Exchanging and creating values
The topic for the assignment is ‘Marketing’. The term Marketing can be defined as an executive, managerial and social process by which several groups and individuals achieve what they want and need by exchanging and creating values with others. I have selected this topic for the assignment because marketing is very essential in every aspect of life. Every person should be having an understanding about it in order to achieve goals and objectives. Marketing is not only used in businesses and organizations but is also used in daily life. People do marketing in many ways.
For instance, people markets themselves when they go for a job interview by showing their abilities, skills and talents, a person markets himself when he wants to socialize and make new friends and if a person is selling any product; he should know how to market and promote that product. Hence it is very important in our lives and that is the reason why I picked this topic. The process of marketing is very integrated through which companies and businesses create value for their customers and build solid customer relationships by identifying the right customer, keeping the customer and satisfying the customers’ needs and wants.
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IMPORTANCE OF MARKETING Marketing is very essential aspect in business as it greatly contributes to the success of the company. Distribution and production largely depends on marketing. A lot of people think that marketing and sales are same but both of the concepts are different in several aspects. Sales refer to the act of buying of product or a service while marketing covers promotions, advertising, public relations and sales (Armstrong & Kotler, 2010, 342). The goal of marketing is to make a product or service widely recognized and known to the market.
Getting the product noticed is very difficult in this competitive nature of many companies; therefore sellers should be creative and innovative in their marketing techniques. Businesses and organization without marketing approach are at a disadvantage in today’s world. Companies, who are focused around their products and services, rather than their consumers, are doomed to fail. In a success of any business, marketing plays an important part. It is very important to have good relationships with your customers.
There is a significant need to understand how you can attract and win new customers and how you will keep them satisfied and content of products and services you are providing them. Having a strong marketing plan helps in identifying customer’s needs and wants. When a person makes a marketing plan, he understands to do and focus on specific things he needs that plays an essential role in running a business. Marketing also helps in identifying your competitor and make you analyze what are your advantages over each other and focus on those things.
Marketing helps in identifying new or potential customers and product areas. A right marketing plan assists in integrating total marketing effort and guarantees an orderly approach to increasing products and services to satisfy and meet customers’ needs and wants. BENEFITS OF MARKETING The major benefit of marketing is that it enables organization to make the most of their potential and reach the right customers at the right timings. A correct approach to marketing includes understanding the customers’ and identifying the real desire of the market.
It is always very essential to have a proper understanding about the market needs and wants, rather than to attempt to force people to purchase your services and products because you think that it is better than the competitors (Lamb, Hair, McDaniel & McDaniel, 2002, 116). It is very important to recognize where your company fit into the market and how it will prosper within it. A right marketing strategy is centered on the correct level of research into a market’s direction along with its important players. Marketing upholds product awareness to the public.
The key goal of marketing is getting a service or a product recognized by the market. No business or organization possibly will ever think of just letting the public find out about their product themselves, unless and until they already have established a status and reputation in the industry. For a new growing company, the only way to be made known is to promote and advertise. The company might be spending on the promotional programs and advertising, but the significant thing is that company and product information is distributed to the buying public (Kotler and Armstrong, 2010, 238).
Marketing allows an organization to utilize various types of marketing approaches. All types of marketing uphold product awareness to the market at a great scale. Online and offline marketing make it possible for the individuals to be educated with numerous services and products that they can take benefit of. It is very important for a company to invest in marketing in order to not miss the opportunity of being discovered. If outflow is to be considered, various cost-effective marketing techniques are available that an organization can embark on, like blogging and pay-per-click ads. CONCLUSION
In the end it can be said that marketing is very important in businesses and in daily life and greatly contributes to the success. An effective marketing attracts the market share and satisfies the customers’ needs and wants. The topic covers a range of aspects such as advertising, sales, promotions and public relations. Marketing is very beneficial in several ways and its importance is widespread. BIBLIOGRAPHY Armstrong, G. & Kotler, P. 2010 Marketing: An Introduction. Prentice Hall. Lamb, C. , Hair, J. , McDaniel, C. & McDaniel, C. D. 2002 Marketing. South-Western. Kotler, P. & Armstrong, G. 2010 Principles of marketing. Pearson.