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.
When you look at the way business are now advertising to their consumers, it’s changed over the years. It’s gone from no nonsense straightforward advertising, to a little more of a subtle approach to advertising, and now to as Walker calls it murketing. He demonstrates this new way he calls marketing through demonstrating the ways in which buyers adopt products not as their own choices, but as a conscious expression of their own personal identities. He uses different brands like Red Bull, Apple, Livestrong, and Timberland as examples of different companies who use this marketing style. It has become we are what we buy and we buy what we are.
Marketing is a very powerful tool. Unknown to many individuals, the influence marketing has on them is far more than mere visual and audio stimulation. It effects their perception of their surroundings and themselves. Marketing how the power to form our perception of life. A successful company understands this principle and harnesses the power of effective marketing.
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 marketing specialist will consist of three promotion level in the second stage. A marketing specialist I, will be responsible for locating and analyzing market data at a local, regional, and national level to support existing marketing efforts. By collecting research and analyzing the data provided, a marketing specialist II should be able to determine the company’s strengthens, weaknesses, opportunities, and threats based on the marketing strategies. Lastly, a marketing specialist III will analyze the current demographic by studying consumers’ shopping and buying habits. Salary based roles such as marketing communication, marketing research, and product manager will only have one pay grade.
The five cars that were chosen included the following: A Ford pickup truck, a Buick sedan, a Toyota minivan, a Porsche 9-11 Turbo, and a Mercedes Benz C-Class. The individuals' personalities varied by gender, age, manner of dress, and other distinctiveness. They consisted of a twenty-one year old, white female; a thirty-four year old black male; and a fifty-two year old Hispanic male. These three individuals, ranging from various demographics were asked to match each of the five people in the personality groups with one of the five cars that described his/her personality most accurately. After analyzing the results of the individuals' answers, many strong consistencies were present in their responses.
1.1 Definition of marketing: Marketing is an act by the Marketers to sell and promote their products to increase profit. Marketing is very necessary part of business. It is done by the marketers in different ways like advertising and promoting new products to aware the people.
Marketing was conceived in the 20th century, it was not definitive concept that could stand alone. It was associated with other form of business such economics and advertising. It was not until marketing researchers from several college to collaborate to established they needed to further investigate the concept. Marketing have many definitions per several sources but the one definition that is the most credible is the definition from the American Marketing Association. It states “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
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.
Dubrouski, D. (). The importance of services marketing for organizational change from Slovenian perspective. Retrieved September 11, 2005, from http://www.utdt.edu/congresos/empresarial/papers-ama/047.pdf
Marketing is a very broad term, which encompasses all the activities that help businesses in identifying their customers and needs of their target market, utilising all the communication resources in order to target their target market, eventually persuading them to purchase the organisations products and services. It is much broader than the concept of selling, as selling just includes techniques of direct communication used to persuade the customers to buy the products and services of an organisation. In fact, sales are the integral part of marketing. Marketing also helps organisations to utilise all resources in an efficient way to gain customer satisfaction, which will eventually help in the growth of the company. While, on one hand, marketers tend to focus on the needs and preferences of the customers, they also need to keep a close eye on their competitors (Gillespie, 2010). Companies always look to beat down their competition with providing better products and/or services, or by providing less-expensive goods to the customers than their competitors, in order to achieve or maintain the leading position in the industry. The core focus of this paper is to identify and discuss the core aspects how managers could maintain the marketing activities of the organisation in the global context.
“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” (AMA, 2007)
“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..”
Marketing professionals create, manage and/or enhance brands in order to create or bolster demand for the product. A successful marketing plan will help assure that consumers look beyond just the price or function of a product when making a purchasing decision, in part, a well planned marketing effort will create a “feel good” association about the product the consumer is about to purchase (Petty) A key part of a career in marketing is to understand the needs, preferences, and constraints that define the target group of consumers or the market niche corresponding to the brand. This is done by market research. This is accomplished through market research, essentially using survey techniques, statistics, psychology and social understanding to help gather information on what consumers want and/or need, and then designing products, or services, to hopefully meet ...
A service encounter is defined as a moment when a customer interacts with a service or product for the first time. It is the customer’s actual interaction with a service company. It is identified as a key component of the current agenda for service marketers. More than half of the world’s multinational corporations employ in providing services, thus the scrutiny of service encounters is becoming increasingly significant. Research evidence indicates that customers generally compare their expectations with the performance of service industries and they are influenced by the quality of service they receive. The scope of this essay is to discuss about the view that customers don’t buy products they focus on solutions and also about the consumer’s behaviour pattern regarding services provided. Further, it will be noted how businesses are trying to improve the service quality to attract customers leading to an increase in the economic competitiveness.
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