Marketing is everywhere. Formally or informally, people and organization engage in a vast number of activities that could be called marketing. Good marketing has become an increasingly vital ingredient for business success. And marketing profoundly affects our day-to-day lives. It is embedded in everything we do from the clothes we wear, to web we click on, to we see. Good marketing is no accident, but a result of careful planning and execution. Marketing practices are continually being refined and reformed in virtually all industries the chance of success. But marketing excellence is a rare and difficult to achieve. Marketing is both an “art” and a “science” there is constant attention between the formulated side of marketing and the creative side .It is easier to learn the formulated side, which will occupy most of our attention. Definition of Marketing
In the words of C.C.Knight, “Marketing embraces all efforts made in the discovery of consumer’s actual and potential requirement for commodities and services and the steps taken for securing their actual distribution.” According to H.L.Hansen, “Marketing is the process of discovering and translating consumer wants into product and services specification and then in turn helping to make it possible for more and more consumers to enjoy more of these products and services.” In the words of W.J.Stanton, “Marketing is the total system of interacting business activities designed to plan, price, promote, and distribute want-satisfying products and services to present and potential consumers.”
Importance Of Marketing
Financial success often depends on marketing ability. Finance, operation, accounting, and other business function will not really matter if there is not sufficient demand for products and services so the company can make a profit. There must be a top line for there to be a bottom line. Many companies have now created a chief marketing officer, or CMO, position to put marketing on a more equal footing with other c-level executives such as the chief executive officer (CEO) and chief financial officer (CFO) .press release from organizations of all kinds-from consumer goods makers to health care insurers and from non-profiting organization to industrial product manufactures-trumpet their latest marketing achievements and can be found on their web sites. In the business press, countless articles are devoted to marketing strategies and tactics. Marketing is tricky, however and it has been the Achilles’ heel of many formerly prosperous companies. Large, well-know business such as Levi’s ,General Motors, Kodak, and Xerox have confronted newly empowered customers and new competitors , and have had to rethink their business models. Even market leaders such as Microsoft, Wal-Mart, Intel, and Nike reorganize that they cannot afford to relax. Jack Welch, GE’s brilliant former CEO, repeatedly warned his company: “change or die.” But making the right decision is not always easy. Marketing managers must make major decision such as what features to design into a new product ,what price to offer customers, where to sell products ,and how much to spend on advertizing or sales. They must also make more detailed decision such as the exact wording or color for new packaging. The companies at greatest risk are those that fail to carefully monitor their customers and competitors and continuously improve their value offerings. They take short –term, sale-driven view of their business and ultimately, they fail to satisfy their stockholders, their employees, their suppliers, and their channel partners. Skillful marketing is a never ending pursuit.
A customer (also known as a client, buyer, or purchaser) is usually used to refer to a current or potential buyer or user of the products of an individual or organization, called the supplier, seller or vendor. This is typically through purchasing or renting goods or services .however, in certain contexts the term...