In today’s business environment, competition plays a pivotal role in determining whether a business venture will succeed or fail. With this in mind, businesses often use marketing strategies to ensure success and profitability. Marketing enables businesses to compete effectively through the production, distribution, and sale of quality goods and services. This paper shall define marketing and discuss the significance of this concept in organizations. This shall be achieved by exploring different approaches marketing experts use to define and apply this concept in today’s business environment.
Definition of marketing
Marketing refers to the activities a business entity pursues in order to distribute and sell its products and services to potential customers. Marketing strategies depend on the targeted audience, the media platform used, and the type of business. Some of the commonly known marketing techniques include advertising, branding, and packaging of goods and services. These techniques help an organization increase awareness of products and services, foster uniqueness, and capture a larger market base through consumer loyalty.
Kotler and Keller (2012, p. 6) define marketing as “meeting needs profitably.” The authors suggest that marketing is the art and science through which one identifies and meets human and social needs. The authors further suggest that marketing requires research in order to develop unique products and services that meet those needs (Kotler & Keller, 2012). In addition, the authors state that effective marketing is never a fluke. It is a complex process that uses the best of tools and techniques in order to develop innovative solutions to the transformative challenges that characterize the 21st century (Kotler & Keller, 2012).
Burrow and Bosiljevac (2011, p.16) define marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” according to the authors, marketing is a continuous learning process and a philosophy (Burrow & Bosiljevac, 2011). This definition is conclusive because it describes the importance of marketing to organizations and society. It also portrays marketing as the process through which the development of customer value and profitable customer relationships is achieved.
Importance of marketing in organizational success
According to Kotler and Keller (2012), marketing enables organizations to create awareness and foster consumer loyalty for the products and services offered. Marketing provides organizations with an opportunity to advertise their products to customers. For example, imagine a situation whereby an organization has developed and packed a new product that is unknown to the public. There will be no demand for the product, and sales will not be made. As a result, profitability will reduce. As such, marketing enables organizations to get their products to the market and convince consumers to buy them.
Additionally, marketing enables organizations to acquire and maintain a large market share. In today’s competitive business environment, organizations are always looking for more innovative ways to stay on top of other competitors. Kotler and Keller (2012) state that marketing provides organizations with an opportunity to campaign for their products and services through pricing, branding, packaging, and product differentiation. These aspects enable organizations to capture the desired market share, acquire and retain consumer loyalty.
Similarly, Burrow and Bosiljevac (2011) assert that marketing enables organizations to identify their audience and create products and services that address their needs satisfactorily. Organizations that focus on their products rather than the products’ ability to meet the needs of consumers often end up failing. As such, marketing provides organizations with an avenue through which they can identify the needs of the targeted audience and develop products and services that meet these desires satisfactorily. This guarantees demand in the market and minimizes wastage of resources during the production process. For example, the Coca-Cola Company sells differentiated products to different markets worldwide. It produces beverages that meet the needs of many people all over the world.
Today’s business arena is highly unpredictable. Even international organizations face challenges as they try to guarantee their survival. Marketing provides an opportunity through which organizations can prosper amidst uncertain market conditions. Intelligent marketing enables organizations to acquire new clients and influence purchasing behavior (Burrow and Bosiljevac, 2011). Depending on the marketing strategy used, organizations are able to promote spending on a particular product. For example, Samsung has developed a new washing machine that uses cold water (EcoTechnology). The environmental and cost benefits that can be associated with this new product are worthwhile. As a result, consumers are rushing into stores and buying this new washing machine. This is a perfect example of how marketing can be used to influence behavior.
Guaranteeing the success of an organization is becoming more difficult each passing day. This paper has given various definitions of marketing and discussed the importance of marketing to the success of an organization. Effective marketing enables organizations to acquire new clients, compete effectively, and develop consumer-oriented products and services. If implemented correctly, marketing can help organizations remain profitable even in harsh economic conditions.
Burrow, J., & Bosiljevac, J. (2011). Marketing. New York: Cengage Learning.
Kotler, P., & Keller, K. L. (2012). Marketing management. Upper Saddle River, NJ: Prentice Hall.