Introduction 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 …show more content…
Importance of Marketing The financial success of a given product, service, or even entire company depends on marketing. A dynamite product matters little if there is no demand for it. Unfortunately, the famous saying from the movie, Bull Durham, "If you build it he will come" (Gordon, 1989) does not hold true for most products, services, or businesses. A concerted effort must be made to not only build a great product or service that fills a customer need but also makes sure your target customers are aware of it, have access to it, will pay for it, and can distinguish it from other competing products. Marketing is the link between an organization's product and its customers. It helps an organization establish name recognition, distinguish itself from competitors, communicate its value proposition, and most importantly sell more products! Through proper marketing, an organization can develop a trusted "brand identity" and consumer awareness which builds important long term relationships with customers and results in repeated sales and increased profitability for the organization. In the aforementioned examples, Safeway's marketing strategy was successful because it not only addressed customers' needs for groceries but also fulfilled a need for convenience by offering home delivery service.
The American Marketing Association defines marketing as "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". (2005) Simply put, marketing is the process by which businesses assess the needs and desires of consumers in order to provide products and/or services to meet those needs in the most efficient and cost effective manner. Truly effective marketers do market research in an effort to understand their target market and create marketing strategies based on the characterization of those in the target area.
Marketing is about understanding customers and finding ways to provide products or services in which customers demand. Marketing is essential for a business to survive. It covers the four main areas; product, price, promotion and place. The aims and objectives of marketing are firstly to attract customers to the chosen
Marketing is a generally utilized term to portray the method for communication between the organization and the customer group of onlookers. Marketing is the adjustment of the business exercises and utilization of establishments by the associations with a reason to instigate behavioral change on a transient or perpetual basis.
Marketing is an important tool for any business. It is how a company makes their product known to the public. Without marketing, the consumers will either not know that the product even exists or will not know all the applications of the product; who makes it, what it is and what it is made from, when came on the market, where it can be purchased, how it can help the consumer and why the consumer should even purchase the product in the first place. According to Tom Ash, Marketing is the process whereby demands for products, services and ideas are anticipated, managed and satisfied (2011).
Marketing is an important part of the business organization; it is more than just promoting and selling a product. Marketing is gratifying the changing needs of the customer. This can be best summed up by the very successful businessman Bill Gates when he quoted, "Your most unhappy customers are your greatest source of learning ". The purpose of this paper is to define marketing from at least two different sources; based on these definitions I will explain the importance of marketing in organizational success. Also, I will offer three examples from the business world of the importance of marketing to the
Market share is another key success factor, the more consumers you can reach the better off you are in the long
Marketing is a mix of planning, executing, pricing, promotion, and distribution of services or goods. Marketing is about connecting the product or service to the customers, and the needs of a society. The goal of marketing is to accomplish the objectives of a corporation by selling the product or service successfully. Through customer
Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).
Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. (Kotler & Armstrong, 2012)
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.
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.
It 's a puzzling scenario for sure, but the simple explanation is that businesses succeeding in marketing are those with a clear, undeniable perspective...or in other words, a strong brand.
According to the Kotler text, marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return (Kotler and Armstrong 5). This definition extends marketing beyond advertising, promotion and selling. Marketing is used to create value for customers and building strong relationships with those customers. If a company is successful in creating value and building strong customer relationships, the company will be able to capture value from customers.
Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.
Marketing is the activity, set of organisations, and processes for producing, communicating, delivering, and exchanging contributions that have value for customers, clients, partners, and society at large. And this is management process through which goods and services move from concept to the customers.