Marketing: May Be the Factor Most Responsible for Business Success
Marketing, the gerund of the noun referring to the marketplace, may be the factor most responsible for business success. Not confined to advertising and promotions, marketing entails an entire system of methods, techniques, and practices that help individuals or organization reach their goals. Because politicians and non-profit organizations engage in some form of marketing and promotion, marketing does not necessarily have to lead to financial profits or sales. However, boosting sales remains one of the most common goals of a marketing campaign and the definition of marketing may be distilled to simply "selling."According to the American Marketing Association's Dictionary of Marketing Terms, any "organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders" falls under the general rubric of marketing. In other words, marketing may entail the creation of wholly new market segments, in order to stimulate growth and would rely on investments in product innovation, research, and development as essential components of a firm's overall marketing plan.
mark of marketing: a newspaper company can either hire a boy to shout "Extra! Extra! Read all about it!" or a telemarketer to phone potential customers at home but either way the firm communicates the value of its product or service to potential or existing customers. Effective marketing may incorporate clever tactics such as those employed by Microsoft and most major airlines. " Thus, effective marketing may not always be apparent or traditional but if an approach bolsters the bottom line, then the plan can be called effective. Firms can discover potential new markets through empirical research, even when the results of the marketing campaign may not be evident for several years. Trust has been touted as a salient feature of any successful marketing campaign and firms can either market to engender trust or can market the concept of trust itself (Morgan & Hunt 1994). If marketing does not ultimately lead to growth, increased sales, or increased competitive edge, then something is probably wrong with the marketing mix. Many definitions gloss over what is usually the most salient goal of marketing: sales. Microsoft's marketing techniques might be unique to the software industry but pre-installing Windows operating systems on manufactured PCs or bundling Internet Explorer with Windows cannot be reasonably called "incredibly poor" marketing. To "manage customer relationships in ways that benefit the organization and its stakeholders once again draws attention to the role of marketing in furthering the goals of the firm. The Internet has offered not only a new media for marketing but also a new wave of products and services that themselves warrant marketing. The Chartered Institute of Marketing includes the word "profitably" to emphasize the bottom line of any firm's marketing plan. Investment into research and development or in the improvement of existing products may pay off in the long run. Delivering value to customers may mean more effective customer service. Without marketing, a firm would flounder. Aggressive pricing plans and loss leaders may also be components to an organization's overall marketing strategy.
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