Market research and strategies are essential to every organization's success. This is because it provides much-needed information to the business about the expectation and the needs of the customers. Moreover, it will help the organization to acquire relevant information about their competitor's strategies and after that make suitable steps and strategies to outperform in the market (Ellwood, 2013, 56). Notably, market research is viewed as an ongoing process which is never ending and which links the producers, customers, and the end users of organizations product through relevant information used by the organization's management to define marketing issues and opportunities. Ideally, for a business to remain competitive in the competitive market and to continue in existence for the foreseeable future, it must view market research as an integral part of the business.
Quite more often in the modern markets, particularly in the mid-marketing business, many chief executive officers and the business managers who have been very successful in building their organizations revenue are now facing challenges on how to move to the next level. It may be because sales have slowed down and the competitors have upped their game. They may have as well been successful in using recent technologies and expertise in the market but indeed missed a certain concept. Whatever the issue might be, to flourish, every organization should always consider integrating recent market research strategies in their expansion plan to take advantage of market opportunities that might come across (Ellwood, 2013, p.75).
Growing and expansion via market research and strategies can entail such issues as the development of new products and services, new pricing plans and models, market segmentation and positioning, alteration of a business model and creating new channels of distribution. (Heiskell, 1958, p. 88). Each of the above strategies should be evaluated, examined, researched and incorporated into a business growth strategy and eventually into the whole organization, products, and tactical go-to-market plans.
Task 1: Role and Importance of Marketing
1.1 Discuss The Role of Marketing Within a Business Using Examples from Three Real Situations
Marketing is perhaps the essential activity in an organization since it has a direct relationship on the profitability, sales, the organization executive team and the customers. It encompasses major departments in the organization
The key objective of every organization marketing research and strategies is to develop satisfying relationships with the customers that will benefit both the organization and the end user customer (Heiskell, A. 1958, 91). These efforts make marketing to serve as a vital role in most business today. Notably, at a business level, marketing is an important organization function that is necessary for all industries whether the business operates as a profit-making like the Coca-Cola Company or a non-profit making organization which is mostly non-governmental (Heiskell, 1958, p.88).
For profit-making organizations, marketing is playing a vital role in the most task that yield revenue and hopefully enough profit to the organization. On the other hand, non- profit making institutions, marketing is responsible for attracting customers who are needed to support the not for profit objects, for instance, raising of donations or supporting a given functional cause (Michaluk, 2007, p.117). For both types of business organization, it is difficult for them to survive without a strong marketing effort.
Additionally, marketing is also an organizational business area that mostly interacts with the outside environment and consequently, what the outside environment like the public knows regarding the organization is determined by the marketers (Michaluk, 2007, p.121). For instance, customers may have a belief that the organization is dynamic and creative based on the advertising message that the company has developed. At a broader stage marketing offers the following importance to a business: creating products that satisfy the needs and that enhance quality to the society and this will help the organization in realizing enough sales and eventually the business will grow (Michaluk, 2007, p.117).
Another importance of marketing is that it creates a competitive environment that will help in lowering the organization price. With this move, the organization will no doubt cause threat to their competitors since it will outsmart them in the market. Moreover, marketing assists in creating campaigns that respond quickly to consumer needs and preference (Lurther, W. 2001, 53). Business organizations that respond very fast to customer's preference raise consumer's awareness to increase brand satisfaction not forgetting loyalty. For instance, Netflix uses media like The New York Times, to increase awareness to the public with the list of upcoming television series (Lurther, 2001).
Lastly, marketing has enabled business organizations to respond to customers with ongoing product development. Most successful companies don't release products and services and then switch to new products. They instead stay committed and involved with their existing products and services while engaging in the process of modifying them and making necessary improvements on them (Lurther, 2001, 67). For instance, Apple has been specifically adopted this strategy with frequent updates on their existing software, accompanied by extensive defined information about the updates. This is important since it will keep the consumer involved and this is the reason behind Apple enjoying highest customer loyalty and satisfaction as compared to other organizations. Another instance is the case of coca-cola company which has greatly benefited from marketing. It capitalized on the market by carrying out early campaign like "demand the genuine" and "Accept no substitute."
1.2 Evaluate The Importance of Marketing to Two Other Functions Within a Business
The marketing function within a business does not exist in isolation (Ferrell, O. & Hartline, M. 2014, 67). Thus, it is essential to see how marketing connects with other functional areas of an organization. Obviously, all functional areas within a business should be focused towards customers. For instance, there are customers oriented from the warehouseman that packs the customers and then answers any query that the customers may be having. Marketing is therefore related to these other functional areas.
The relationship between Marketing and Human ResourcesHuman resource management is a functional area within an organization which is charged with the mandate of overlooking the recruitment, selection, training and professional development of the workforce. Other related functional mandates include wellbeing, the motivation of employees, health and safety, performance management of different workforce and for sure the function holds information regarding the legal aspects of human resources (Lurther, W. 2001, 61). So when a marketing manager wants to execute his mandate successfully, for instance when he wants to recruit marketing assistance, marketing would assist him in defining the scope of the job, a person's profile and job description. Moreover, marketing and human resource department can work together to create a strong brand which enhances customers experience.
Moreover, the human resource will help the marketing manager to score and assess application forms and also assist in organizing the interviews that might be in place. (Lurther, W. 2001, 66). Further human resource will assist in marketing by helping out the marketing manager in making a job offer and also use the human resource in organizing an induction for new employees. On the other hand, it's of no doubt that human resource has to get rough with underperforming employees which includes one of its operational roles (Lurther, 2001, p.79). Conceivably, marketing further relates to the human resource about its strategic roles in the organization. Switching from traditional personnel management, human resource views customers as valuable assets to the organization. It further assists with a global approach to handling people which help to create a good workplace culture and environment which solely focuses on the mission and vision of the organization. It is then worth noting that the same vision and mission that human resource focuses on are the main goals that marketing also aims for (Lurther, 2001).
The Relationship between Marketing and Customer Service Provision
Customer service provision is indeed integrated into marketing. Since marketing entails exchange process and satisfaction of consumers, customer service, therefore, plays an integral part as the central driver (Ferrell, O. & Hartline, M. 2014, 110). So customer service function rotates around a series of activities which are designed to improve the exchange process by ensuring that all organizations customers are well satisfied by how the organization serves them (Lurther, W. 2001, 53).
Marketing and customer care are crucial in business and they must work in collaboration with one another to understand past trends customer care outcomes to plan efficiently for future endeavors. However, accounting usually has the final decision on whether an undertaking is worth venturing or not.
Task 2: The Marketing Mix
2.1 Evaluate The Application of the Marketing Mix to Two Products or Services
The marketing mix is the foundation model in marketing and also is referred to as 4ps. It has been defined as a combination...
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