The Importance of Marketing

Importance of Marketing

• Marketing's success is central to all businesses
• It launches and promotes products/services
• Without marketing, potential customers would not know of a business, thus sales may collapse
• Marketing is crucial as it affects all functional areas
• Businesses are discovering the growing importance of marketing and its key ingredient in business' profitability and success

Customer

• Businesses address customers' needs, wants, and demands
• Companies must capture customers through marketing
• Successful marketing can influence the number of customers willing to buy the company's products and services without promotion, customers would not know what a business has to offer

Finance

• Effective marketing boosts a business's finances
• Finances affect the quantity and quality of goods produced

Human Resources

• Businesses cannot survive without human resources
• Human resources must have marketing knowledge attract customers, or risk business growth

Production

• More goods manufactured mean more trading and earning opportunities
• Items remain unsold turning inventories to less yield without marketing

Competition

• With marketing, a company stands out and customers prefer it
• Competition arises when goods/services become popularly sold by other companies

Decision

• Concerns often raise about what product to produce, the amount, when, how much to sell, and who it should target
• Marketing is difficult in modern times becoming a specialization
• Manufacturers consider marketing to decide what to manufacture/trade and control production

Idea

• The idea of marketing alter vastly through time
• Extensive impact on production and distribution with changes
• Marketing allows understanding of changing consumer tastes, so companies adjust production and distribution

Economy

• "Nothing happens until someone sells something" - Adam Smith
• Marketing is the key economic player as flourishing by a strong marketing organization
• When the marketing function weakens, the economy weakens

Marketing Scope

• An extremely broad scope, covers activities from idea formation to generating profits

Consumer Wants and Needs

• Goods are designed to fulfill consumer desires
• Study consumer needs/wants as they prompt consumers to buy

Consumer Behavior

• Studying consumer behavior as buyer analysis allows for market segmenting, targeting, and positioning

Product Planning and Development

• Product research, market research, market segmentation, product development, and finding out the attributes, quantity, and quality of the products

Branding

• Well-known companies use branding for reputation, appeal, and trust
• Successful managers consider branding policy, procedures, and implementation programs in branding products

Packaging

• Packaging is a wrapper/container to protect and draw customer attention
• Well-designed packaging makes the product easy to use/transport

Channels of Distribution

• The marketing manager + sales managers must make an important decision for the best channeling of distribution (wholesaling, distribution, and retailing)

Pricing Policies

• Pricing policies are planned by marketing managers
• Pricing policies depend on product nature, competition, product lifecycle, + marketing goals/objectives

Sales Management

• It involves identifying customers, understanding their needs, convincing them to buy, as well as similar activities

Promotion

• Includes personal selling, sales promotion, and advertising
• Marketing managers must create the right promotion mix to attain marketing goals

Finance

• No marketing without finance since packaging, advertising, selling, and distribution need a budget

After-Sales Services

• Necessary for relationships which may include maintenance/repair after sales services and addressing to customer queries

What Is Marketed

Goods

• A major part of a country's production
• Marketed by physical good companies (food, cars, etc.) and now internet companies

Services

• Advancement in today's economy means a focus the production of services
• Many markets now include a mix of goods and services
• Professionals in airlines, hotels, car rentals, accounting, banks, and law are also part of services

Events

• Trade shows, award shows, local festivals, health camps, etc.
• An entire profession of meeting planners plans event particulars

Experiences

• Marketers mix goods/services to create experiences
• Product promotion involves features and exceptional and exciting experiences

Persons

• Celebrity marketing has increased due to testimonial advertising
• Film/TV Stars and athletes have agents and managers, and connect with press relations for marketing
• Those who can masterfully market themselves develop a brand

Places

• States and countries drawing in tourists
• States+countries market industrial locations
• The Philippine's Department of Tourism promotes "It's more fun in the Philippines."

Properties

• Real (real estate) or financial (stocks, bonds)
• Boosted by marketing
• Marketing must build trust/confidence with financial and real property.

Organizations

• Companies build an image with the target public
• Marketers of services create the corporate image

Information

• Information turns into a product through creation and promotion
• Media and literacy have expanded information marketing

The Idea

• Market offerings consist of a basic idea
• Products and services convey an idea/benefit for social marketers widely promoting ideas
• 'Yosi Kadiri' catapulted a national consciousness about the harmful health effects of smoking

Core Concept In Marketing

• Marketers create customer value to build strong company relationships

Needs, Wants, and Demands

Definition

• Human needs as felt deprivation prerequisite for marketing activities
• Marketing satisfies consumer needs with physical, social, and personal needs (food, shelter, clothing) from psychological tensions

Three Types of Needs

Existing Need

• Short-term, readily obtainable
• Since its a common market has big competition with a need-based segmentation being popular
• Common for start-ups using demographic/geographic segmentation

Latent Need

• Exists, but has no product launched
• Innovation is needed
• The companies have fantastic profitability because they cater to the needs of customers which the people themselves don't know of

Incipient Need

• Wanted, but don't have product
• Could to window of opportunity like newspaper now due the emergence of digital information

Wants

• Influenced by culture and individual personality
• Choices that gratify needs with different options
• Ex. hunger is met with fish/rice for Filipinos or fast food in Americans

Demands

• Wants supported by readiness to buy
• Always conveyed in relation to time
• Often, marketers control demand with eye-catching, affordable products
• Demand is the quantum and timing of what is called "demand management"

Three Demand Conditions

• Desire+ability+intention=Demand

Three Natures of Demand

Negative Demand

• Market dislikes the service
• Example is healthcare

No Demand

• Possibly from lack of awareness or interest

Latent Demand

• Customer only realizes need later or once product is bought
• Will then reflect on this product

Declining Demand

• Demand decreases over period of time; Walkmans introduced by CD and Ipod

Irregular Demand

• Not steady
• Ex. Seasonal Products

Full Demand

• Satisfies the supply potential; markets are happy with company; common with toothpaste, shampoo, conditioner, coffee and cream

Overfull Demand

• Overfull demands occurs when company is unable to produce enough to meet the demands
• Ex: most cement companies have limited production so brand-switching is common

Unwholesome Demand

• Customer wants product badly, but shouldn't used
• Cigarettes, drugs, alcohol, guns, etc.

Marketing Offers

• Mix of products, services, information/experiences to gratify need/want

Product

• Everything that can be offered with service/benefits
• Tangible product is service

Service

• Any activity. benefit that one party can make to another that basically intangible and doesn't have the ownership of anything

Experiences

• Knowing/seeing/feeling such as with World Balance producing shoes for different lifestyles

Utility, Cost, Value and Satisfaction

• Selection, it must be noted that every product has a varying degree therefore one would be ranking the product
• Purchasing the product that has great value due to the power of a particular need.
• Cost of the product to give the greater value of a full advantage.
• Achieving the better part about the features or goals or desires.
• Satisfaction releases what you might be looking for such as low costs and high value

Exchanges, Transaction, Relationships and Network

• Exchange is at the heart while Marketing management is trying to arrive at the desired location
• An exchange occurs when people give a payment (money) instead of asking for an event
• Transactions can be very simple, (buying a newspaper) or if it is more extreme (buying cars)
• Relationship involves marketing towards preservation to a business where people are working with high regards
• A marketing network includes anything that involves stakeholders

Market, Marketing, Marketer, and Prospect

• Used on a regular basis: market, marketing, marketer and prospects.
• Creating something to the buyer to be very agreeable to what a consumer likes
• Consumer would think of buying if the satisfaction came to them

Marketing Management Tasks

• Control something when people might want to think outside, while also keeping the main objectives.

Major Marketing Decisions

Strategic Planning

• Roadmap of the company that leads to their strategic plans for an effective plan

Social Responsibility and Ethics

• Center on an individual that follows the group decisions to keep in line the actions towards the goal

Six Ethical Values

• Honesty, Responsibility, Fairness, Respect, Transparency, Citizenship

Research and Analysis

• Process that has data to find the product that has the effective market

Developing Competitive and Strategy Focus

Operation

• Leadership in low cost and also has little need for marketing
• It is strong because strong organizational discipline and standardized

Product Leadership

• As a leadership it is looking to produce better quality by using its customers

Max's

• Dish that has passed through, as well much of the secret that comprises of the cooking.

Customer Intimacy

• Customer services that has personal services to meet certain clients

Cebu Pacific

• Able to keep a prices to the market where people seek

Marketing Strategy and Decisions

• Decision on that is the product, as that the thing being crucial.

Segmentation and Targeting

• Customers target to have a product to do with.

Easy Rock

• Has good music but also is for car owners

Product Decisions

• The final product to know about the overall product

Pricing Decisions

Marketable Plan

• Value for a product that has everything that can be changed for a reaction for what is more crucial.

Chain Decisions

• Decides how the services can be moved through

Areas

• Location, production, inventory.

Transport

• Decision in relation for what it is used

Promotion Decisions

• Is how it is inform consumers.

Common Features

• Under consumer and inclination with them

Promotion Mix

• A combination of various techniques oriented to the common target of the budget for budget allocation

Implementing and Control

• Taking consideration the program activities which would often affect what is the element the marketing should focus on.

Maintaining Customer Relations

• The core of every business needs their success as it should be easy to maintain.

New Trends In The Marketing In The Age

• Marketing for every person might be a big volume of data

Digital Transformation:

• Heart of every industry as the focus is key also for technologies and data.
• Tech of what marketing should be lieutenants of as companies seek social to do their best towards success
• It's transforming what there are for Al's and has the ability and data towards it.
• To transform as what the consumer could be and there should be a switch to the right time marketing.