization to thrive, a marketing strategy must be observed closely, anticipated appropriately, and managed effectively. This paper will offer a few definitions of marketing, and explain the importance of marketing in organizational success. This paper will also provide examples from today’s business world to provide a reference as to how essential and vital the marketing function is in companies.
Marketing can be defined in many ways. Contrary to popular beliefs, marketing does not just entail the use of sales and advertising. Simply put, marketing involves linking producers of goods and services to consumers who are willing to purchase such goods and services. A website called free management library, states that marketing is:
The wide range of activities involved in making sure that youre continuing to
meet the needs of your customers and getting value in return. Marketing is usually
focused on one product or service. Thus, a marketing plan for one product might
be very different than that for another product. Marketing activities include
“inbound marketing,” such as market research to find out, for example, what
groups of potential customers exist, what their needs are, which of those needs
you can meet, how you should meet them, etc. Inbound marketing also includes
analyzing the competition, positioning your new product or service (finding your
market niche), and pricing your products and services. “Outbound marketing”
includes promoting a product through continued advertising, promotions, public
relations and sales (Carter, 2008).
In comparison, in another website, the Chartered Institute of Marketing lists the definition of marketing to be “The management process responsible for identifying , anticipating and satisfying customer requirements profitability (learnmarketing.net, nd)” but yet this definition implies that management is solely the responsibility of upper management and that associates who do not have management training will not be qualified to perform this type of duty. Marketing requires co-ordination with all levels of staff, planning, implementation of campaigns and competent managers with the appropriate skills to ensure the success of that campaign (learningmarketing.net, nd). Through effective use of market and marketing research an organization can identify the needs and wants of the customer and its public and attempt to deliver benefits that will improve or add to the customers lifestyle, while at the same time ensuring that the satisfaction of these needs results in a healthy turnover ratio for the business (learningmarketing.net, nd). Another definition from Philip Kotler on the same website states that marketing: “satisfying needs and wants through an exchange process (learningmarketing.net, nd).” Though this definition seems to only full fill the needs of the customer, and implies that customers will only purchase products if they feel that their needs are being fully met and satisfied. And the greater the benefit, the larger fee the business is able to charge (learningmarketing.net, nd). The following diagram will illustrate the full need for marketing.
Marketing is an essential part of any company, and the importance is often hidden. A company’s main priority is to turn a profit. To accomplish this task, the company must create a demand for their product through marketing efforts.
The importance of marketing can easily be seen in Apple’s release of the iPhone. The iPhone is an incorporated cellular telephone and media player. The phone combines the main tasks of several popular electronic gadgets in one single device. It includes