Importance of Marketing in an Era of Accelerating Change

Topics: Marketing, Sales, Customer relationship management Pages: 5 (1838 words) Published: October 9, 2012
Bachelor of Business Administration 2- DAY
Arthur Nuwagaba

Joe is a BBA student majoring in accounting in UCU. He once said, “Marketing is irrelevant, a waste of time for business students and a sign of misallocation of university resources; besides, very few students opt for it. It should be removed from the university programs and be replaced with a new accounting course, whose benefits are direct and clear.” Using relevant examples, briefly discuss Joe’s statement clearly indicating the importance of marketing in an era of accelerating change. DATE DUE: 22/06/2010

Marketing is defined by the American Marketing Association, as the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organization goals (Lamb et al 2004:6). This definition of marketing reveals some of the various reasons the study of marketing relevant in today’s world and why Joe is misguided to think that it is a waste of time and resources to teach marketing in UCU. In fact, Kotler and Keller (2006:4) insist that the financial success of a company depends on its marketing ability. Finance, operations, accounting and other business functions will not really matter if there is no sufficient demand for products and services so that the company can make a profit. Even market leaders like Microsoft, Intel and Nike recognize the value of marketing and cannot afford to relax. The following is how marketing affects us as individuals and its importance in our increasingly global society: Marketing is essential for the organization growth: marketing contributes directly to the fundamental objectives of a business which are survival, profits and growth. Marketing activities include assessing the wants and satisfactions of present and potential customers, designing and managing product offerings, determining prices and price policies, developing distribution strategies and communicating with present and potential customers (Lamb et al 2004:18). A cyber café that recently opened in Mukono called FastWeb is increasing its market share very fast because of its marketing techniques. It has products that cater to every individual such as monthly fees that entitle people to free internet access and a reward system that gives the customer one hour free internet access after accumulating four coupons. With the stiff competition in the hotel industry because of the Common Wealth Heads of Government Meeting, hotels have to constantly remind the public of the facilities available like conference halls. Commonwealth Resort Munyonyo was chosen to hold the International Criminal Court conference from 31st May to 11th June 2010 because of their reputation. Therefore businesses must sell products to survive and grow and marketing activities help sell their products. Financial resources generated from the sales can be used to develop innovative products. These new products in turn, allow a firm to better satisfy customer’s changing needs, which in turn enables a firm to generate more profits (Pride and Ferrell 2003:18). Marketing fuels our national and global economy: profits from marketing products contribute to the development of new products and technology. Advances in technology, along with falling political and economic barriers and universal desire for a higher standard of living, have resulted in products and services that give customers greater choice among products (Solomon and Stuart 1997:8). This in turn satisfies customer’s needs, fuller employment, increases incomes and raises standards thus promoting economic growth. Nokia and Sony Eriksson made phones more function for the young by incorporating music mp3 players through XpressMusic and Walkman respectively. BlackBerry was also developed to cater to the businessman’s...
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