Importance of Marketing

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Importance of marketing

TABLE OF CONTENTS1. ABSTRACT22. INTRODUCTION22.1. Background22.2. Purpose of the report22.3. Statement of the problem23. METHODOLOGY34. FINDINGS34.1. What is marketing?34.2. Impact of Marketing34.3. Why Marketing is Important54.3.1 Five key factors to an effective marketing64.3.2 Market Research64.3.3 Marketing Environment74.3.3.1 The micro-environment74.3.3.2 The Macro-environment74.3.4 Marketing Segmenting, Targeting, Positioning84.3.5 Marketing Mix84.3.6 Implementation104.3.7 Controlling104.4. Marketing and Branding105. CONCLUSION126. REFERENCES131. ABSTRACTMarketing helps guide businesses in making strategic decisions by identifying growth opportunities and developing creative ways to approach those opportunities. Through successful marketing, a business will conduct extensive research, strategize and plan, brand the product, conduct product development, train the sales force, establish points of purchase, use public relations, and follow-up with good customer service. Marketing is the activity of a business organization that identifies customers, markets, as well as market segments and develops products or services to meet the needs of the customers by offering value of a product or service in exchange for profits and revenues for the business. In brief, marketing informs, educates, and persuades and it is paramount to the achievement of business success2. INTRODUCTION2.1. BackgroundMarketing can be described as advertising a product. Marketing occurs when a company is trying to persuade costumers to buy the product that they produce over another company's product. Marketing includes intensive research so that the company can get an outlook at what is the current trend in the marketplace. The problem is that marketing in theory contains these following activities also known as the 4-Ps which are developing the product, pricing the product, promoting the product and deciding what people to sell the product. 2.2. Purpose of the reportThis report aims to give basics of marketing comcept that is the most vital fact in business life for success. This report will tell why marketing has become so important in business life. 2.3. Statement of the problemAn organization cannot be successful unless the organization is satisfying its customers' needs. This is because a product cannot simply be produced and expected to be sold. Although the idea for most is to create a product or service that "sells itself," the product or service must create some consumer satisfaction to be able to sell itself. In order for there to be consumer satisfaction, economic utility must be derived from the product or service3. METHODOLOGYInformation has been gathered through research of websites, journals and books as well as own interpretation and ideas on how marketing is seen important in contributing to the profitability of any company. 4. FINDINGS4.1. What is marketing?Marketing is a very general term that has no specific definition to it. However, it is best described as “A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others” (Kotler, Brown, Adam and Armstrong, 2004). It is an understanding of how the company works with its consumers and how it generates in the society. Marketing is seen to be the process of ‘bringing in the businesses’. It is not seen to be an alternative, but a necessity (Forsyth, 2004). Many people consider marketing as a tactic. However it is more than just a tactic. Marketing is analysis. According to Allen Weiss (2002), marketing is the analysis of customers, competitors, and a company by incorporating the understanding of competitive analysis and company capabilities into a general understanding of what the existing segments are. 4.2. Impact of MarketingMarketing deals with identifying and meeting human and social needs. Marketing can be defined as the process of planning and executing the...
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