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Marketing is the interaction between buyers and sellers. And ultimately, in general, it refers to the action of delivering value to the customer. Marketing is how companies push them for a battle of competitive advantage in the market.
Similarly, it is the customer-oriented philosophy for the department, which is the marketing department – of a whole company.
A social and managerial process by which individuals and groups obtain what they want and need through creating, offering, and exchanging products of value with others – Philip Kotler
So, in this article, we are going to learn the primary foundation and overview of marketing. Also, I would like to express my sincere gratitude to prof. Philip Kotler, for sharing excellent marketing knowledge with us.
Introduction of Marketing
‘Markets’ and ‘Trade’ have a long history, but ‘Marketing’ as a term was not in existence until the early 1900s. In the period 1900-1910, the first marketing textbooks were published formally. Some institutional economists started to teach – distribution, later advertising, and then promoting and pricing.
When many industries and companies begin to establish and leads to a variety of choices for the customer, then it became a crucial factor for an organization to attract potential customers towards their company. So, it leads to the development and modernization of marketing.
Understanding marketing management includes understanding the different patterns in the business just as watching out for the opposition. Marketing management also helps marketers to understand and analyze their place in the market.
Similarly, better marketing management includes the calculation of plans, and it’s risks, planning of valid actions and strategies, and execution of the best possible alternatives, and operations in an optimum way.
Importance of Marketing
There is a crucial job of marketing in a company for its prosperity. Marketing helps to raise themselves from the immense rivalry.
- Creating demand: Every product that a company develops, may not show the great necessity for consumers. So, consumers may ignore those products. Thus marketing helps to publicize their products and promotes in the market to generate more demand.
- Generating profit: Only those products generate revenue that got sold in the market. So, marketing is here to sell more of the products and services to make a reasonable profit.
- Societal responsibility: Marketing helps to generate employment, preserve the natural environment, raise the living standard of people, etc. As marketing leads to expand its business for growing publicity and demand from the public, it needs to increase its business size as well as maintain green marketing.
- Understanding market cultural values: There are different types of cultural norms and values, for different groups of people. So, marketing research provides insight into the cultural core beliefs of a particular market niche.
- Study of consumer behavior: Without understanding consumer behavior, no company can enter or withstand for the long term in a new market area. So at first, they need to study consumer behavior and then launch their product by re-innovation.
Thus, marketing plays a significant role in a company to make it different and worthy in the market from the viewpoint of the consumer perspective.
Impact of Marketing
There is a continuous impact of marketing in a company, and we can see it progressively and continuously.
No or less effective marketing
lack of customer-oriented activities
Low customer satisfaction and retention
High customer migration and low brand loyal
Need to invest high to the customer acquisition process
In the long run, it affects the sustainability of the financial situation
Ultimately, it can hamper an organization severely and can make them out of the competition. So, if a company is doing good marketing, then all the early-mentioned situations will happen but positively.
Effective and good marketing
Increase of customer-oriented activities
High customer satisfaction and retention
Low customer migration and high brand loyal
Optimum invest in the customer acquisition process
Balance the sustainability of financial condition
Generate revenue and increase profit
These are only the surface level concept for how marketing affects the company. There are lots of other impacts of marketing which needs to have a profound study. But at least we understood that good marketing leads to the positive development of a company and vice versa.
Role and Relevance of Marketing
There are many roles and performance varieties of marketing. It may be a single word but has many steps to follow for conquering remarkable impacts in an organization.
- Situation analysis: At first, it is necessary to understand what are the organization’s strengths, weaknesses, opportunities, and threats (SWOT Analysis). Then studying thoroughly about the ‘macro environment’ (Political, Economic, Social, Technological, Environmental, and Legal). It also includes the study of a market niche, segmentation, and product positioning.
- Marketing goals: There should be a goal of marketing where a company can measure its performance. May be selling quantity, customer acquisition, and so on.
- Marketing strategy: To achieve that goal, an organization should have a well-planned strategy. It can assist in achieving marketing goals much effectively.
- Understanding marketing instruments (mix): Marketing mix are – product, price, place, and promotion. So, a marketing management team must consider these all marketing mix, and stimulate their properties to achieve greater success.
- Controlling Marketing Management: Controlling all the above roles by keeping defined criteria of standards and quality. Collecting feedback and converting them into feed-forward by continuous improvement.
There are many other roles in marketing and are profound too. But on this page, I have mentioned only basic ideas about marketing.
Job Positions in Today’s Marketing Organization
It is necessary to know the available post of the manager’s in the marketing department. So, that you can have research on each post, you prefer to join or study.
- Chief Marketing Officer (CMO): Who is directly connected, with all the chief officer in an organization. Like – Chief Information Officer, Chief Financial Officer, Chief Innovation Officer, and many other head officers of a company.
- Brand Managers: Works for promoting the brand value of a company.
- Category Managers: Managing a group or category of products or services.
- Market Segment Managers: Market Segment Manager is answerable for all customer segment research, including mining of client information and profiles to decide to carry on the market program on a specific market area.
- Distribution Channel Managers: Maintain a healthy relationship with all suppliers, middleman, buyers, and other distribution channels.
- Pricing Managers: Works for deciding the best price to tag on their product.
- Marketing Communication Managers: Direct the work process of promoting, publicizing, or advertising authorities by carrying out occupation undertakings, encouraging interdepartmental interchanges, and overseeing outside communications.
- Database Managers: Manages the marketing data and documents for connecting with other departments, as well as to increase the efficiency of marketing by concerning actual and factual research ideas.
- Direct Marketing Managers: Answerable for actualizing and claiming marketing campaigns and tutoring the ‘marketing group’ to create leads, advance the brand, and product or service.
- Internet and Social Media Managers: To promote their brand through social media platforms.
The posts and stages of the hierarchy can be different or more or less according to the size of the company and set of values, beliefs, and morals of the standard they internalize.
See Also:- A Complete Guide for Advertising on TikTok (TikTok Algorithm)
Four P’s in Marketing
They are also called, as four competing CEO of marketing. The character of marketing depends on what the CEO thinks of marketing, which means at what standards the four P’s are going to be determined.
- Product (1p CEO): What about our product or services? What are the features of it?
- Price (2p CEO): What should be the price of a product?
- Place (3p CEO): Where should it be made accessible? Online website or departmental stores or both.
- Promotion (4p CEO): To advertise our product.
We must precisely define our marketing properties for its four P’s standards. We have a product, and we need to sell it at a fixed price to make a profit. So we must determine where we can sell it and ensure that all the customers are getting an idea about our product.
Role of a Chief Marketing Officer
We are only going to study about roles of CMO because it is a page for basic knowledge of marketing, and also CMO is the top-level manager in a marketing department.
- Represent the voice of the customer.
- Monitor the developing business standards and collect customer insights.
- Be the butler (chief) of the corporate brand.
- Introduce and upgrade marketing technologies and skills in the company.
- Bring insight into the corporate portfolio and synergies.
- Measure and account for marketing financial performance.
There are other functions too, but the above mentioned are the essential functions among them.
Areas of Marketing/Scope of Marketing
Who does marketing? What are the areas or fields of marketing? Marketing can be done by organizations and individuals too. It has a unique platform for action. Let’s see!
- Place Marketing: Marketing that is done for promoting specific places. Like – touristic area, refreshment place, etc.
- Person Marketing: Marketing that is done for the promotion of public influencers or individuals. Like – Actor or actresses, politicians, public figures, etc.
- Social Marketing: Marketing that is done for a social benefit or helping the public. Like – eat better exercise more, say no for drugs, stop smoking, get off to tobacco, save water save lives, etc.
- Political Marketing: Marketing that is done for promoting political ideas or political leaders, especially for gathering votes or favor.
- Fundraising: Marketing that is done for collecting funds to use in sectors like social, political, infrastructures, educational development, etc.
And we should not forget that companies and organizations are the top influencers to modernize marketing. The marketing types we’ve discussed are except for profit-seeking companies, and it was not necessary to mention them, as we all know they are the ones who taught us about marketing.
Criticisms of Marketing
Many people dislike marketing too. We can’t deny the fact that we can find the critics and supporters in every field. So, let’s see why people criticize marketing.
- Marketers want consumers to desire and spend more than they can afford.
- Marketers create differentiation between products, and it keeps consumers busy finding the best one. And people believe that the same product must not have many variations.
- Marketers want to produce and sell more goods without considering natural resources and environmental costs. They keep going by disturbing biological and ecological balances.
- Marketers don’t show enough attention to the safety of the product. But they only over exaggerate their product to sell.
- Marketers favor giving the customer what they want but don’t consider whether it was for them or not.
- Last but not least, marketing promotes a materialistic mindset. It makes people buy a lot of expensive and sophisticated stuff.
If advertisers spent the same amount of money on improving their products as they do on advertising, they wouldn’t have to advertise them – Will Rogers
Hidden Aspect of Marketing
Though there are critics for marketing to criticize it, we can’t underestimate its positive sides. We all know it is beneficial for companies and organizations, but it also has some other extraordinary benefits to our society.
- It raises the living standard of people. For eg., people are washing clothes and dishes with their hands, and it takes them a long time. But now, by using washing machines and dish cleaners, it makes them easy to work and save more time for extra activities. Marketing helps to showcase some goods, useful machines, and other tools that are undoubtedly helping our society to live like a king.
- Social marketing is helping to preserve our environment as well as boost the positive behavior of people. The concept of green marketing is helping us to maintain sustainable development, and many social slogans and rehabilitation centers are ensuring our positive and social attitudes.
- Similarly, marketing is also preserving our cultural identities. Like – museums, heritage, arts, and so on. The exhibition of such valuable monuments and aesthetic items gives us a chance to know about our past and origin.
These are only a few examples of the positive side of marketing. We are regularly benefiting ourselves by marketing, and after more advancement in marketing management, we are going to experience more development of our civilization.
See Also:- Secrets of Selling Habits (How to Sell Effectively?)
The Theme of Marketing 3.0
It is a bonus knowledge for you on this page. It is a beautiful principle and concept that showcases an essential aspect of one’s marketing management. Marketing 3.0 was written by Iwan Setiawan, Kartajaya Hermanwan, and Philip Kotler.
Every company has its mission to achieve through business activities, vision for long term sustainability, and values for their core working philosophy.
So from this diagram, we can conclude three versions of marketing:
- Marketing 1.0: They deliver a useful product and satisfy their customer needs and generate profit as well. They also progress better because they create market value for their product. But they are only able to target customer’s minds but no other aspects of their life.
- Marketing 2.0: They are better versions than 1.0. They solely don’t satisfy their customers but also help them to realize their aspirations. They make customers return their shop frequently. Now, they are not only better but also are different than any other. They can influence the customer’s heart and emotions.
- Marketing 3.0: They motivate the customers by their products or services. They help people by making their lives easier. They reshape and update the version of the world. So, the customer stick with the company, and the customer can feel their life is changing.
I didn’t mention the name of the company for their marketing management versions, but we can see the top companies of our world are adopting marketing 3.0 or maybe beyond this too.
Microsoft Corporation changed us from manual to computer life, Amazon (Company) change our life by serving fast and making same-day home deliveries, Adidas change our vision to look at the sports, we feel it as aspiration.
There are many top and best-performing companies like – Apple, Alphabet, Samsung, Volkswagen Group, Walmart, etc. who are benefiting our world. These all are not only the companies, but they are shaping our civilization towards a better future.
So, a company must not only think about their profit but needs to think about how they can change our world towards better prospects. Then only they can be the best and top companies in this competitive market.
I hope you enjoyed reading this and acquire some useful knowledge. We will post more content on marketing courses and also move towards advanced ideas and concepts to make you more educated and updated.
So, Stay tuned for additional posts and articles this way. Remember to #share and leave us a #comment!