Importance of Marketing
One of the core aspects that eventually lead to business success is marketing. The other sides of the firm all rely on the success of marketing. Marketing in general covers a broad umbrella ranging from public relations and advertisements to sales and promotions. Through marketing, a certain product can be introduced to its potential consumers, and loyal customers get to be reminded of the existence of an old product in the market. If any organization conducts its business without customers, then the organization loses much in the form of sales due to potential customers. Therefore, the success of any business hugely relies on how the marketing process is managed and how the product sales are made. This essay discusses the importance of marketing, marketing management, and product and sales in the twenty-first century.
Marketing offers several advantages to an institution. First, higher sales are made through successful marketing (Volkmann, Tokarski, & Grünhagen, 2010). Once a certain product is made known to the consumers, chances that a certain customer will buy the product increase. The client then shares the product details with other customers who are likely to purchase the product. Additionally, market fosters healthy competition within the institutions offering similar product, resulting in healthy competition within these establishments. Healthy competition is important to the consumer, since institutions start improving the quality of their goods as well as offering competitive prices to the consumer. Consequently, the reputation of the marketing organization is also improved (Pride & Ferrell, 2014). For any institution to be successful, it has to have a solid reputation. Through marketing, an organization promotes its brand, and if the product is of a high standard, its reputation becomes stronger. These are some advantages of marketing to both producers and consumers.
For successful marketing, the marketing process has to be managed in the right way. Marketing management refers to the facilitation of all activities conducted during the distribution of products to the final consumer. According to Reid and Bojanic (2010), the marketing management cycle involves marketing planning, marketing execution, and marketing evaluation. Marketing management has several benefits, especially dealing with the competition from other institutions and the need to improve the distribution process by reducing the cost of delivery as well as maximizing returns. One of the advantages of marketing management is the increase in sales of the new and existing product. If the marketing process is done effectively, the consumers can know of a new and existing product and make a purchase. Therefore, effective marketing management ensures that the sales team develops a good strategy to improve sales. Additionally, by introducing new products to the market and making old products well known, effective marketing management ensures that the cost of sales is reduced, since consumers now are able to buy more.
In the twenty-first century, products and sales have shifted from what was experienced before. Nowadays, all businesses develop their products and sales in a customer needs focus (Marx, 2014). During the development, institutions focus on the customers’ needs so as to develop a product that is widely acceptable by the consumers targeted by the organization. Additionally, by applying the tools offered by the Internet, most organizations can reach their consumers. For this reason, the methods used to sell products before this century cannot be used for today’s consumers are smarter and more knowledgeable about products thanks to the Internet.
In conclusion, marketing and marketing management are important in ensuring the success of any business. Effective marketing and marketing management allow an institution to improve its sales and deal with its competitors. Moreover, due to marketing and marketing management, businesses deliver quality products at competitive rates for consumers.
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