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LITERATURE REVIEW 3.1 Meaning of marketing According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products. According to Drucker (1969), marketing includes the entire business. It is viewed from customer’s point of view. According to Drucker every person in the organization is involved in the marketing activities and they need to focus on customers. 3.2 Meaning of communication Communication is the process of transmitting, receiving, and processing information. Communication is most important in …show more content…
at the time of manufacturing the product, distributing the product or selling the product or services. Consumers have various choices in the market or various offerings; it is the communication that makes impact on their purchase decisions. Marketing communications is the best way to appreciate the value of the goods and services offering by organization. Traditional tools of marketing communication disciplines are five: advertising, sales promotion, personal selling (see the EBS Sales Force Management text), public relations and direct marketing. There are also media in which time and space can be bought or used to deliver messages to target audiences. Organisations are planning which appropriate mix of these tools and the choice of media has for a long time been largely predictable. 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
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.
Marketing is that broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives. Marketing is more than selling: it involves a number of business activities, including forecasting, market research and analysis, product research and development, price setting, and promotion, including advertising. Marketing also involves the finance activities such as credit and collection that are associated with ticket sales. Marketing is customer oriented…Without marketing and sales, there would be no airlines. (p. 274)
Marketing is a process of creating, communicating and delivering the value of a product or service to customers, organizations, stakeholders and society. Marketing seeks to discover the needs and wants of prospective customers and to satisfy those needs by way of an exchange. The exchange is usually a trade of something of value, resulting in both buyer and seller being better off after the trade has occurred.
Marketing is the core of any business venture. Two basic functions are derived from marketing: 1) to retain and sustain present customer base, and 2) to develop new and/or improved customer relations. Focusing on these two aspects is the essence of marketing. The plan for why, whom, how, and when surrounding the product, service, or idea all develop and stem from marketing ideas and concepts. Marketing is a process, a plan developed to identify, foresee, and satisfy customer needs and desires no matter the product or service, the business, or the country. Whether the market is a domestic or international venue, marketing activities are essentially the same; however, must be tailored to the unique attributes of the product and the country of target.
The text states that marketing is both an art and a science where constant tension exists between the formulated and creative sides. At its essence, marketing is about "identifying and meeting human and social needs". It encompasses both a set of actions which seek to identify customers' needs as well as a social process of establishing a relationship with the customer to buy their products; this relationship is vital to the long term success for a company and a critical part of the marketing equation (Kotler & Keller, 2006).
Marketing is among the most important things companies need to take care of and it can be among the costliest processes. In this guide, we’ll look at the different marketing channels and compare the traditional with the modern channels. You’ll learn about some of the most common marketing tactics and the different ways to use them.
Dr. Philip Kotler’s definition of 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. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services” (Philip Kotler Marketing, 2012, February 29).
As shown in Figure 1 there are many different definitions for Marketing. The key is that they all share a common theme, marketing is: “Meeting the needs and wants and providing benefits for customers.”
Marketing is about identifying and meeting human social needs. It 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. Marketing is important for it makes the company’s products or services reach the hearts and minds of its clients and makes them aware of those products through some mediums of communication such as television, radio, newspapers and the internet. Without marketing, the other business functions such as finance, accounting, operations and human resource won’t even matter because there is
Growth and Adoption of Integrated Marketing Communications. Integrated marketing communications or IMC is a development that began in the 80’s as a way of encompassing all internal and external communications in an organisation. This process meant that all aspects of marketing communication were now able to work under one umbrella as a unified system where everyone communicated with each other instead of working in an isolated manner. Although IMC has its roots in the 1980’s, it’s not until the 1990’s when the marketing process started changing, new technologies came into the marketplace and integration came into fruition more deeply. This essay is going to describe the changes in the marketplace that made it necessary and gave way to the adoption of IMC, as well as the problems and different levels of adoption that led to the growth of IMC in the marketplace.
The term ‘marketing’ is familiar to most people, and, for certain, most of society has heard about the word. However, despite the common use of the word, people may not realize what marketing involves. Some will say marketing relates to promotion, whereas in fact, marketing is more than this. Many major international companies are successful because of their effective marketing, and brands such as Coca-Cola, McDonalds and Apple are known throughout the world. Kotler (1999) has stated, “The good news is that marketing takes an hour to learn. The bad news is that it takes a lifetime to master.” So, what is marketing?
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler, Armstrong, Saunders, Wong page 5)
According to Hall (2008), communication mix is a term used to depict the arrangement of tool where a business can use to convey and communicate successfully the advantages of its good or services to its client. It is crucial for a company to fulfil what customer need and wants in order to get and exceed customer expectation. Thus, company need to choose a suitable platform of marketing in order to boost up the sales and profits. There are several characteristic of marketing and factor that organization must select and consider in order to decide best communication mix in marketing. The organization can select whether they want do advertising, sales promotion, public relations and publicity, personal selling also considering the type of product
According to (Kotler, 2003) "Marketing is the business function that identifies unfulfilled needs and wants, defines and measures their magnitude and potential profitability, determines which target markets the organisation can best serve, decides on appropriate products, services, and programs to serve these chosen markets, and calls upon everyone in the organisation to think and serve the customer." The goals are to create value by offering superior solutions, save the buyer time and effort in finding and purchasing goods/services, and delivering a higher standard of living to society as a whole.
An Analysis of Marketing As defined by Kotler and Armstrong (1994) marketing is “a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”. Marketing is an extensive topic. Primarily when we consider what is marketing we think about the advertising, publicity and selling of a product or service. In actual fact the prime concern of marketing is customers, and the establishment and growth of relationships between organisations and consumers. It consists of studying the wants and needs of the customers and how to make the perfect product which is priced, promoted and distributed in the right place to make it successful and fulfilling.