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Marketing Strategies
Strategic Role of Marketing
Marketing Strategies
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Marketing. “It is the management process through which goods and services move from concept to the customer” (What is Marketing, 2010). In choosing this topic for my senior seminar paper, I hope to discover the material I need to create a stronger knowledge about marketing in order to help me create a product that will help the community. This paper will dive deep into the past, present and future of marketing and elaborate on specific points that help businesses apply correct marketing strategies to everyday life.
Some people say that marketing has been around forever. Other people say that it has just surfaced within the past couple of centuries. “Trade and payment in money, goods and services have been around for thousands of years. Some marketing tools such as advertising have been around for hundreds, even thousands of years. The ancient Greeks used advertising for commercial purposes and traders hired “Criers” to promote their products” (MMC learning, n.d.).
“Marketing has been changing constantly throughout its course in history as like everything else in the world” (MMC learning, n.d.). Due to new advancements in technology and trends, marketing strategies are always being altered to fit the public’s needs and desires. “Some of these new demands include new tastes, new values, competitors emerge and laws and regulations change” (MMC learning, n.d.).
There are four elements to marketing. Also known as the “four P’s” of marketing; price, product, promotional strategy and place, these are the core ideas behind marketing and advertising. Marketing is all about thinking of what consumers need or want and then satisfying that need or want. When it comes to the difference between marketing and selling there is a very fine li...
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...sion, radio, print media including newspapers, flyers and magazines and social networking such as Facebook, Twitter and Instagram.
References
Defining marketing. (n.d.). Retrieved 12 9, 2013, from Bournemouth university marketing: http://media3.bournemouth.ac.uk
Marketing Theory. (n.d.). Retrieved 11 13, 2013, from Business case studies: http://www.businesscasestudies.co.uk MMC learning. (n.d.). Retrieved 12 9, 2013, from History of Marketing : http://www.multimediamarketing.com Sharma, G. (2013, 2 12). 4 Key Marketing Strategies from the startup world.
Retrieved 11 13, 2013, from Forbes: http://www.forbes.com
What is Marketing. (2010). Retrieved 12 9, 2013, from Business Dictionary: http://www.businessdictionary.com 5 Advanced social media marketing strategies for businesses. (n.d.). Retrieved 11
13, 2013, from Mashable: http://www.mashable.com
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
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 a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Over the last decade, product marketing and ways through which communication takes place between manufacturers and consumers has changed tremendously (Belch & Belch 2004). Due to the technological revolutions and the rise of innovations such as the mobile phones and the internet, control over information has shifted apparently from the manufacturer's hands to the hands of consumers (Belch & Belch 2004). The market environment has also changed due to globalization of marketing strategies, loss of confidence in media advertising, increased reliance on targeted communication methods, and media fragmentation and so on (Belch & Belch 2004).
Ferrell, O. C., & Hartline, M. (2012). Marketing strategy, text and cases (6th ed.). Stamford, CT:
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identified will be the role that marketing plays in a successful business demonstrated by use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010).
Marketing has been a constantly changing phenomenon. Marketing embraces innovative techniques to accommodate the new standards of the business world. Media marketing was popularized in the year 1969. Over the last decade, the popularity of traditional media such as magazines, newspapers and radio gradually decreased. The traditional techniques of marketing faced its downfall, and different ways of communicating information is possible and are continually sprouting.
Traditionally, marketers were focused mainly on selling a product. They started with production and marketing was done while selling and promoting the product to attain sales at a profit. In this technique, they were of the view that the product should be brought in the market with an aggressive selling strategy and imposed in the market through promotional pressures. Their marketing purview was limited to 4P’s which are product, promotion, price and place for profit maximisation.
The four Ps of marketing are product, price, place, and promotion. Product is the physical product or service that the company is selling. Price is what the company is charging its customers for the product. Place is where the company makes the product available to consumers. Promotion is what the company is doing to promote its product to persuade customers to buy it.
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.