Importance of Marketing

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The Importance of Marketing

Financial success often depending on marketing ability. Finance, operations, accounting, and other business functions will not really matter if there is not sufficient demand for products and. services so the company can make a profit

But making the right decisions is not always easy. Marketing managers must make major decisions such as what features to design into a new product, what prices to offer customers, where to sell products, and how much to spend on advertising or sales. The companies at greatest risk are those that fail to carefully monitor their customers and competitors and to continuously improve their value offerings. Skillful_rnarketing_is a never-ending pursuit.

What Is Marketing?

Marketing deals with identifying and meeting human and social needs.

Marketing is an organizational function and a set of process of creating communicating and delivering value to customers and for managing customer relationships in ways that benefit the organi¬zation and its stake holders and Marketing jnanagement takes when at least one party to a potential, exchange thinks, about the means of achieving desired responses from other parties.

A Social Definition is Maketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value-with others.

Exchange and Transactions

Exchange, is the process of obtaining a desired product from someone by offering something in return, For exchange potential to exist, five conditions must be satisfied:

1.There are at least two parties.

2. Each party has something that might be of value to the other party.

3. Each party is capable of communication and delivery.

4. Each party is free to accept or reject the exchange offer.

5. Each party believes it is appropriate or desirable to deal with the other party.

Two parties are engaged in exchange if they are negotiating—trying to arrive at mutually agreeable terms. When an agreement is reached, we say that a transaction takes place., A transaction js a trade of' values between two or more parties.

A transaction involves several dimensions: at least two things of value, agreed-upon con¬ditions, a time of agreement, and a place of agreement. What is Marketed?

Marketing people are involved in marketing 10 types of entities: goods, services, experi¬ences events, persons, places, properties, organizations, information, and ideas.

GOODS- Physical goods constitute the bulk of most countries' production and marketing effort. Each year companies market cars, trucks, television sets, machine tools, machines, industrial chemicals, watches, cosmetics and various other mainstays of modern economy. Not only do companies market their goods, but thanks in part to the Internet, even individuals can effectively market goods. SERVICES - As_economies advance, a growing proportion of their activities is focused on the production of services .Services include the work of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, as well as professionals working within of for companies, such as accountants, bankers, lawyers, engineers, doctors, software pro¬grammers, and management consultants. EVENTS- Marketers promote time-based events, such as major trade shows, artistic perfor¬mances, and company anniversaries.. There is a whole profession _of meeting planners who work out the details of an event and make sure it comes off perfectly. EXPERIENCES -By orchestrating several services and goods, a firm can create, stage, and market experiences. An amusement park or a water park represents experiential marketing: customers, by taking different "rides" in the amusement park or the water park enjoy the thrill provided by these experiences PERSONS -Celebrity marketing is a major business. Today many film stars have agents, ,personal managers and use the services of...
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