The world of marketing is very diverse and can be defined and applied in many different ways. One person might be asked to give a definition of marketing and give a totally different definition than another person. Marketing importance to an organization can be different from one to the other depending on product line and ways in which the organization markets the product. In today’s paper one will look at two different definitions of marketing, the importance of marketing within an organization and three examples of marketing in the business world.
The objective of marketing is to produce bottom-line results by increasing sales and high investment returns. Marketing campaigns establish long-term goals in pursuance of increasing the value of a brand over time while sales promotions set short-term goals as a means to sway consumers toward a particular brand. In order for a marketing strategy to be successful, awareness of the brand needs increasing as well as changing potential consumers attitude about a product, a company or services that are being offered. “Increased brand awareness is not only one of the most common marketing communication objectives; it is also typically the first for a new company.” (Kokemuller, 1). When advertising, identifying the target audience is one of the first things that need to be done. Identify the target audience through a channel of communication so the right customer is
During the time preceding the Industrial Revolution, marketing did not exist like it does today. Individual craftsmen worked with their customers on an individual basis. They would create or build a product that was made to perfectly fit the customer’s needs. During the late 18th and into the 19th centuries, the Industrial Revolution dramatically changed the way goods were made. Goods were manufactured much more quickly and cheaply than they could be if made by hand. The marketing viewpoint during this time period held that if a product was made, then people would come to buy it. Even though the product were not customized and did not meet every person’s needs exactly, consumers were eager to purchase the manufactured goods because they were affordable and convenient.
Businesses are profit-seeking entities. Hence, the main aim of businesses is to survive and grow. In order to achieve these objectives, businesses have to satisfy the consumers’ needs. Marketing helps to realise this through marketing activities. By helping to sell, marketing activities contribute to the creation of wealth. According to the CIM (Chartered Institute of Marketing) “Marketing is the management process responsible for identifying, anticipating and satisfying consumers’ requirements profitably.” In other words, marketing helps businesses to put a product on the market at the right place, at the right price, and at the right moment using the most suitable promotion. For example, a company has no interest in selling solar panel in countries where there are not a lot of sunshine pear year or in selling scholar supplies a long time after the back-to-school period. To elaborate plans for a good or a service, businesses therefore use marketing activities such as the process of segmentation of the market that leads to the identification of a target market (for example, a certain part of the population such as teenagers or family) In order to satisfy its target market, firms manipulation some controllable variables (price, promotion…) also known as Marketing Mix. However, for a company to survive and grow, identifying and trying to anticipate the consumers’ needs is not a sufficient condition. Companies also need to accommodate to the constant marketing environment
Marketing is not looking bearing profits for businesses only, but also helping their customers because can provide them a huge benefit such as - be able to choose among the best goods, services, ideas, information, events and performances, production units and many others. Finding new potential customers, keeping current and the effort to satisfy their demands is the key point, because: “Customers are the lifeblood of a business and without them a business has no future” (Davies, 2012, p.2). The purposes of this assignment work is to present an idea, by using marketing research and planning within the marketing mix for achieving the organisational objectives.
When most people think of marketing, they think of selling, distributing and advertising, as we are daily swamped with sale calls, Internet pop-ups, and television commercials. Although these tactics of marketing are true, they are ineffective with no the sound basis of knowledge about the market, the environment, and most importantly having a solid understanding of how customers behave, their motivation for purchase, their awareness and their preferences. All these strategies must be
Marketing communication is mostly known as “ the process by which the marketer develops and presents an appropriate set of communication stimulus to a defined target audience with the intention of eliciting a decisive set of responses”( Yeshin, 1999). Therefore, it is the process whereby thoughts are shared and meanings conveyed in a convincing manner by an organization to its target audience for the patronage of their product and services over their competitors with the use of the promotional mix.
In today’s world marketing can be define in many ways. It has been changed in way of its market but definition rarely states the same. Marketing can also be defined as the process of creating value for customers in order to building
Marketing is derived by which a product/service originate, priced, promoted and placed/distributed to people who consume them. It involves lots of preparations, developments, organizing and decision making for all the four P(s) of marketing. People’s general misconception of the term ‘marketing’ is that it is an artistic field whereby the role of marketers is to be creative, innovative and thus cook up impressive actions and put their ideas
Marketing appeared with the first human beings, a good example for that Eve’s trial to convince Adam to eat the forbidden apple (Kotler marketing Group, 2015). Since ancient times, people were meeting together at a specific time in a specific market which was known by everyone to complete the bartering process where they exchange the agriculture and craft products, they were producing. With the advent of cash, the bartering process has stopped and turned into a sale and purchase by the currency power. It is clear that the concept of marketing in this era was limited to a simple process of sale and purchase of the product between the seller and the buyer in specific market, and this has continued until the trade
How is marketing defined? What is its importance in a company’s success? This paper will discuss and explain different definitions of marketing along with a definition of author himself. In addition, this paper will elucidate the importance of marketing by giving three examples where marketing was adapted with few mistakes resulting in disaster.
According to the American Marketing Association, marketing is the “activity, set of institutions and process for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large” (2014). Marketing is a relatively new concept that was first introduced in 1910 and referred to as sales. Although the 1950’s is considered to be the beginning of the marketing era, it was not until the 1980’s that marketing was considered to have begun in healthcare, other than the pharmaceutical industry (Thomas, 2005).
Marketing is as old as civilization. According to D. Steven White there are five different phases of evolutions which are Simple Trade Era (pre- industrial revolution), Production Era (1860’s-1920’s), Sales Era (1920’s- 1940’s), Marketing Department Era (1940’s-1960’s), and Marketing Company Era (1960’s-1990’s). Traders are example of simple trade era because they engaged in persuading others to trade different supplies. For example, our ancestors once traded food for supplies, and vice versa. Back around the time of World War Two people were always limited to supplies so they had to trade to get the supplies they needed. Around the 19th century people started to build their own business, they believed the customers will come to them. However, around the 1920’s through 1940’s many more people started to create
The birth of ‘Marketing’ happened centuries ago where vendors in ancient times tried to seduce the oncoming customer by chanting in loud noises and catering to the customer needs by negotiation of price or assumption of what they might need aside from what they were actually looking for. Over the years, this process has been refined, given a