Marketing is the social practice to acquire what is required through generating and exchanging value with other organizations or individuals.
Vos (2007) defines marketing as management process that addresses the issue of identification, expectation and satisfaction of customer needs to achieve company’s profitability.
This definition describes marketing focus on end-users, including the need to connect with other business functions to attain the expected profitability.
Alam and Khalifa (2009) define marketing as “management process through which goods and services move from concept to the customer.” it entails four main aspects, 4P’s.
The first includes identification, selection, and expansion of a commodity.
The second is determination product price. The third is selection of supply outlet to reach intended destination, and the fourth is development and execution of marketing approach.
The importance of marketing in organizational success is to generate awareness concerning commodities or products and create loyal customers. Through marketing, customers understand organizations, and companies induce clients to purchase their goods or services.
Since there is huge competition in the market, marketing strategy is essential for company’s success. An organization needs to understand what its products are different from the competitor’s and what to offer to exceed other companies.
The company should illustrate why its customers should purchase its product rather than competitor’s one.
This is attained through appropriate marketing strategy that allows the company to achieve the highest market share, increase the number of loyal customers, and maintain existing clients (Vos, 2007).
For an organization to prosper, the prospective customers should appreciate its products or services. Without marketing, the prospective customers may never know what the company is providing, and the business may not have a chance to develop and be successful.
Through effective marketing strategy, the company is known by potential customers. For instance, the arch design used to market McDonald’s draws more customers because people associate this image with McDonald’s.
Creating a necessary image may take time, but there are certain marketing designs that easily attract customers.
With a recognized name, a business goes on to develop and extend since many customers buy the product or benefit from the services from an intelligent business (Alam & Khalifa, 2009).
Another instance is when a juice producer provides a new brand of product with excellent packing, recipe, and color, though regardless of customers’ flavors and preferences. This may make the company unsuccessful in the market as such product will not attract the potential purchasers.
As another example of the company needed to implement a good marketing plan, Nokia Company may be taken. It is losing market share to other mobile phone companies, such as Samsung and Apple Inc.
The rating assessment is attributable to the gradual and steady deteriorating of Nokia’s company reputation and competitive status in new technology that has begun to affect profitability of the company.
Marketing contributes an important role to the success of an organization since it informs potential customers of the new market trends, improves organization status, and helps enhance an organization’s sales and income.
However, marketers should be innovative and intelligent to promote company’s products and services with the effective marketing strategies.
Although marketing is vital, the company might eventually waste resources and time on marketing strategy unless the process is managed and performed effectively.
References
Alam, G., & Khalifa, T. (2009). The impact of introducing a business marketing approach to education: A study on private HE in Bangladesh. African Journal of Business Management, 3(9): 463-474.
Vos, T. (2007). Importance of Marketing Functions in a Company. Engineering Economics, 3(53): 65-81.