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In the current business environment, every company aims to fulfill two basic functions – marketing and innovations. Marketing is a necessary activity of any organization that serves to create and exchange value with customers. In general terms, it refers to what a company must do to develop a strategic direction. Successful marketing requires both a deep knowledge of customers, competitors, and collaborators as well as great skills in developing an organization’s capabilities so as to serve clients’ profitability.
Marketing is defined as a broad general management responsibility, and this function is supposed to be fulfilled not only by a company’s management but also by every single employee. Jackson (2013) assumes that anyone with career interests, regardless his or her job position, must possess marketing skills in order to deal with a variety of situations in both service and manufacturing sectors as well as in business-to-consumer and business-to-business spheres among others. Many studies report that marketing gives an opportunity to gain the competitive advantage that arises from the understanding of the customers and a superior process of thinking and acting according to this information (Evers, Cunningham & Hoholm, 2014).
The general role of marketig stems from the fact that it is the process that allows an organization to create value for clients that is based on meeting their needs. Thus, a firm must define not only the products it is going to sell but also to analyze how they will benefit the customers (Luck, 2010). In order to achieve a company’s goal, it is important to develop a marketing strategy that involves two major parts: 1) selecting a target market and determining the desired positioning of the product in the target customers’ minds and 2) specifying the plan of the marketing activities to achieve the desired positioning. These aspects allow an organization to satisfy better the clients’ needs and motivate them for further cooperation. In these activities, positioning is a unique selling proposition of the product.
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According to Blythman (2013), marketing should comprise several decision-making processes that coincide with the following tasks: 1) to identify the needs of the customers; 2) to determine special competence needed to satisfy those needs; 3) to identify who competes with an organization in meeting those need; 4) to make a list of the participants who can help a company to motivate the clients and 5) to identify the limitations (p. 236). This sequence leads to specification of the target market and desired positioning and then to the marketing mix (price, promotion, product, place). As a rule, it impacts on customer acquisition and retention strategies that are driving the organization&’s profitability. Samanta (2014) believes that marketers have generally been moving from serving large mass markets to the specification of smaller segments with customized marketing programs.
A marketing program comprises a marketing mix that identifies numerous functions, such as planning, branding, prices, advertising, display, promotions, personal selling, and many others. The experience in business operations has affirmed that marketing is an essential part of any organization regardless its type and size. It also helps a company to conduct a detailed research on how to present services and products to the customers in the most efficient way. For example, marketing study helps organizational leaders to check what products and services are offered by their competitors and to what extent they are popular in the market. To appeal to the customers, marketers identify what packaging is more attractive to the former. Therefore, marketing is an important tool to increase profits and attract more consumers.
To sum up, marketing is an essential function of any organization that provides specific strategies to intensify the marketing mix. It shows the companies what to do to develop a strategic direction. Marketing requires both a deep knowledge of customers, competitors and collaborators and great skills in developing organization’s capabilities so as to serve clients’ profitability.
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