Table of Contents
Marketing is defined as the process of management whereby services and goods are moved to a customer from a concept. This process includes the coordination of the four elements in marketing known as the 4 P’s: identifying, selecting and developing a product, determining of the products price, distribution channel selection in reaching customers place and developing, and also implementing promotional strategy. Therefore, the paper discusses marketing and the strategies used when implementing the process.
Personal Definition
Marketing is a mode of passing information related to the products and services on sale to the target market. The America marketing association (AMA) defines marketing as an activity by which a firm or set of institutions creates, offers information, dispatch and exchange offering to their clients. In the society, it is reflected to be more of an activity than a function. This encourages business people to purchase a company’s product. Marketing usually begins with objectives, prospects and tactics how to build relations with clients and create specific values. It is complex, since it exists as a philosophy whereby it is concerned with how the prospects’ needs and satisfaction are achieved by the product and services. As a process, it enables movement of products from the marketer to the customer. As a practice, it comprises the elements of “4 p”: price, promotion, place and price.
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Importance
Marketing is essential for the development of a business: it helps in the decision-making; hence, the organization becomes more responsive to the client’s needs. This process provides valuable information in order to guide, analyze and identify the size of the market and their competitors. Marketing covers a broad variety of elements, hence facilitates sales to a target population through the process of advertising and encouraging the selling and buying of the products. Effective marketing gives a firm a competitive edge; therefore, it maintains its customer’s base, since managers are equipped with knowledge of the needs of their clients (Burrow & Bosiljevac, 2009). Firms rely mostly on marketing in order to attain and promote their clients consumptions of the products and services; this increases the success of company’s operations. It helps in the creation of more effective goods and helps to incorporate people products’ interests.
Another important feature of marketing is that it is known to widely promote the awareness about products through the market, thus persuading and informing the business society about the existence of the new items. It shows consumers the benefits of the given goods and the right way to use them. Marketing also creates channel that ease the connection of a marketer and a consumer. For the profit- making organization, it facilitates all activities that generate revenue, whereas for the non-profit making organizations it attracts the consumers needs to support their vision and mission e.g. donations (Egan, 2007).
Examples from the Business World
Nokia is a Finland based company dealing with the manufacturing and sale of mobile telephones. Its market isthe global society, it is important for the company to understand and fully analyze its customers in order to provide a successful marketing plan. Marketing has contributed greatly to the success of this company through the strategies and tactic of advertising and promotions.
Pepsi is a beverage company based in the US that has gained popularity due to its jingle and the advertisements with the help of radio campaigns. The success of this company became possible through the price-watching of its consumers (O'Shaughnessy, 1995).
Lastly, we have Coca Cola Beverage Company based in Georgia, U.S. The company manufactures its beverage globally (Burrow & Bosiljevac, 2009). The company uses marketing communications tools that are associated with its core product in the market, Coca-Cola drink. The media or communication materials promote the company’s products, thus achieving their objectives through the use of better marketing plans.
Conclusion
Marketing is, basically, connected with everything a business entity does i.e. from the way it handles its customers’ phone calls to the emails and accounts . Therefore, it is a fundamental aspect for all business people to consider in their operations marketing in order to facilitate and provide efficient and effective marketer-customer relationships. When there are effective and integrated strategies in marketing communications and the efficiency in implementation, the companies in the modern business world will prosper, so there is a necessity in marketing without which chances for the long term development or company’s growth might be compromised. In order for a company to succeed, the components and the elements of the marketing campaigns that include images, texts, video and audio materials should be used.