The success or failure of a business can hinge on Its approach to marketing; this paper will provide two different definitions of marketing and provide three examples of the Importance of racketing in making a business successful in today’s global marketplace. Bateman and Snell define marketing as “identifying customer needs (latent or manifest) and translate them back to the firm for its reaction” (p. 580, Para 6). Of all the various company departments, marketing is closest to the customer. The functionality of marketing fulfils consumer awareness and how it Interrelates wealth an economy.
If a business understands future trends within its industry, it can use the knowledge to leverage its position with competitors to meet customer wants and deeds and develop the best approach to promote its product or service. The American Marketing Association (AMA) has a different definition stating the function of marketing as “a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit [both] the organization and Its stakeholders” (AMA, 2010).
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This broad view summarizes the multiple activities of marketing within an organization. These marketing activities, if successful, should result in sales to meet organizational goals and sustain growth year over year. The view of this author Is marketing Is more than advertising; the most Important role of marketing is to recognize and satisfy its customers’ needs. In fact, for long- term growth and customer retention, marketing must find a way to exceed expectations in a changing market.
With a forward thinking view of the market, a business can stay ahead of Its competitors with Innovation and creativity, By deflation, marketing goes beyond promoting and selling a product or service. One could refer to the four Up’s of marketing (product, place, promotion, and price) typically seed to describe the process of marketing (Perpetual, Cannon, & McCarthy, 2009). A 1 OFF simple as it sounds. Today’s marketing must include social responsibility and environmental awareness such as pollution and use of non-renewable resources.
Modern organizations are under pressure to adopt socially responsible practices in addition to providing a good product or service along with outstanding customer service (Kettle & Keller, 2009). Companies have many opportunities to be environmentally friendly Just by making small changes. Using recyclable products and minimizing waste will benefit all. In addition to making changes within the company, many firms have the option of making changes to its products to make them environmentally friendly.
Making paper and plastic out of biodegradable materials or minimizing packaging will appeal to consumers and encourage recycling. Technology is another component of marketing in today’s competitive business world and should be used to enhance offerings to consumers. The integration of information technology has forever changed the way people conduct business. Companies must keep up with the latest technology to add value but also keep the cost of the new technology in line.
A marketer can use technology to make the product or service more accessible to the customer thus adding additional levels of service. Another way a company could choose use technology would be to invest in multimedia kiosks as an introduction to interactive marketing to customers. Another area of concern is the food products we consume and its affect on an individual’s health. Ultimately, the consumer is responsible for determining what he or she should eat; however, for businesses in the food industry it is a concern as more emphasis is put on eating healthy food.
A company should have a variety of healthy options and eliminate the dangerous chemicals and hormones used to preserve food products. By doing research and coming up with tasty alternatives, restaurants and other food suppliers can be socially responsible in helping prevent obesity. Marketing better choices through the media and word of mouth can attract customers who want to make healthier choices. CONCLUSION Marketing is an essential part of business; Just like a plant needs sunshine and water, a business must use marketing to satisfy the needs of consumers.