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Strategic role of marketing
Importance of marketing concept
Importance of marketing in an organisation
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Recommended: Strategic role of marketing
Marketing is the process in which the goods move from the place of conception to the consumer who wishes to use it. As per marketing principles the art of marketing depends on the 4 P’s namely
• Identification and development of a Product
• Determining the correct Price of it.
• Proper channelization to make it reach the correct Place (Customer).
• Plan and implement the Promotional strategy.
Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing views the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs." In other words, marketing has less to do with getting customers to pay for your product as it does developing
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Market expansion)
As shown in the figure 1, one of the key factors of market expansion is Technology. Using internet, mobile phone and making transactions online are all put together under one term – The Digital marketing. Digital marketing is the advertisement to boost up the sale of products or brands using the available forms of electronic media. Digital marketing is creating exponential leaps for businesses of all categories and varying sizes.
The basic difference of digital marketing to traditional marketing is that digital marketing involves the use of one or more among the various methodologies that enable an organization to analyze their marketing strategies that are proving to work out and the ones that are failing to reach the intended target.
Digital marketing majorly monitors what products are being viewed, how frequently and what is the duration for which they are viewed, the monetary conversions, the appealing content and non-appealing posts and so on. Internet is the channel most widely used with digital marketing. Other tools apart from the company’s web site, include wireless text messaging / pagers, mobile short messaging services, mobile applications, podcasts, electronic bill boards, digital television and radio channels,
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The impact of integrated campaigns increased by 84% from 31% in 2011 to 57% in 2015.
3. Surprisingly, for 72% India Marketers ‘Websites’ is the primary e-Marketing activity in 2014. However for Retail & e-Commerce and Travel sector the primary e-Marketing activity is ‘Email Marketing’.
4. Content Marketing is earning its place with India Marketers. 61% marketers believe ‘Blogs and Newsletter’ is the most effective content marketing tool. However for Education (63%), Retail & e-Commerce (71%) and Travel (55%) sectors, Social Media acts like a more robust tool for content marketing.
5. ‘Reaching out to target audiences’ is the biggest Email Marketing challenge India Marketers faced in 2014, with 51% marketers agreeing to this statement. However, 60% of BFSI factors believe ‘inadequate segmentation’ was a bigger issue for them.
6. ‘Frequency/volumes of sending’ is the most important factor that will impact Inbox Deliverability in 2015, replacing ‘content’ as the primary factor since 2011. ‘Sender Reputation’ is a growing concern for marketers, with 66% increase the last 5 years (36% in 2015 vs 21% in
Marketing is the process of appealing potential buyers to products or services. Marketing is a two-way process that aims at achieving mutually beneficial sales
DIGITAL MARKETING: It provides solutions and services for how digital advertising and marketing are created, managed, executed, measured, and optimized. This segment also offers analytics, social, targeting, media optimization, Web experience management, and cross-channel campaign management solutions to digital marketers, advertisers, publishers, merchandisers, Web analysts, chief marketing officers, chief information officers, and chief revenue officers.
According to the American Marketing Association, "Marketing is an organizational function and set of a processes for creating, communicating, and delivering value to customers and for managing customer relationships in a way that benefits the organization and its stakeholders" (2006). In other words, it is how a company determines what a customer's needs are and gears its products or services towards those needs in a way that their customers perceive value and the company makes money. Marketing can be broken down into two areas, between businesses and individual customers (B2C) and between businesses and businesses (B2B). When most people think of marketing, they picture consumer products being promoted through large advertising campaigns. While that area might be publicly perceived to be the largest area in marketing, the (B2B) market is actually much larger. According to researchers, "forecasters expect domestic B2B purchases will total several trillion a year" compared to "$269 billion expected [for] 2005" (American Marketing Association, 2006). The following paper will look at some of the differences between marketing on a B2B and a B2C website.
Digital marketers must keep up-to-date with the consumers preference, trends and needs, in order to meet these needs and to be able to remain competitive in the market . The connectivity created by digital media leads to enhanced product benefits such as online games and applications (Pride & Ferell, 2014). However, the use of the internet to sell products could be a disadvantage to the business since the goods being sold are intangible, the consumer could research and find reviews describing a product as low quality which could result in sale losses (Brand Driven Digital, 2013).
The increasing process of globalization, coupled with an organization seeking to satisfy the needs of consumers globally, contributes significantly in embracing technology in the marketing process. In addition the marketing strategies are inclined towards reaching not only the targeted segment, but also potential customer that can be captured based on the market forecast of the firm. Therefore, integrating various tools of communication as well as platform of reaching out to a wide range of audience has been embraced by corporate globally. Notably, effective communication is vital in the marketing process (Percy, 2008). On the other hand, reaching out to a wide range of customers or audience in the advertising process in significant important. From this perspective organization can utilize both effective communication and a contemporary platform to reach to a wide range of
Email marketing have become an important tool for business in all stages and industries. It has enabled companies to cost-effectively
Digital marketing is a growing field that “promotes products or brands via one or more forms of electronic media.” Examples of “advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards, as well as via digital and television and radio channels” (businessdictionary.com) This method of advertisement makes a digital marketing analyst necessary to help navigate a company through the proper marketing channels.
The research analyzed the importance of the internet as a marketing tool in the U.S., Europe and Asia to determine (1) what factors inherent in the internet result in marketing success, (2) how the potentialities of the internet as a marketing tool affects efficiency and impacts business, (3) establishment of a "theoretical set of reference for the accounting of the results achieved with internet presence" (Tiago, Couto, Natario & Braga, 2007, Hypotheses section, para. 2), and (4) enhance current knowledge regarding the "types of company activities that use the internet as a fundamental component of the business" (Tiago, Couto, Natario & Braga, 2007, Abstract headnote section, para. 1).
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.
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
Marketing has been in existence for decades. According to etymologists, the term marketing first appeared in dictionaries in the sixteenth century where it referred to the process of buying and selling in a market. However, it is now described as, “the science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit”. It focuses on identifying unfulfilled needs and desires (Kotler). The last few decades have seen marketing evolve from one form into another with some bearing traits of prior years and others introducing completely new and sometimes very daring concepts.
Digital media have proved to be very efficient in their degree of reliability and fast data transmission. This has led to a major boosts in the connectivity and communication of restaurant businesses with their customers. In restaurants, there exists a very close relationship between the attendants and the customer. With such attributive aspect, good customer-producer relations can be built comprehensively through digital media. This study will help justify the past research work and will also seek to unravel the mystery of the impact of technological marketing approaches on the discovery and progress of food and restaurant services enterprises.
In this paper I will define marketing in my own words and also research what the definition is using two different sources. While supporting my answers with three examples from the business world, I will show the importance of marketing. Marketing applies to many different areas of an organization and after close review I will make it clear on how it relates.
Technologies are increasing rapidly and shaping not only the traditional marketing but internet marketing as well. That is why marketers are facing a great global competition in terms of modern marketing. Marketers should know this thing that new technologies can help them by making their work simple, so they should shift to latest technologies and some new things. Business gets success when it comes with something new and interesting. That is why marketers must change their strategies as the tradition, trend, and environment changes. When we talk about changes and technologies, we can’t forget viral marketing, which is a form of fresh marketing. Many advertisers and companies are moving towards it. (H.B Klopper, 2002)
In the 1990s direct marketing became the most important tool in the mix because technology had enabled a form of communication by appealing directly to the target customer. This change led to new media formats, and the subsequent development of the Internet. Digital technologies have accelerated change in the marketing communications