The Importance of Marketing
Marketing refers to study that revolves around the managing of exchange relationships. Marketing is made use of for providing satisfaction to consumer. Customer is the primary focus of the marketing activities and it acts as a premier component in relation to business management (Netmba.com 2018). Marketing refers to the activity that helps in communicating offers that has value for the customers. It helps in achieving interest of customer and satisfaction. Marketing plan refers to a business document that outlines strategy and tactics of a business. Marketing plan helps in giving clarity regarding the market of a business. This essay discusses about the role of marketing that helps a business in achieving success. It elaborates on the significance of creating a marketing plan. It evaluates the ethical along with legal issues which surrounds the practices related to marketing.
A product or a service should be known to the potential buyers so that a business can succeed. Marketing can help a business in understanding the potential customer. Strategic marketing revolves around modifying the existing product so that it can match the needs of the customer. According to Valuebasedmanagement.net (2018), product design is an important form of marketing that helps in matching the products of a company to the needs of the customer. Strategic marketing helps a company in the determination of the best method that can be taken recourse to for reaching the potential customers. It helps in making the consumers aware about the products and persuades the public so that they would buy them.
A business can achieve the marketing plan by taking specific action that can reach a large number of consumers. Marketing mix can help a company in reaching the target market. The marketing mix can help in determining whether the product gives benefits that the customers look for. Marketing mix helps the companies in pricing the product appropriately that can help a company in making profits. It has been stated by Learnmarketing.co.uk (2018) that the customers purchase a product when they get tangible along with intangible benefits. Tangible benefits relates to size, packaging, design along with advertising. Intangible benefits on the other hand refer to those which cannot be touched like brand image and customer service. Marketing helps a company in manufacturing products that can reach out to the target customer. According to Crittenden and Crittenden (2015), it is the responsibility of a business to look after the aspect of product positioning that can help in satisfying the needs of the customer. The consumers have self-image that they reinforce while using a product or a service. A business can achieve product positioning with the help of product, place, promotion and pricing of a product.
Identification of products of a business can be done with the help of brand names. The brand names that are well-developed become powerful as the customers can instantly recognise the products. According to Kaurav (2015), a business by taking recourse to marketing differentiates a product so that it can make an impression on the customers at the supermarket. The pricing of a product is on the basis of profit and demand of product. Consumers have the tendency of perceiving quality of a product on the basis of pricing. The pricing can help in determining popularity of product within market.
Marketing Mix and Product Positioning
Marketing plan is a systematic discipline that helps in formulating the marketing strategies. Marketing planning can help in determining strategies in relation to an organisation. It has been stated by Ward (2016) that marketing plan helps in avoiding the future uncertainties and in communicating between the different departments. Marketing plan can help in co-ordinating activities that can facilitate a company in attaining the objectives. Marketing plan forces the management in reflecting on future in a manner that is systematic. The significance of a marketing plan lie in the fact that it can help in better balancing of the resources in relation to that of identified opportunities in the market. According to Tanner and Raymond (2015), a marketing plan helps in providing a framework that can help in the process of continuing review in relation to the operations. The importance of marketing planning lies in the fact that it helps in appraising performance and capitalises on the strengths of a company. Marketing Plan helps in identification of competitors and it helps in positioning a brand in the market. It helps in improving the services so that the target market will be able to perceive whether the business is better than competitors. Marketing plan refers to a technique that can help business in deciding on the best resources that can help a company in achieving corporate objectives.
Data collection can be said to be an important stage pertaining to marketing. It has been argued by Burns and Dewhurst (2016) that extensive data helps the business in choosing the optimal marketing technique in relation to consumer base. There are delivery channels like tele marketing along with unsolicited emails that act as controversial area in relation to marketing. There are laws in various countries that specify the time frame within which telemarketing is allowed. The ethical issues arise owing to the fact that there are large number of consumers who are unaware regarding such kind of protection. Misleading claims are often made in the realm of advertising regarding quality and availability of products (Amin, Qureshi and Chandio 2017). Different kinds of marketing techniques are employed by the companies that contradicts overall message in relation to an advertisement. The tactics of advertising present ethical challenges. The advertisers take recourse to subliminal advertising along with emotional appeals that may give rise to ethical issues.
Sexuality is an important discussion point regarding the ethical issues in relation to advertising. Violence is a significant ethical issue as the children have a tendency of getting affected by content. There are some kinds of advertising which offend a group of the people that may be of great interest to other people. According to Martin and Murphy (2017), negative policy of advertising highlights disadvantages in relation to products of competitors instead of showing advantages in relation to the products. Direct marketing is a controversial method in relation to advertising channel specially in the event of approaches being unsolicited. The fake reviews are published on the social media websites that can raise ethical issue in relation to marketing. There are various marketing methods that can be said to be anti-competitive. Planned obsolescence helps in designing of a particular product that has limited useful life. It can be said to be unethical as it will have a tendency of becoming non-functional after a certain point of time. Legal aspect is crucial in relation to marketing. Every business operates within ambit of jurisdiction in relation to legal system. Legal system is a crucial component of environment in which a business operates (Netmba.com 2018). Commercial law influences every variable in relation to marketing mix and the environment in which a business operates. It has a direct influence on management in relation to marketing.
Marketing can help a company in satisfying the customer. Consumer acts as main focus in relation to marketing activities and it is an important component pertaining to business management. Marketing facilitates a business in the understanding of potential consumer. Strategic marketing helps in bringing about modification of a product so that it caters to needs of consumer. Marketing plan helps in co-ordinating the activities which can help a company in meeting objectives. Marketing plan helps a company in focussing on future in a systematic manner. Misleading claims are made in advertising pertaining to quality and the availability of the products. Marketing techniques are used by companies that often goes against the message of advertisement. The techniques relating to advertising present challenges that are ethical. Fake reviews are brought out on the website that raises legal issues pertaining to marketing. There are anti-competitive methods that can harm the consumer. Planned obsolescence can be said to be unethical as the products are designed in a manner that will make it have limited useful life.
References:
Amin, H., Qureshi, J.A. and Chandio, S., 2017. Cultural, Ethical and Legal Considerations of Using Social Media Marketing in Karachi-Pakistan. Journal of Independent Studies & Research: Management & Social Sciences & Economics, 15(2).
Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.
Crittenden, V. and Crittenden, W., 2015. Digital and social media marketing in business education: Implications for the marketing curriculum.
Kaurav, R.P.S., 2015. Assessing impact of internal marketing on business performance. European Journal of Tourism Research, 10, pp.136-139.
Learnmarketing.co.uk (2018). Service Marketing Mix/Extended Marketing Mix: The 7p’s. [online] Learnmarketing.co.uk. Available at: https://www.learnmarketing.co.uk/servicemarketingmix.htm [Accessed 1 Nov. 2018].
Martin, K.D. and Murphy, P.E., 2017. The role of data privacy in marketing. Journal of the Academy of Marketing Science, 45(2), pp.135-155.
Netmba.com (2018). Marketing Mix. [online] Netmba.com. Available at: https://www.netmba.com/marketing/mix/ [Accessed 1 Nov. 2018].
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries Publishing.
Valuebasedmanagement.net (2018). Summary of the 7Ps of Marketing. Abstract. [online] Valuebasedmanagement.net. Available at: https://www.valuebasedmanagement.net/methods_booms_bitner_7Ps.html [Accessed 1 Nov. 2018].
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
