Marketing is a term connected to diverse definitions. However, it primarily focusses on comprehending the necessities and value of clients. In spite of the varied interpretations among scholars, marketing encompass some correspondences such as the satisfaction of consumers, identification of marketing prospects, being dynamic as well as creating an edge, maximization of resources for business requirements, an objective to upsurge market share, concentrating on target markets and creation of internal investment profits. Consequently, marketing can be defined as the procedure that organizations use to relate to the marketplace creatively, profitably and productively. It is the art of building and bringing satisfaction to the clients while making a profit at the same time. On another term, marketing is the process of availing the appropriate goods and services to the right individuals at correct places in the right time and favorable price by use of proper communications and promotions. According to Kotler, marketing is termed as the social process that people and groups utilize in attaining what they want and require through the creation and exchange of products and value with other people (2005).
The practice of Marketing has been existence for such a long time
The age of marketing can be comparable to that of civilization.
Chartered Institute of Marketing
Its establishment took place in 1911, and some of the biggest professional body for marketers in the world are the Chartered Institute of Marketing. It is made up of 45,000 members, and the goal is assisting marketers during their profession through training, membership, unremitting professional development and qualification. It is a management procedure whose role entails identification, anticipation, and satisfaction of client needs at a profit.
Basic Concepts in Marketing
One of the rudimentary idea in marketing is needs, wants and demands. Human needs can be defined as the state of felt dispossession of some basic satisfaction while wants are yearnings for precise satisfiers of the profound needs and demands are termed as wants for given products that are supported by an aptitude and willingness to purchase. Another major concept in marketing its products, and they comprise all the things that can be presented for purposes of satisfying a want or a need. The essence of the physical product is not found in their possession rather than in attaining the services they give (Friesner, 2014).
Some of the elements said to be a vehicle of services included people, ideas, activity, place, and organization. From products, the other concept is value, cost, and satisfaction. There are various types of value including service value, product value, image value as well as employee value. The same applies to costs which comprises time cost, energy cost, monitory costs and Psychic cost. Exchange, transactions, and relationship are categorized as another concept. There exist various methods of obtaining products and trade tends to be among these approaches with the others being coercion, self-production and begging. An exchange is whereby a person gets the desired product by from another individual by giving something in return (Kotler. Armstrong, Cunningham, 2005). In exchange to take place, five conditions ought to be considered. First there must be at least two parties to participate in the process, each of these parties possesses something that has value to the receiver, they ought to have the capacity for communication and delivery, every party has the liberty of accepting or rejecting the offer and finally, each party must find it suitable to deal with the other. Transactions are referred to as an elementary unit of exchange, and a sale comprises trade of values existent between two groups (Mahea, 2016). Some dimensions of transactions include at least two valuable things, established conditions, time and place of agreement. Another concept, and it is made up of every latent client that shares a given need or want who could have the will and ability to involve in exchange for purposes of satisfying the need or want. Lastly, there is the concept of marketing meaning functioning with markets to objectify probable exchanges to meet human needs and wants and marketers referring to individuals that seek a resource from another person and they have the will to give valuable things in exchange.
Role of Marketing
The role of marketing pertains to the product, price, place, and promotion. The first role is the increase of income, productivity and consumer base. It highly contributes to the effort of an enterprise to create and uphold connections between clients and at the same time profiting both parties (Wind, 1981). The market cannot operate alone if at all there is a goal to attain company objectives and targets, but rather it tends to be dependent on several other sectors in the organizations. When it comes to the profit-led organizations, marketing plays a role in increasing revenue and subsequently the profitability. Some people can contend that in more corporate productions, the sales team has a responsibility in generating revenue leaving the creation of the brand and linked dealings with marketing.
Marketing also has a role in branding a company, publicity, promotion, research and interaction of clients. It forms the organizational image, the manner in which people link the company services or products and the assurance of these products and services. Therefore, marketing tends to brand an organization, its involvement in activities, advertising and also promotes the interaction of customer by collecting feedback. In the absence of marketing, there will not be an illumination of brands and organizations will become lifeless. Another profound role is the protection of markets share, challenging competitors, and at the same time shape the allegiance and retention of clients and retention. Judicious application of funds is not the only determiner of success in an organization but also the affiliation established with the clients. There is an approximation of 60-70% profitability while existing consumers are purchasing from an organization and 5-20% profitability while the company is selling to new clients. Returning clients tend to provide a big percentage of income, but enterprises do struggle to attract new customers by use of promotions and marketing campaigns (Brassington, Pettitt, 2007). The role of marketing is identified in all facets of business, and it takes place in diverse organizational levels starting from corporate, business to functional levels.
One of the companies that completely understands the aspect of marketing is Apple. It is known to delineate the subsequent large thing and build game-changers in the prevalent market before individuals comprehending what they want.
Budweiser was known to be an awful product by some people, but through marketing, it turned out to be an American institution and probably one of the most potent and prosperous beverage brand.
Nike is a sneaker enterprise that has used some of the most outstanding marketing strategies such as the swoosh logo, making it the biggest sports footwear and attire firm in the world.
Importance of Marketing
Marketing is linked to various functions in an organization. A business that is efficiently marketed tends to have a direct effect on sales and market share thus crafting stability and successful firms. The results of having a prize-driven market are that low-priced branded products could occupy the biggest share of the market. For purposes of creating profits, companies ought to attract profitable clients. The key to a successful business is enticing and maintaining the appropriate talent(ACCA, 2016). There is more to branding than just a consumer aspect that is useful for logos, services, and products. It helps show off the personality of the firm and also attract employment.
The key to the success of a business is marketing, and it relates to several other functional sections in an organization. There is a relationship between marketing and finance sector. Marketing will advertise a product, resulting in increased sales while the finance sector will account for the profits made and the cost incurred. The two ought to be integrated for purposes of understanding the past trends and the financial outcome so that the process of budgeting can be effectual in future. Additionally, the human resource department and marketing tend to depend on each other for the successful running of a business (Aon, 2016). Through advertisement, potential employees can be attracted by the good name of an enterprise.
Every business necessitates the adoption of certain key elements to safeguard success. These are what are referred to as the marketing mix. It is a set of manageable strategic marketing implements encompassing product, promotion, place, and price that are blended by an organization for purposes of producing the intended response in a target market ( Kortel& Armstrong, 2010). These elements pertain to the product, the strategy of pricing, promotion tactics and the place of selling The 4P's of marketing is a model that is meant to augment the constituents of a marketing mix. It plays a role in defining the marketing preferences as per the product, promotion, place, and price for purposes of meeting explicit client demand or needs. Before adopting the principles, the marketer is supposed to start by defining the product's target market. Each of these tools is further distinguished by unique features. When it comes to the product, some of the important elements to note include quality, design, branding, value, accessories, packaging, variations, brand name, unique selling point, and warranties. Price comprises pricing schemes, terms of payment, retail and discounts. The place is composed of location, the channels of distribution, retail versus wholesale and store versus online. There are different types of promotions and aspects linked to the promotion of products in an organization. These include sales promotions, direct or personal vending, endorsements, advertisements, user trials, joint ventures, and competitions.
Product pertains to the goods and services that are presented to the clients. Besides the physical product itself, there exist some elements that are linked to a product so that the consumers are attracted to it, for instance, the packaging. Others qualities include product quality, design, branding, services, variations, brand name, and warranties. Therefore, it is important to think of what is being offered as a package of goods and services.
Product design is a precise specification of the parts of a manufactured item and the manner in which the parts relate to the entire product. The design of a product ought to include the performance of an item and the projected functionality in an effectual, secure and dependable manner.
Product branding is a marketing strategy that entails generating a name, design or symbol that will be able to identify and distinguish a product from the rest of the market. There are various advantages linked to branding, for instance, giving credibility in that branding symbolizes the willingness of an organization to accept accountability for its product. It is an act that establishes trust between a seller and a buyer. Some other advantages include serving as an incentive to employees, determination of business vision, attracting clients by use of branding colors and enabling an organization to be competitive.
Unique Selling Point (USP)
A Unique Selling Point is referred to as an element that helps in distinguishing a product from the competitors. Such factors inc...
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