Why marketing is important
Marketing is an essential part of business success. It is worth noting that the success of a business is dependent on its ability to attract and maintain customers. However, attracting and maintaining customers is not an easy task. Therefore, marketing comes in as an essential process in helping businesses to gain customers. Firstly, marketing helps businesses to increase sales through the creation of awareness of their products to potential customers who later become the business’ customers (Wymer 17). Secondly, marketing is significant in creating brand awareness and a good reputation for business (Hoffman and Bateson 9).
When a business has a good reputation and brand awareness among its customers, it is likely to attract more customers and achieve higher sales. Thirdly, marketing is a central factor in ensuring competitiveness in the market (Schmitt 23). Without marketing, a new business would stand an insignificant chance against established brands. As such, marketing creates healthy competition, which ensures high-quality products, services, and competitive prices for consumers. From the above discussion, it is evident that marketing is a central tenet of any business segment and a key determinant of success.
The scope of marketing
The scope of marketing refers to the various activities that go towards the realization of an organization’s marketing goals. A wide scope of the activities is involved in the marketing process. Some of the activities are discussed below.
Firstly, the study of consumer wants and needs is an important concept in the process of identifying the best marketing approaches (Kent and Brown 14). Businesses must study and understand the needs and wants of consumers since they relate to the products that the business wishes to market (Wymer 19). Secondly, the scope involves the study of consumer behavior. An understanding of consumer behavior allows businesses that are in the process of targeting and segmenting the market to reach the right customers.
The other significant scope of marketing is the product planning and development process (Belz and Peattie 35). Businesses must ensure that they include all the necessary consideration into the development of the product such as quantity and quality among other elements that reflect consumer desires. Packaging and branding are also essential aspects of the scope of marketing (Schmitt 29). Branding and packaging go hand in hand with ensuring that a firm can present its products in a manner that consumers can identify with the business in terms of quality and satisfaction from such products.
Fundamental marketing concepts
The fundamental marketing concepts include the merchandise, cost, place, and promotion as indicated by the marketing mix. In the above marketing concepts, the main aim is to ensure that businesses can identify customer needs while at the same time maintaining long-term relation by consistently satisfying the consumer desires. In the marketing concepts, the product refers to the actual offering to consumers. Products may take the form of good or a service. When designing a marketing approach, a product involves various decisions such as what to offer, quality, packaging, and branding among other considerations (Cravens and Piercy 21). The price involves a determination of the cost that consumers will have to pay to access the product. The place involves the consideration of where and/or who the product will be targeted to. Lastly, the promotion involves a determination of the various approaches that will be used to promote sales of the product or services in the market.
How marketing management has changed
Various changes have occurred in the field of marketing management over the years. These changes have been very central in redefining how the marketing function in organizations is undertaken in response to the changing consumer demands and preferences, as well as due to the increased competition (Hoffman and Bateson 11). Firstly, one of the most significant changes has been consumer dominance. In the modern marketing management, consumers constitute the central tenet around which all other marketing approaches are built as compared to previous times when the businesses were the focus of marketing. The second vital element comprises electronic data processing approaches and technology (Belz and Peattie 38). Computers have introduced new approaches to marketing. As a result, organizations have to adapt accordingly. The use of social media and other forms of electronic media to reach customers is gaining prominence. Businesses cannot ignore their significance. Lastly, marketing research is an important aspect that businesses have focused on in their desire to ensure that they implement the right marketing approaches right from the start.
The tasks for successful marketing management
The first necessary task for successful marketing management involves developing a marketing strategy and plan. Businesses must have a strategy that will involve the identification of the organization’s short-term and long-term opportunities for their marketing approaches (Cravens and Piercy 31). Secondly, businesses must remain up to date with market dynamics and trends to ensure that their marketing approaches remain relevant. Thirdly, it is imperative to deliver value as per what is promised by a business and according to consumer expectations (Schmitt 14). Lastly, the issue of establishing and maintaining a good relationship with consumers through active communication is an important approach that determines the success of marketing in business.
Belz, Frank-Martin, and Ken Peattie. Sustainability marketing: A global perspective, Chichester: Wiley, 2009. Print.
Cravens, David, and Nigel Piercy. Strategic marketing, New York, NY: McGraw-Hill Irwin, 2008. Print.
Hoffman, Kennedy, and John Bateson. Services marketing: concepts, strategies, & cases, Boston, MA: Cengage Learning, 2010. Print.
Kent, Tony, and Reva Brown. Flagship marketing: Concepts and places, London: Routledge, 2009. Print.
Schmitt, Bernd. Experience marketing: concepts, frameworks and consumer insights, Norwell: Now Publishers Inc, 2011. Print.
Wymer, Walter. “Developing more effective social marketing strategies.” Journal of Social Marketing 1.1(2011): 17-31. Print.