WHAT IS MARKETING?

Marketing

Marketing is a very misunderstood word in business. Mostly advertising, publicity, and sales techniques are considered as marketing. This is based on the belief that it begins after the product or service is designed, produced and the product is ready for sales and delivery. Yes, advertising, publicity, and selling are some parts of marketing, but overall marketing is much more than all this.

The right approach to marketing should focus on the following:

1) Right customer segment

2) Design, develop and produce a product or service which is needed by the customer segment

3) Communicate the benefits of the product or service to the customer segment by creating a unique place inside a customer’s mind

4) Deliver the value to the customer through the product or services

5) Gain profit in return

All efforts should be centered on identifying and satisfying the customer needs profitably. It is not an isolated effort it should be moved into all activities of a business. for this, all the business activities should be carried out in such a way that they contribute to the success of the business in generating profit through the satisfactory experience of the customers.

‘’Marketing is the management process of recognizing, anticipating and satisfying customer requirements profitability‘

WHY IS MARKETING IMPORTANT?

Marketing is the most important aspect of any business. It is the key process of researching, promoting, and selling products to your targeted market. The primary concern of any business is profit. Profit is essentially the result of successful sales. It is a crucial business process where you inform, fascinate, and convince folks that your products or services are useful to them.

1) Customer satisfaction:

Customer satisfaction is the outcome of a correlation between products

Performance [PP] and customer expectations [CE].

When PP matches with CE, the customer will be satisfied

When PP below CE, the customer will be dissatisfied

When PP exceeds CE, the customer will be delighted

When PP exceeds very much with CE, the customer will be astonished

2) Corporate image:

It helps a firm to develop and enhance its corporate image.

With the help of effective marketing, a firm achieves higher performance.

Such as an increase in sales, profit, and market shares. Therefore, Corporate image improves in the minds of Customer, Dealers,

Employees Shareholders and other Stakeholders.

3) Competitive advantage:

Effective marketing helps to face competition in the market.

The professional market is proactive in decision making.

They come up with:

  • Innovative designs or models
  • Creative promotion schemes
  • Effective customer relationship techniques, etc

4) Expansion of business:

Effective marketing improves the performance of the firm, which facilitates the expansion of the firm.

Which helps a firm to expand the business from local to national, national to International.

For business expansion, the firm may undertake various activities such as:

  • MARKET PENETRATION
  • MARKET DEVELOPMENT
  • PRODUCT DEVELOPMENT

5) Brand loyalty:

Effective marketing enables the firm to develop brand loyalty.

Brand loyalty refers to:

  • Repeat purchases by satisfied/delighted customers.
  • Recommendations by existing customers to friends, neighbors, and others

6) Organizational objectives:

Marketing helps the firm to achieve objectives. Some objectives are as given below:

  • Increases in profits
  • Increases in market shares
  • Increases in sales
  • Developed brand equity
  • Enhanced brand loyalty
  • Improved brand image
  • Improved corporate image

7) Optimum utilization of resources:

Due to proper marketing, the company gets a higher demand for goods and services. An increase in demand leads to higher production and distribution.

The company can make optimum use of the following resources:

  • Capital resources, such as working funds and fixed capital funds.
  • Manpower resources, such as managerial and non-managerial and non-managerial employees
  • Physical resources, such as machinery, equipment, tools, etc.

8) Efficiency:

Marketing brings higher profits.

A part of profits is spent on various activities such as:

  • Research and development
  • Training and development, etc.
  • Technology and upgradation.

 

All of the above activities improve the efficiency of the organization.

QUOTES ON MARKETING BY SOME FAMOUS INDIVIDUALS

  • Make your marketing so useful people would pay for it” (JAY BAER )
  • “Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value” ( PHILIP KOTLER )
  • “It’s not what you sell that matters as much as how you sell it!” (Brian Halligan)
  • “For me, pop culture is very fluid: it’s music, it’s movies, it’s booked, it’s art, it’s tech, it’s so many things — and as marketing and brand advocates, we should be able to take products and services and match them to what’s happening in pop culture.”  (Bozoma Saint John)
  • “The best marketing doesn’t feel like marketing.” (Tom Fishburne )

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