April 7, 2011
Marketing is exposed to someone every day, even when they do not seem realize it. Driving down the roads you see billboards everywhere and that is part of marketing. Logos people were on their shirts and signs in the middle or on the sign of football fields are all part of marketing. Even when a child is marketing themselves to their parents to borrow the car or go to a party they are marketing themselves to their parents in exchange for the car or the party. A set of activities that will benefit both parties’ objectives is my own personal definition of marketing. This paper will be defining marketing in ...view middle of the document...
The Importance of Marketing
Marketing is very important and necessary for any organization that wants to be successful. Financial success is often depended upon marketing ability. Major decisions are made within an organization that has to do with the process of marketing. Designs into a new product, prices to offer, how and where to sell products, and how much will be spent on advertising or sales are all a major part of marketing. Organizations become at great risk when they fail to market the value of their business. Monitoring competitors and customers will help with the continuous improvements and values being offered as an organization. “Strategizing ways to finding what groups of customers or markets exist, which ones will you be willing to serve, what are their main needs, what products and services will you provide, what competitors are doing, how will you set prices on your products are all parts of marketing that is very important.”(Free Management Library, 2011) Another important part to establishing a successful organization would be to Promote. “Marketing also helps with promotions, such as advertising, public relations, sales and customer service.”(Free Management Library, 2011) These various promotional strategies are common in most organizations. Developing successful strategies to marketing is one way a company can achieve success and earn profit to the company. “For example, consider a military campaign where one team defines the strategy and the other team executes it.”(Silicon Valley, 2009) “Sales and marketing must work in a similar function where marketing sets the strategy, and sales determine the best approach and tactics.”(Silicon Valley, 2009) Wal-Mart established one of the most successful marketing plans. They implemented a strategy to lower costs and deliver products and services with minimal difficulty or inconvenience then all other competitors. “Whether it be through reducing costs, through its various relationships and practices with suppliers or monitoring energy consumptions and controlling lights, heat, and air from their head office or evening changing and managing inventory efficiently, they has found ways to effectively minimized variable and fixed costs while also ensuring stock outs are minimized.”(Associate content, 2011) Wal-Mart operates retail stores in various formats worldwide. The Company organizes its business into three principal segments: Wal-Mart Stores, SAM'S CLUB and International. One of the key success factors of the Wal-Mart is the degree of customer intimacy, community building, and one-to-one marketing....