Importance of Marketing Essay

trade helps guide pedigreees in making strategical endings by not trashing growth opportunities and developing creative ways to approach those opportunities. by dint of successful merchandise, a argumentation result conduct extensive search, strategize and plan, strike out the increase, conduct political machinere quaternity development, train the sales force, establish points of purchase, usage earth relations, and follow-up with wide-cut client inspection and repair. martplace is the activity of a c atomic number 18 memorial t fittedt that identifies customers, markets, as salubrious as market ingredients and develops harvest-tides or operate to meet the bears of the customers by offering judge of a proceeds or service in exchange for profits and revenues for the blood phone line. In brief, trade informs, educates, and persuades and it is paramount to the achievement of business success2.INTRODUCTION2.1. Background selling pile be exposit as a dvertising a crossway. merchandise occurs when a familiarity is laborious to persuade costumers to buy the product that they produce over an sensitive(prenominal) comp boths product. Marketing includes intensive research so that the lodge provoke get an outlook at what is the current trend in the marketplace. The task is that merchandise in theory contains these following activities as well as kn stimulate as the 4-Ps which be developing the product, pricing the product, promoting the product and deciding what people to stag the product. 2.2. Purpose of the reportThis report aims to give basics of merchandise comcept that is the nigh life-sustaining fact in business life for success. This report entrust ramify why merchandise has become so chief(prenominal) in business life. 2.3. Statement of the lineAn organization deposenot be successful unless the organization is revengeing its customers inevitably. This is because a product lotnot simply be produced and e xpected to be sold. Although the idea for most is to pretend a product or service that sells itself, the product or service mustiness(prenominal) produce some consumer satisfaction to be equal to(p) to sell itself. In order for there to be consumer satisfaction, economic inferior must be derived from the product or service3.METHODOLOGYInformation has been gather by research of websites, journals and books as well as own recital and ideas on how marketing is seen important in contri saveing to the profitability of any come with. 4. FINDINGS4.1. What is marketing?Marketing is a truly general term that has no specific definition to it. However, it is best described as A kind and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and place with others (Kotler, Brown, spell and Armstrong, 2004). It is an understanding of how the company works with its consumers and how it generates in the society. Mark eting is seen to be the process of bringing in the businesses. It is not seen to be an alternative, further a necessity (Forsyth, 2004). Many people consider marketing as a tactic.However it is more than just a tactic. Marketing is analysis. agree to Allen Weiss (2002), marketing is the analysis of customers, competitors, and a company by incorporating the understanding of belligerent analysis and company capabilities into a general understanding of what the existing segments are. 4.2. strike of MarketingMarketing deals with identifying and meeting human and social needs. Marketing can be be as the process of planning and executing the conception, pricing, promotion, and distri entirelyion of ideas, goods, and serve to create exchanges that satisfy individual and organizational goals. (Kotler, 2004)According to the American Marketing tie defines marketing as an organizational function and a set of processes for creating, communicating, and featureing value to customers and for managing customer consanguinitys in ways that benefit the organization and its stake holders. (Kotler, 2004)According to the Marketing Principals book marketing can be be as an organizational philosophy has been based on the marketing concept. This concept represents of three coordinated principles such asAn organizations basic purpose is to satisfy customer needs. Satisfying customer needs requires integrated and coordinated efforts passim the organization.Organizations should focus on long-term success.Based on these definitions, explain the enormousness of marketing in organizational success. Marketing is important in an organization success. Marketing is a broad topic that covers a range of aspects, including advertising, unrestricted relations, sales, and promotions. Marketing is important because it creates the core for the company. Marketing helps provide a service for the customer. Making the customer happy is the goal of the company. If a company does not know what the client wants the company bequeath not survive. The strategy in which the company uses is important to the company success. Marketing is the key for an organization to succeed. First, marketers create a need in the mind of consumers. If they do not possess a need for the product, they wont buy it. Then they shit to come up with a product which will delight the consumers, and write them coming back again and again. This is needed to build a long-term relationship with consumers.If marketing gets them to purchase the product once, this would be a good outcome, and marketing should work to make them into lifelong loyal customers. A company is coming out with a untried produce which will revolutionize the building indus fork up. It makes building homes effortless. Sales of the product are visit than predicted. Research has found that many people are unaware of the product. champion and only(a) has made an idea to energise a campaign marketing the benefits of the new pr oduct. Customers began to realize that there was a great need for the product which was world advertised. So, the customers began to purchase the product. No awareness is equated to any sales. (Personal communication, November 04, 2007)An established tarnish of toothpaste is beholding its sales drop. No one can understand why. The product has been used for years however, the company has done little advertising in the past few years because the product was so well established.in one case a new ad campaign hit the waves, sales increase once more. Why? comfortably customers forget about products if they are not reminded. To maintain long-term customers, they need to be continues reminded of the product and they need to mobilise how frequently the product delights them, and how well the product performs. But re-establishing advertising, one must reenforce the communication link with customers. (Personal communication, November 04, 2007)A person is looking to buy a luxury car. The y have the money, and one has the knowledge about the many competitors. What ratiocination should the guy make? The guy ends up buying a car with the company that has the best customer relations. They buy it at the place where they are treated with respect and class, where they feel involved in all(prenominal) bill of the journey, where they know they made the right decision. After they buy the car, their relationship with the company does not end there the customer can join clubs, see to it financial seminars, attend wine and cheese events. All things build customer relationships which are strong and make the consumer happy.And the next time the consumer is in the market for a new car, they wont shop around they will return to the same dealership. (Personal communication, November 04, 2007)Marketing is more than just a company exhausting to sell the product. Marketing involves a great deal of research. Marketing also includes developing the product, pricing the product, promo ting the product and deciding what people to sell the product. wizard has to be able to understand marketing so that it can be used in real life situations. 4.3. Why Marketing is valuableMarketing attention is accomplished by carrying out marketing research, planning, implementation, and delay (Kotler, 2004). Marketing plays a major(ip) role in every business. It is very important as it contributes to the profitability of the company itself. Relationship marketing involves creating, maintaining and enhancing strong, value-laden relationship with customers and other stakeholders.They must build strong economic and social ties by promising and consistently delivering high quality products, good service and bring together prices, (Kotler, Brown, spell and Armstrong, 2004). Furthermore, when both customers and producers are mutually beneficial from this relationship, profitable transactions will follow. Knowledge of marketing strategy and market research is polar in order to exc el in marketing. 4.3.1 Five key factors to an in effect(p) marketingForsyth (2004) stated five factors which summarizes the impressiveness of marketing. a)Customer oriented. Company needs to focus on the wants and demands of the consumers. Profits come only after the consumers are satisfied. b)Continuously deployed. Marketing must be ready all the time as the company operates. c)Effective coordination. Marketing must logically co-ordinate its activities with the involvement of other departments and senior management team. d)Creativeness.Creativeness is needed during competitive times. By adding creativeness, marketing will be stronger. e)Underpinning culture. What makes marketing possible is not only depended on the people in marketing, but also the contributions from professional staffs in other departments are thusly needed (Forsyth, 2004). 4.3.2 Market ResearchMarketing Research is the function that link up the consumer, customer, and public to the marketer through informatio ninformation used to identify and define marketing opportunities and problems generate, refine, and evaluate marketing actions monitor marketing execution and improve understanding of marketing as a process (Kotler, Brown, ex and Armstrong, 2004). By 1957 as markets moved from seller to buyer, new ideas of marketing were fetching hold. Companies began to grasp the wideness of understanding what the consumers rightfully wanted it could no interminable be assumed to be the same as it always had, (Valentine & Gordon, 2000)Marketing research is basically the function that connects the consumer, customer and public to the marketer through information. there are four steps of market research. The first step is shaping the problem this is the hardest step of market research. If an inexperience manager define the problem wrongly, the whole market research will be affected consequently the information will be inappropriate. Once, the problem has defined, the manager should determine , the research objectives which may fall in the three categories such as exploratory, descriptive or casual research. The second step is designing the research which will consist of determining what information should be gathered and how data will be collected. In this case, the data can be primary data show or secondary data collection. The third step is implementing the plan which usually can be done by the internal staff or external firm. After the plan has implemented, the raw data will be prepared in order to get the information.The last step is interlingual rendition the data the researches will need to present the overall information to the marketing manager to be carried out to the next marketing process. 4.3.3 Marketing EnvironmentIt is important to determine the environment that the company is working in. The marketing environment refers to the actors and forces extraneous the marketing managements skills to cultivate as well as maintain successful transactions with t argeted customers (Kotler, Brown, Adam and Armstrong, 2004). Certain environmental complications and issues can severely affect the profitability of the company. Environmental complications and issues include the breakdown of frugality (local economy and international economy), inflation, boom, trend, customers dissatisfaction and others. The company should be able to adapt to such changes of the environment, or else the companys profit will significantly decrease. This would affect the companys growth as well as driving off loyal customers.4.3.3.1 The micro-environmentIt could simply be defined as the forces nearest to the company, which affect the companys capability of table service its customers. Certain types of micro-environments that the company needs to take notice of are, for example, other departments, major suppliers, marketing representatives, customers and competitors (Kotler, Brown, Adam and Armstrong, 2004). Most of these environments can be controlled by the compan y itself. 4.3.3.2 The Macro-environmentThe macro-environment consists of the larger societal forces that affect the whole micro-environment demographic, economic, natural, technological, political and cultural forces, (Kotler, Brown, Adam and Armstrong, 2004). Most of these cannot be controlled by the company. 4.3.4 Marketing Segmenting, Targeting, PositioningMarket class is the act of grouping customers in markets with some heterogeneity into smaller, more same or homogeneous segments (Dibb and Simkin, 2001).There are four variables that the business can choose to segment their markets geographic, demographic, psychographic and behavioral variables. The business can choose to segment in one variable or a combination surrounded by two or three variables. However, in order to achieve an effective segmentation, the business should have the characteristic of measurability, accessibility, and substantiality and action ability. The next step, the business has to decide on which marke t segment they should target on, which classified of consistent marketing, differentiated marketing or concentrated marketing. Once a business has decided which segments of the market it will enter, they must decide which positions they want to work in those segments. Product position means the way the product is defined by consumers on important attributes the place product occupies in consumers minds congenator to competing product (Kotler, Brown, Adam and Armstrong, 2004).They can position their products according to specific product attributes, benefits, users occasions, certain classes of users, against a competitor, away from competitor and product classes. In brief, by dividing market into a group of consumers who have a similar needs and wants, the business can achieve consumers satisfaction easier rather than if they concentrate on broadly market. Hence, when the business can satisfy the consumers, the consumers will develop a disgrace committedness. Customers cant ful ly give loyalty until they swear a company genuinely cares about them and cares about their needs (Hein, 2004). Moreover, as leaf blade loyalty has formed, the business will be able to receive a profit, which should be supported with accurate product positioning. 4.3.5 Marketing MixMarketing combine is a set of controllable marketing variables that the company combines to produce the feedback it wants in the targeted market (Kotler, Brown, Adam and Armstrong, 2004).Marketing mix consists of 4Ps Product, Price, Place and Promotion. Product is defined as anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need (Kotler, Brown, Adam and Armstrong, 2004).In order to produce a product, a business has to relate about the level of product core, actual and augmented product. The core product is the problem solving services or core benefits that the consumers are really buying when they obtained the product (Kotler, Brown, Adam and Armstrong, 2004). Actual product is products part, styling, features, provoker name, packaging a d other attributes that combine to deliver core product benefits (Kotler, Brown, Adam and Armstrong, 2004). Whereas the augmented product is additional consumer services and benefits build around the core and actual products (Kotler, Brown, Adam and Armstrong, 2004). The second element of marketing mix is price.Price is the amount of money charged for a product or the sum of value consumers exchange for the benefits of having or use a product (Kotler, Brown, Adam and Armstrong, 2004). There two factors that the business should fool before set up the price internal and external factors. Then, they can choose which type of pricing that suit the product cost-plus, value-based, competitive or relationship-based pricing. The third element is Place, which is defined as making products available in the right quantities and locations when customers want them (Kotler, Brown, Adam and Armstrong, 2004). It includes physical distributions, inventory, location, transport, and channels. Intermediaries (marketing channel) are the one which give the product from the producer to consumer.The last element is Promotion. It simply means the transmission merits of the products and persuading target consumers to buy them. At the start of the products lifecycle, promotion is necessary so that potential customers know of the existence of the product. Once the product grows, promotion must become more persuasive and encourage consumers to make a purchase. 4.3.6 ImplementationMarketing implementing is to try the plans into actions. For the successful marketing implementation, company has to blend these elements action plans, organization structure, decision and reward system, human resources and company culture into a cohesive program that supports its strategies (Kotler, Brown, Adam and Armstrong, 2004). 4.3.7 ControllingMarketing control referred as the process of measur ing and evaluating the results of marketing strategies and plans, and winning corrective action to ensure that marketing objectives are attained (Kotler, Brown, Adam and Armstrong, 2004).The manager should control the marketing implementation by setting a goal , measure and evaluate the performance and also correcting the error of implementation. 4.4. Marketing and brandingProduct is the core of marketing, which including tangible goods like aliment or drinks or impalpable services, as it is the major way to embody customers requirements and, blemishing is straight off associated with it. In fact, branding is all about decisio ns of products, like brand names or trademarks. Stork (2007) asserted that a brand is a unique business identicalness which represents the personality, quality or origin of products.And, such a product which added value by branding would appear in every activity of marketing, namely, branding is actually react on the whole marketing system directly and indirectly. In addition, Stork (2007) also argued that branding is the process of creating distinctive and durable perceptions in the minds of consumers. This is significant, as it accords with the objective of marketing, and it is the first step to attract customers. By secernate with those basic branding factors, brand loyalty is more multiform but significant. Attracting customers is not enough, organizations demand loyalty of customers to brands to make them competitive among others.Therefore, based on the analysis of theories above, branding and brand loyalty is vital to successful marketing, but there are still many other factors could affect their importance within the dynamic environment, like the different industry will have different types of marketing and branding. Subsequently, the further and deeper investigation will be conducted with examples of arrant(a) Atlantic Airway, which is a super brand in air hose industry. Virtually, visualise Council of UK (2007) defi ned that the flight path industry is difficult to operate. Fixed be are high, demand can fluctuate quite dramatically and shortages of key airdrome infrastructure all make it difficult for airlines to operate profitably. Relatively, the marketing for airline industry is not easy as well the promotion or pricing would be totally different to other industries like food or drink, because its products are distinctive. However, staring(a) Atlantic is doing quite well in general, it is famous on its branding and its services and it did won many rewards on that, like it came out on top in a consumer suss out of travel brands in 2006. (Business Source Premier, 2006)As discussed before, a brand is a unique business identity, and a well managed one would be the plus of an organization, and the marketing and financial value associated with its strength in a market is so-called brand virtue. (Dibb et al, 2001) According to Dibb et al (2001), there are four main elements underlie the bran d equity, which are brand name awareness, brand loyalty, perceived brand quality and brand associations. It is good for customers to know the brand names of products which they do or do not like, thereby, they can secernate and purchase products that satisfy their needs simply. Otherwise, the product selection would be complicated or even wrongly selection. At the same time, it is clear that brand name awareness is the very first step for sellers, which would cause familiarity and a unique brand name or logo may reinforce the familiarity to be memorable, which will strongly remain custom ers to come again. repayable to that, organizations should promote their brand names or logos as much as possible within this stage, to gain awareness of their brands from customers. For example, one of marketing techniques of Virgin Atlantic is to advertising activity in the UK includes TV, press, magazines, outdoor posters and hacker sides, all featuring their distinctive logo. Advertising is u sed to encourage people to try the airline, to raise awareness of new product developments and new routes. (Virgin Atlantic, 2007)The perceived brand quality means certain perception of customers over the brand quality. This descriptor of perception mainly depends on consumers using experiences or the way organizations branded. Well marketed brands would become the indicators of quality or choice making for consumers as they have less or no ideas about the quality of certain goods in some case. As branded of its services, Virgin Atlantic is giving their customers what they want, by offering limousine services, full meal catering, multi-class services, and enjoyment consoles on every seat-back. (Stealing Share, 2006)Thus, the perceived brand quality of Virgin aircrafts is quite high customers belike would consider it firstly or secondly while they are choosing an airline that is good at customer services. Thirdly, the brand would be more enthralling and memorable if it associated with certain lifestyle or other characteristics. Virgin is one of the best choices for illustrating this point. As one of extended brands of Virgin Group, Virgin Atlantic is absolutely under the organizational culture as well, which characterized by Richard Branson, the crumple of the company. Virgins brand values are really Branson style, which are innovative, competitive challenge, fun and so on and this also embodies in Virgin Atlantic. For instance, Virgins design teams always working on challenging new technologies or services, like the design of its upper class suite. (Design Council, 2007) Or, the entertainment consoles on every seat-back shows their focus on providing fun to customers.Like other three elements discussed above, brand loyalty is also valued to brand equity thanks to its function. Dibb et al (2001) defined that brand loyalty is a strongly motivated and long standing decision to purchase a particular product or service. Once customers loyal to one specific p roduct, the market contend of that product for the company would be relatively stable, allowing the company to use its resources more effectively or obtain premium prices. In line with what discussed before, organizations could be competitive with a relative stable market share among their competitors through brand loyalty, and meanwhile companies can diminish certain costs like the cost of attracting new customers. Moreover, brand loyalty has three degrees that are recognition, preference and insistence.The recognition is just alike as awareness of brand name customers realize that brand is an alternative to purchase. Brand preference is stronger than recognition, as customers is showing certainly prefers on one brand over others, but they would accept substitutes wh ile the brand is not available. The last degree is the strongest one as consumers would insistent on the particular brand and will accept no substitutes. (Dibb et al, 2001) Though, it is less to happen due to various reasons, like in the airline industry, it is difficult for customers to insistent on one brand thanks to demarcation of airline routes and destinations.5. CONCLUSIONMarketing is a unique and vast playing field of business. All the success of a business depends on a successful marketing campaign. There is also much more to marketing than what is discussed here. peerless fundamental of any marketing program is that it work toward meeting the wants and needs of customers in the target area. Trying to force feed a product or service to an unwanting public is seldom successful and is very expensive. Which is why it is very important to research and develop all new marketing ideas so that they fit the product being offered. Do you sell ice cold lemonade on a freezing winter day? A better suggestion would be hot chocolate. However, innovation and new marketing techniques can be offered where you can do both at their single seasons. Its all about marketing.The challenges and obstacles i nvolved with corporate longevity are face and championed through marketing and its strategies. Important aspects of marketing are the acquisition of new clients, branding, and influencing behaviors that encourage sales. Each of these categories promotes business expansion and prosperity. Each organization has their own recipe for marketing and succes.6. REFERENCESDibb, Simkin, Pride, Ferrell (2001), MarketingConcepts and Strategies, Houghton Mifflin CompanyEleven lessons Managing design in eleven globular brands (Virgin Atlantic), (2007), In Design Council online. Available from http//www.designcouncil.org.uk/en/About-Design/managingdesign/Design-at-Virgin-Atlantic-Airways/Virgin-Atlantic-case-study-designing-the-upper-class-suite/Marcia Yudkin, Head Stork (2005-2007), the Benefits of Branding, In send for At Last online. Available from http//www.namedatlast.com/branding3.htmStealing Share (10/10/2006), Global Branding Virgin Atlantic gets it Right, In Stealing ShareBeyond hypot hesis online. Available from http//www.stealingshare.com/content/1160504877375.htmVirgin Atlantic (2007), Student Information PackMarketing, In Virgin Atlantic Website online. Available from http//www.virgin-atlantic.com/en/gb/allaboutus/ourstory/forstudents.jspmarketingVirgin tops loyalty league (2006), Travel Weekly The Choice of Travel Professionals (00494577), 00494577, 2006, Issue 1806 online, In Business Source Primer online. Available from http//web.ebscohost.com.chain.kent.ac.uk/ehost/detail?vid=1&hid=102&sid=a0e44807-1ff0-44bf-bf32-80e054ac90da%40sessionmgr104Forsyth, P (2004) Marketing is a must, IEE Engineering ManagementKotler, P., Adam, S., Armstrong, G.,