StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

The Importance of Marketing in Organizational Success - Essay Example

Cite this document
Summary
This essay "The Importance of Marketing in Organizational Success" discusses marketing which is very important for the success of an organization. First, it helps the company to promote product awareness to the consumers. Second, marketing efforts can also help the organization boost product sales…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.5% of users find it useful
The Importance of Marketing in Organizational Success
Read Text Preview

Extract of sample "The Importance of Marketing in Organizational Success"

Marketing
The growing competition among the companies has increased the importance of marketing in businesses. Following are the two definitions of marketing.
Kotler (2008, pp.5) defines marketing as “the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return”.

Marketing is an“organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”. (Kurtz, MacKenzie & Snow, 2009)

Moreover, the marketing efforts of a company help the people to recognize the product options available in the market and the features and qualities f the products. Therefore, marketing plays a very important role in the success of a company and its products and services. Three examples have been quoted here to explain how marketing concepts help companies to operate in a particular market.

IKEA is a prominent international player in the furniture industry. The company has been offering well-designed, functional home and furnishing products to its customers for more than 60 years. The effective marketing strategies of IKEA have helped the company to develop a strong image in the markets where it is operating. The graph shows that the number of visitors to IKEA stores is expanding significantly. The company considers every customer as a member of the “IKEA Family”. The marketing function of the company has helped the company to establish an image in the market. Moreover, through marketing programs IKEA develops relationships with its customers for example; IKEA has recently introduced IKEA mobile content which is a marketing strategy through which the company has developed a database of customers.

Source: Batista, 2009
These are the marketing efforts of a company that help the company to segment and target the market and position the product to reach the target audience. Red Bull was launched as an energy drink and today company is operating in many countries across the world. The company heavily relied on “buzz marketing” or word-of-mouth to establish a strong image in the market. In order to position the energy drink, attract customers, and increase the visibility of the product, the marketing strategies which the company adopted include sports marketing, event marketing, advertising, sales promotions free sampling, etc. By 2004, Red Bull was having a 70 percent market share of the worldwide energy drinks market (Ny Mafia, 2008). Various competitors also tried to adopt the marketing strategies of Red Bull however; these tactics could not help the competitors. Therefore, even the taste of the energy drink of Red Bull was not that very good however, these were the marketing efforts that communicated the purpose and features of the energy drink.

Various marketing efforts are pursued by companies to attract and retain customers. The following example of Lloyds Banking Group advocates, however, marketing efforts help a company to provide information related to products and services to the customers of the company. The company is focusing on an integrated marketing communication strategy to target its customers. In addition, the company also asks the people to join the network of the company through which the company keeps on updating the customers via phone or email about the new products or services. This strategy not only provides a way for the company to reach its potential customers but also helps the interested people to get updated regularly (Lloydstsb).

Therefore, based on the above discussion, I have presented the following definition of marketing. In my opinion, marketing is the process through which a company explores the market for a particular product or service, develops plans to make the product or service visible in the market, and builds strong relationships with customers.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Marketimg Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.org/environmental-studies/1409801-marketimg
(Marketimg Essay Example | Topics and Well Written Essays - 750 Words)
https://studentshare.org/environmental-studies/1409801-marketimg.
“Marketimg Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/environmental-studies/1409801-marketimg.
  • Cited: 0 times

CHECK THESE SAMPLES OF The Importance of Marketing in Organizational Success

Developing Marketing Capability

o organize a marketing function in order to bring competitive advantage and true organizational success.... Relatively big financial data feeds like return on investment, balance sheet, or profit or loss statements do not provide the real sketch of marketing, which eventually give distractive information.... Moreover more operational activity of marketing does not mean it is performing well as if the marketers are found busy does not mean that their work is productive or based on outcomes (profits or revenues)....
9 Pages (2250 words) Essay

Major Theoretical Logic in Global Marketing

There is a major gap in our understanding of the types of internal organizational resources that are conducive to implementing a global marketing strategy and that can lead to sustainable competitive advantages in the global market.... A major issue that needs to be investigated is what organizational processes that successful global competitors adapt to influence its foreign subsidiaries so that they can achieve global marketing standardization, coordination, and integration (Samiee and Kendall, 1992)....
9 Pages (2250 words) Essay

Relations between Organizational Culture, Identity and Image

Also, the authors by stressing the importance of organizational culture, create a favourable and analytical framework, using which the organization can actualize symbolic and strong management.... So, by analyzing the authors' perspectives about organizational culture, this synopsis will discuss the importance of common and workable organizational culture, for the effective functioning of organizations.... As these different humans could create a different organizational culture, the success rate will be minimal....
3 Pages (750 words) Essay

Organisational Culture and Organisational Change

This paper "Organisational Culture and Organisational Change" discusses how implementing a common organizational culture will lead to organizational change and how leaders and managers had to be aware and importantly control these changes by case studying Starbucks.... As these different workers would try to impose their own attitudes and culture on the organization as well as fellow employees, it could lead to a different, uncommon and complex organizational culture....
8 Pages (2000 words) Case Study

Importance of Managers for the Success of an Organization

In the paper 'importance of Managers for the Success of an Organization' the author analyzes success of the employees in their duties.... Good managers influence employees to success.... He states that a business will depend on the strength of its managers to succeed....
9 Pages (2250 words) Assignment

Importance of Marketing for Organization Success

The feature of marketing as the area of organizational business is implied in the interaction with the public and the opinion that is formed about the organization is the result of interaction with marketers.... The author of the paper states that the newly emerging philosophy created by the scholars working in the several major universities suggested that the core of the success in the marketing is to identify and understand what exactly the customer needs.... Talking about marketing as a necessary business function it is vital at the organizational level for non-for-profit and for-profit businesses engaged in all the industries (Nickels, 2008)....
9 Pages (2250 words) Term Paper

Importance of Proper Communication for the Success of Marketing Strategy

The paper "Importance of Proper Communication for the Success of marketing Strategy" states that few of the prime objectives to be achieved by the Smiths Group are that of increased market share and increased revenue.... Marketing communication is one of the most important factors behind the success of any firm, and Smiths group as a reputed firm of 150 years is successfully applying all the communication mixes to achieve the desired objectives.... In this globalised and competitive world both interpersonal and organisational communication is very crucial in order to achieve success....
13 Pages (3250 words) Research Paper

The Success of British Airways

The paper "The success of British Airways" explains the achievements of British Airways can be attributed to its customer-oriented culture, with a strong emphasis on a good on flight interaction between airline crew and passengers.... The flight crew has been given discretionary powers to take personal initiative to please the customers....
8 Pages (2000 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us