Marketing is an activity that involves well-defined processes and strategies in the manufacture, delivery, and exchange of goods and services that are in demand from different parties in the market place (Carl et al., 2011, p.33). In addition, communication is a core aspect of marketing that involves creating awareness to customers, clients, and partners in relation to a certain product or service offered in the market. Another definition of marketing is based on the relationship between a business enterprise and consumers. As such, marketing is the process of creating value for customers in relation to a service or good offered and the creation of strong and beneficial relationships in order to attain the same value from the consumer (Ferrell & William, 2011, p.43).
This involves the establishment of consumer values and relationships and solutions that serve the needs of the consumer, either short term or long term. I think marketing is a way of identifying consumers that are interested in a certain commodity or service, reaching out to them by creating awareness through advertisement and satisfying their needs by offering the best services. This keeps consumers and encourages them to make a certain product of their preferred brand.
Marketing is an important aspect and strategy in ensuring the success of an organization in service delivery and in satisfying the needs of consumers. Marketing serves various functions to achieve this success. First, it creates awareness concerning a product or service offered by an organization (Carl et al., 2011, p.41). Effective marketing increases consumer demand and turns prospective individuals into consumers. The recognition of an organization makes it easier for sales representatives to convince consumers to buy their products or investors to buy into their organization. Most investors prefer buying into companies that are well recognized, and other companies like to make business transactions with other known companies.
Secondly, marketing increases the pricing of an organization’s brand due to the high demand that results from a high number of customers (Ferrell & William, 2011, p.85). Good marketing is responsible for attracting customers and keeping them. The process involves determining the value of a brand and communicating it to consumers through promotions and advertisements. This establishes a point of difference and uniqueness between an organization and other market players. With time, consumers start to appreciate an organization’s brand and make it their preference in relation to similar brands offered by other organizations. This creates room for adjustment in pricing as demand rises. This serves to increase sales and profits and gives value to an organization, which is important in attracting future customers and investors. For example, Apple Incorporation offers prices that are almost double those of its competitors due to the high demand for their products (Ferrell & William, 2011, p.111). They achieve this through their marketing strategies. They convince customers to buy their products by justifying the prices and by incorporating features that are unique and absent in other similar brands.
Thirdly, marketing creates a balanced market due to competition (Carl et al., 2011, p.54). As such, it fosters vigorous competition that leads to the provision of high-quality services that are aimed at attracting more customers. As an organization strives to improve the quality and standards of its brand, so does the number of customers increase as well as the formation of good customer relationships that guarantee improved sales and brand value. In addition, improving the quality of a brand pushes an organization to embrace innovation that creates uniqueness. Innovation leads to new and better products that attract customers and ensures that they get the best in the market. For example, Apple has successfully embraced innovation by introducing better technological gadgets in the market compared to those that were produced earlier.
Fourthly, it builds a good reputation for an organization (Ferrell & William, 2011, p.78). In order to create a niche in the market, an organization must create a brand that is recognized. Through marketing, consumers are able to associate a certain brand with information that they see in advertisements. For example, McDonald’s has an arch design that identifies the company and associates the design with the product that they offer. This is the principle behind marketing as a way of building a strong and recognized brand. An organization must promote their brand using effective marketing strategies. This involves extensive research on current market dynamics and consumer tastes and preferences. This enables an organization to roll out a product that will appeal to customers, and that will boost their sales and profits.
Marketing includes all activities that involve the creation, delivery, and exchange of goods and services that are in demand by different parties in the market place (Carl et al., 2011, p.33). It is important in the success of an organization because it creates awareness of a particular brand and improves sales and revenue. Revenue is an important factor in the success of an organization and can be enhanced through effective marketing. In addition, marketing helps build a strong brand recognized and appreciated in the market. This increases the number of customers, improves the reputation of an organization, and increases its value (Ferrell & William, 2011, p.61). Precisely, marketing is creating awareness of a certain product or service available in the market with the sole aim of attracting customers and increasing sales and revenue.
Carl, M., Hair, J., and Lamb, C. (2011). Essentials of Marketing. New York: Cengage Learning.
Ferrell, W., and Pride, William. (2011). Marketing. New York: Cengage Learning.