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Marketing has been described by many businessmen and experts as the backbone of any business activity or idea. There is no any single company in the world which has thrived to its pinnacle performance levels without a comprehensive and strategic marketing plan. It is also worth noting that thousands of companies have collapsed and crumbled due to poor marketing approach and skills. The understanding of marketing principles is therefore a key step in achieving greater business performance heights. It is a special recipe in realizing both individual and organizational success regardless of the nature of goods involved. This essay explores marketing as an important business tool. It gives varying definitions including the importance of adopting marketing ideas. To achieve these objectives, it incorporates several examples indicating how companies use marketing in realizing their success.
What is marketing? There are numerous definitions which have been proposed by different people around the world throughout business history. Marketing encompasses every activity carried by an individual or an organization in order to place a given product in the hands of all potential customers (Silk, & Harvard Business School. Press, 2006). It covers a wide range of disciplines including but not limited to pricing, public relations, packaging, sales and distribution. Since any product produced by any company there every need for ensuring that people if not the entire business people. It therefore means that finding the right people to convince and with their trust and confidence over a given commodity. It however important to develop a marketing idea based on potential customers than just any other person.
Marketing can also be defined as business activities which when coupled with other strategies results into making produced products available to customers alongside profit making. According to this approach, marketing involves a wide domain of activities aimed at taking the product into the hands of potential consumers (Silk, & Harvard Business School. Press, 2006). The field of marketing therefore involves the initial stages of designing products which would be attractive and winning to customers through pricing and marketing research among other tools. Another way of making a product known to potential customers and the entire public domain is through promotions which are mostly achieved through marketing communications, public relations and overall advertisement process. Setting commodity price and making it known to customers is also essential in ensuring good public awareness.
I would define marketing as the entire process of introducing, promoting, selling and distributing products to customers. Since customers are key business stakeholders, it is quite essential for an organization to adopt a marketing plan that wins enough customers.
Based on its total need, it is without doubt that marketing as a business has incredible significance. There are several marketing strategies which have been proposed by prominent and successful personalities. One of the main importances of marketing is the creation of product public awareness which is the primary objective of having a marketing strategy (Exforsys Inc). This can be done through vigorous advertisement and promotion programs aimed at winning customers. Marketing has to be both online and offline to capture as many people as possible. By investing in marketing an organization or company eliminates the possibility of existing without being discovered. However, these activities have to be cost effective to avoid expenditure straining.
Marketing also promotes product sales. It is true that customers will only have the demand for your products after hearing about them. Therefore, the more the product is introduced to many different people, the higher the number of sales expected. An increase in the quantity of production needs a proportional marketing strategy. Additionally, marketing improves the reputation of an organization. By using specific brand names for product and services, customers are able to always associate the brand or logo with the company (Exforsys Inc). A good example is the McDonalds which has always attracted many people by its arch design. Apple Company has also beaten its competitors by producing iphones which target the needs of consumers. It has focused on branding strategies thus outshining a number of well known mobile phone companies. There are millions of other companies which have incorporated marketing tools in winning customers. Microsoft has among other approaches focused on promotions and incentives, partnership and vigorous advertisement.
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