Marketing: The Importance of Marketing in Organizational Success
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Marketing: The Importance of Marketing in Organizational Success
Marketing: The Importance of Marketing in Organizational Success
In the corporate world today, in 2008 creating a thriving corporation faces many challenges. These obstacles often affect their rate of longevity. Even industries that are internationally recognized and set the standards struggle daily to maintain status quo. Marketing is a vital component to the prosperity of all organizations. The marketing strategies include obtaining new clients, branding, and influencing behavior. All of these tactics are performed to encourage sales.
Marketing has many definitions. My personal definition is one that relates marketing to society’s way of promoting spending on particular products (Oswald, 2008). Marketing usually targets specific consumer populations depending on the merchandise type. For example, Coca-Cola is a United States based soda beverage company, and the target community is the global society. This excludes no one. However, Gerber products are infant specific and target new parents and caregivers alike. Whether the consumers targeted are in large or small groups it is important to understand who you intended buyers are to market victoriously.
The interesting fact is that marketing of all goods and services purchased impact every one who consumes. This is because it is already incorporated in the price of the merchandise. So, consumers actually pay for all marketing costs of purchased goods. Of course the cost is on the back end but never the less we do compensate for it. Marketing can be considered an activity created by communicating, delivering and exchanging offerings that hold value to society (Perreault, 2004).
It is important that marketing focuses on customer needs and specific target audiences (Perreault, 2004). If this is done correctly the product will sell itself. A great example of this is demonstrated by the Lamborghini, Porsche, and Rolls Royce companies. All three of these organizations do very little marketing and rely on their reputations to promote the marketing of the products. This is a prosperous tactic for them and works. Not all companies are able to rely on reputation alone. There are different strategies that are appropriate for each industry and product.
Marketing can also be considered the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services of organizations (Carpenter, 2004). Other companies rely heavily on marketing to promote consumer consumption of their goods. Prime examples of this are Mc Donald’s and Burger King. These fast food giants utilize commericials, billboards, and all sorts of advertisement available to acquire sales.
The importance of marketing a business involves acquiring new clients, branding, and influencing behaviors to encourage sales (Carpenter, 2004). To obtain new purchasers movie spotlights are done, sponsored events such as the Olympics, and sponsored charity event