Give definition of marketing and explain why marketing is so importance. What things are included in marketing? Suggest some best marketing methods or techniques.To describe the importance of marketing, one need not look further than this quote from Regis McKenna.“Marketing is everything, and everything is marketing”.Everyone is exposed to marketing everyday, even when they dont know it. Billboards surround the nations roads. Logos appear everywhere. When a teenager is begging his dad to use the family car, he is in fact, marketing himself to his father for the exchange of the keys. And that is what marketing is about. Trying to create exchanges that satisfy and benefit both parties.
Topic: "Give definition of marketing and explain why marketing is so importance What things are included in marketing? Suggest some best marketing methods or techniques" I INTRODUCTION To describe the importance of marketing, one need not look further than this quote from Regis McKenna “Marketing is everything, and everything is marketing” Everyone is exposed to marketing everyday, even when they don't know it Billboards surround the nation's roads Logos appear everywhere When a teenager is begging his dad to use the family car, he is in fact, marketing himself to his father for the exchange of the keys And that is what marketing is about Trying to create exchanges that satisfy and benefit both parties No consumer can escape from marketing campaigns, and no business should be operating without a marketing plan to identify potential customers, meet their needs and wants, and keep them coming back for more This section gives you an introduction into the world of marketing and the different aspects of it You will hear about the “P's” of the marketing mix The important elements of a marketing plan How your future customers are identified and place between the cross-wires with marketing research and target marketing To get a specific message to a specific customer, one must be familiar with direct marketing Internet marketing is one of more recent trends that many organizations are looking at Overall this section should help you learn about the importance for small businesses to implement marketing plans II DENIFINITION OF MARKETING: There are many definitions of marketing It is very difficult to find two that are the same The one constant in most of them are that marketing is a process that's ultimate goal is to create exchanges that will satisfy and benefit both the customer and the organization Marketing is the function of an organization that identifies their current and potential customers, creates products or services that meet the needs and wants of customers, informs and persuades the customers to purchases these products or services, and reinforces the customers confidence in the purchase that they made The Marketing has evolved over time, today marketing is based around providing continual benefits to the customer following a transactional exchange The Chartered Institute of Marketing define marketing as “The management process responsible for identifying , anticipating and satisfying customer requirements profitably” Philip Kotler defines marketing as “satisfying needs and wants through an exchange process” Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value can not be more than the amount customers are prepared to pay to satisfy their need It is important for marketing efforts to be customer-oriented When marketing a product or service, the organization must be certain that the product or service that they are providing is one that the customer wants Quite often marketing efforts fail when the organization developed the product/service first, then tried to convince it's customer to buy it One of the greatest marketing flops of all time was when the Coca-Cola Company decided to change it's formula in 1985 and introduced it as “New Coke.” It was a disaster Sales of the New Coke were very low and the CocaCola Company was receiving many phone calls and letters from angry customers who demanded the old formula back The Coca-Cola Company brought back the old formula two months later Reintroduced as “Coca-Cola Classic,” it was sold along with New Coke and outsold it by two to one in supermarkets The Coke case is a classic example of what happens when an organization fails to conduct proper marketing research The key for a successful marketing effort is maintaining a level of customer satisfaction while at the same time, creating a profit for the organization Profits must be made in order for the organization to continue to business III WHY MARKETING IS SO IMPORTANT? If you have a great product or a special service to offer people; how you get them to buy it? You tell them about it, you tell them how great it is, and you let them know how it will benefit their lives Marketing is an important part of any business Without it, there is no way for people to know what you have to offer What Effective Marketing Can Do For Your Company ? When effective marketing campaigns and techniques are implemented, your business will benefit dramatically Marketing is important for start-up companies and established ones Marketing is a long term, constant strategy for success Obtain New Clients: Marketing campaigns are a great way to obtain more clients and generate more sales You cannot rely on word of mouth in such a competitive business world You have to market and promote your business effectively Branding: Get your company name out there, and let people know who you are and what you have to offer Knowing a brand name builds trust and security for customers, and they are more likely to buy from a company they know and trust Influence Client Behavior: Marketing can be used to influence the behavior of your customers as well as potential clients Through special offers , promotions, and other techniques, you can establish a routine for what people buy and when they buy it Building Customer Relationships: Gaining the trust of current customers is an important part of business, and through effective marketing, you are able to establish and nurture your relationships with your customers Product Awareness: Marketing is a great way to promote your services or products Your targeted audience may not be aware of your services or products without marketing Who is going to tell them? Build Reputation: A company's reputation means everything, and marketing is one of the most important tools you can utilize to build a strong reputation with your targeted audience IV MARKETING MIX (what things are included in marketing?): The Marketing Mix is known the elements that make up the marketing process They include: -Price -Product -Place -Promotion They are also known as the “P's.” It is important for an organization to have a good understanding of the marketing mix Each element is important when developing a marketing plan Price: What is the highest amount that the customer will pay for the product or service? Many times setting the incorrect price level is the beginning of the end for an organization An organization must be sure that the price is not too high or too low Mistakes either way will hurt the organization's income When an organization is starting out, it is important that they focus their price levels on breaking-even A break-even analysis is necessary to determine the price to set to avoid a loss Product: What you are trying to sell to the customer An organization needs to have an in depth understanding about what it is they are marketing Development of the product's size, quality, design, brand name, packaging are important when trying to match with customer's needs and wants An organization should explain how their product's features benefit the customer Place: Where the customer meets the product The question is how does the customer get to that place? An organization needs to make sure the product or service they are offering is in the appropriate location where its target markets can reach it An obvious example of poor placement is developing a ski resort in Houston, TX It is also important to look at the transportation that could be necessary to reach its customers and the geographical barriers that might exist A B&B will not get many visitors if they have to travel on a poorly lit, gravel road Promotion: The method in which the customer will gain knowledge about the product and be persuaded to purchase it There are many different types of promotional activities that can be used to help gain knowledge, exposure, and desire to purchase: -Personal Propaganda: creating and distributing your own brochures, newsletters, fliers, posters -Promotional Activities: coupons, give-aways, sponsorships of community events, trade shows -Professional Organizations: being involved with a professional organization or association in your field -Media Relations Campaign: a plan to develop contacts and relationships with the local media -Advertising: Print ads (newspapers, yellow pages), Outdoor ads (Billboards), Broadcast ads (TV and radio), Direct mailings When planning these different activities, it is very important to estimate what they will cost and factor that into the organization's operating budget When working from a small budget, it is important to take advantage of all opportunities of free publicity Having a working relationship with the local media will be very useful when trying to generate publicity Instead of having to spend money on a print ad in the newspaper, you can have an article written about your organization for no charge It is also important for small budget organizations to create their own personal promotions An organization can gain exposure by wearing a T-shirt with their logo on it around town V MARKETING PLAN: Marketing plans are an inessential component for all businesses All businesses that are successful have followed a plan Their success did not happen because of luck, it happened because the success was planned A marketing plan helps establish, coordinate, and direct marketing efforts It forces the organization to take a good, hard look at the market of your field and what is currently happening to it It's a time to establish marketing goals and objectives, which can be later used for benchmarking yourself Marketing plans helps keep the organization on the right track by following the guidelines it sets It is also critical when trying to borrow money When an organization plans to allow you to borrow money or invest in your organization, they require to examine your business plan The marketing plan is a critical part of the business plan Marketing Plan Elements: -Executive Summary: brief explanation of what the organization does, its mission statement, the management's infrastructure, and a short summary about the marketing objectives and the proposed plan -Current Marketing Situation: provides information about the current location, the target markets, and competitors in the market -Competitor and Issue Analysis: a more detailed description about the competition Also includes potential challenges that could arise in the future due to business issue -Marketing Objectives: where the marketing goals and financial objectives are set Objectives should be challenging, yet attainable for the organization -Marketing Strategy: plan for meeting the marketing objectives Incorporates the marketing mix -Action Programs: an explanation of the different tasks of the marketing strategy What will be done? When will it be done by? Who will it? What will it cost? -Budget: A more detailed look at the cost of the proposed marketing activities -Measurements: sets levels to measure if objectives are being met Sets timeline to meet these measurable objectives -Supportive Documents: references to support the marketing plan Includes the marketing research report -Controls: monitoring system for the marketing plan Monthly or quarterly checklists to insure that the plan is operating effectively Also included contingency plans Plans of action in the event of a crisis It is important to regularly update your marketing plan The market changes almost by the hour The first marketing plan you create probably will not be effective in the future VI TARGET MARKETING: One of the overall themes of marketing is customer-oriented Target marketing is the process of identifying the consumers whose needs and wants you can satisfy the best This focused, planned approach allows you to allocate your resources to market that offer the best opportunity for a high return on marketing investments There are three major elements involved with target marketing, marketing research, market segmentation, and market targeting -Marketing research: the gathering, analyzing, and reporting of data that is relevant to the target market -Market segmentation: identifying different groups in a population -Market Targeting: evaluating each market segment and selecting the appropriate segment that will be profitable VII INTERNET MARKETING (marketing online): In order to stay competitive, an organization needs to keep up, and take advantage of, the new technologies that surround them The latest and greatest marketing tool is the information superhighway, more specifically, email and the internet Web pages are an excellent way to allow your customers to reach you Your organization can be accessed at any time and any place in the world Customers can order goods or services, see examples of your products, ask questions, find the location of your organization, all at the click of a button The forms of marketing online include: -ECommerce -Online Advertising -Search Engine Marketing -Email Marketing -Social Media Marketing -Article Marketing Marketing Online advent has brought many benefits to the business VIII THE CONCLUSION: Modesty has no room in business; it's all about blowing your own horns to get noticed You want your products and services to get known fast and create a niche in the market you want to penetrate Now, the best way to this without sounding just a mere braggart is to infuse it with the element of legitimacy This you can achieve by utilizing the power of the word of mouth, the cheapest form of marketing and one of the most effective Marketing today is moving a lot closer to the customer Organizations are no longer asking for the customer's input after they have made the product or completed the service They are asking well in advance, and the customer is noticing Customer value and relationships must be the focus of an organization's marketing campaign There are so many options out there for the customer, if they not appreciate how they are being, or not being treated, there will be another organization ready to give them what they want in a heartbeat ... probably will not be effective in the future VI TARGET MARKETING: One of the overall themes of marketing is customer-oriented Target marketing is the process of identifying the consumers whose needs...II DENIFINITION OF MARKETING: There are many definitions of marketing It is very difficult to find two that are the same The one constant in most of them are that marketing is a process... power of the word of mouth, the cheapest form of marketing and one of the most effective Marketing today is moving a lot closer to the customer Organizations are no longer asking for the customer's