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Nature and importance of marketing
The importance of marketing
Nature and importance of marketing
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The marketing environment of today has changed dramatically and thus companies must effectively devise strategies for responding to, and dealing with this change, while ensuring maximum customer value and satisfaction (McFarlane & Britt, 2007). In order to achieve organizational goals therefore, an organization should be more effective than competitors in integrating marketing activities towards determining and satisfying the needs and wants of the target markets (Kotler & Armstrong, 2010). This assertion is consistent with McFarlane, (2013) view that businesses cannot survive without creating value for customers because that is why they exist; they are driven and shaped by customer needs and wants, and the degree to which they are able to meet these needs and wants through value creation. This perspective of focusing organizations’ activities on the customer can be summed up in the term ‘Marketing concept’ (Zeithaml, Bitner & Wilson, 2013).
Slater and Narver, (2000) holds the view that marketing orientation as a business culture enables businesses to understand the market and develop appropriate customer focused strategies. These strategies translate into high levels of customer
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It is a concept that challenges the traditional three concepts namely: production concept, where a company focused upon the science of manufacturing; product concept, where a business focused on the production processes and the quality of a particular product and selling concept whereby products are proactively sold based upon features rather than the benefits to the individual customer and his or her needs (Keller & Kotler, 2009). Marketing concept is therefore a management philosophy and an integrated approach that needs to be implemented across the firm in order to achieve its full benefits (Zeithaml et al.,
The marketing concept is producing a product that people want to buy and that the business is not selling because it likes making the product there doing it because they know people will buy their product. The marketing concept can be looked as a philosophy that potentially determines what type of marketing tools/ strategy can be used a company.
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.
It is a well-known fact that marketing is a way to get the business off the ground. Without marketing, then no one will know about the goods and services a brand is selling. “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” (Chernov).
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Marketing oriented companies are ones that allow the wants and needs of consumers and potential customers to drive the firm's tactical decisions.
Superior customer value: strategies for winning and retaining customers (3rd ed.). Boca Raton, FL: CRC Press.
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.
For a marketing orientated business, the findings from any research will be put to use primarily to aid the business in satisfying the needs and wants of its customers; this type of business has become more popular since 1970, where prior to this business’ were production orientated (until the 1950’s) where the business was concerned with improving its distribution methods, and product orientated (until the 1960’s) where the business’ main concern was the product rather than the satisfaction of the customer. The idea of a marketing orientated business has been explored by Fahy and Jobber (2012) who concurred that a market orientated business is one that considers its customers and the external environment to be an intricate part of the business; This type of business will explore the different aspects of the external environment, and take from its observations ways in which it can continue to trade in an effective, profitable way. A marketing orientated business will also use its findings to help it take advantage of any opportunities in a market and to lessen any threats that could be...
Many scholars believe that customer satisfaction has a crucial role in the success of a business, and is pivotal in increasing the overall profitability of the business (Kotier, 1991). Customer value is gained through the experience they receive from the goods or purchases they have obtained from a certain business. Customer value has various definitions and concepts, Holbrook (1999) stated that it is a kind of “interactive, mutual, and preferred experience”; but simply said, “the term customer value has many meanings.”
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.
The production concept is one of the oldest marketing concepts. It relies on the consumers preferring products that are widely available and inexpensive. Managers who use the production concept concentrate on achieving high production efficiency, low costs, and mass distribution (Kotler & Keller, 2012). In comparison, the holistic concept which includes not
Naumann, E. (1995). Creating Customer value: The Path to Sustainable Competitive Advantage. Cincinatti: Thomson Executive Press.
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 that 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).
Marketing concept is built on four pillars namely; target market, customer needs, integrated marketing, and profitability. Marketing concept relies upon marketing research to define market segments, their size, and their needs. The needs of the marketing segments are satisfied through marketing mix decisions made by the marketing team.