Importance of Marketing

From a very small fish to becoming the big one and then the biggest among all. This is how few brands have changed with time e-g: Levis Microsoft and many other "The Big Fish"

The financial success of such brands have been depending on combined efforts of their financial strategies and their marketing efforts. One thing that's been common among all there brands is a high degree of Brand loyalty. They have managed to capture the share of heart and in turn share of customer’s wallet.

Companies now understand that marketing plays an important roll in their overall success ,so now companies have CMOs (Chief Marketing Officer) along with CFOs and CEOs. They understand that if there are functions close to customers its ether Sales or Marketing. Sales become a direct interface among customs and products offered by companies, and marketing is an indirect function between customer and the company.

But what makes marketing so big? Why is it important? If you have a great product you are bound to succeed then why do u need to spend on marketing / advertising?

The answer to these questions lies deep within the customer’s brain. Customers / consumers are smart and they understand what makes your product different form mine. If you are offering then 1 % more that what I do why should they pay me rather than paying you. That’s the point. And secondly it’s important to communicate theproduct offerings to the end user. If a marketing team has worked hard on understanding the consumer needs they need to make sure their customers get a feel “This brand knows what I want ”. Trust me this is the only major differentiator between why your 1% more is able to get you more loyal and more number of customers.

The time has changed. To products that are offered by a brand you have "n" number of more substitutes and consumers get to know which is the better substitute that suites there requirements . So it is important to make sure that marketing efforts are more on understanding the changing needs on today’s customer. We need to understand the minds of customers. It’s rightly said “customer is KING”

Marketing managers need to understand the customer needs and they need to make their major decisions such as the features to include, the price to be offered to customers and what to spend on advertisements.

Marketing today has become a emotional research which helps understanding customer and consumers psychology so that products are developed based on these understanding. The marketing managers need to answer following questions:

* How do we find the right market segment?
* How do we differentiate?
* How can we compete with low cost business models?
* How do we build a better brand?
* How do we reduce cost of customer acquisition?

A successful Marketing team can carefully analyze customer needs and carefully monitor there competitors marketing moves. Remember a short term sales driven view does not work in business world today. The C-level managers, the CEO,CFO should communicate importance of marketing in an organization, how the marketing function plays a great role in organizations success.

Also read: Emotional Marketing | SWOT / TOWS Analysis | Porter's Generic Strategies | Marketing Mix |
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Strategic Management | Positioning Strategy

Nature and role of marketing

The Times 100 / Revision Theory / Marketing

All modern organisations engage in marketing so as to be able to please and win the loyal support of their customers. Gillette engages in marketingto find out about the needs and requirements of shavers,

banks engage in marketing research to find out about its customers financial services requirements, and the Inland Revenue engages in market research to find out about the needs and requirements of taxpayers and other clients.The Chartered Institute of Marketing uses the following definition of marketing:

'Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably.'

The definition places consumers at the centre of the organisation's activities - whether they be consumers of Kellogg's Special K, the pupils or parents of children at the local school, or people queuing up to watch Nottingham Panthers play ice hockey.

Some organisations are very close to their consumers - for example, a post office in a small town. For other organisations consumers may be thousands of miles away - for example, Cadbury Schweppes selling confectionery and soft drinks around the world. The principle that the 'Consumer is King and Queen' is just as relevant to the organisation engaged in international marketing.

There are a number of key ingredients to the Chartered Institute of Marketing definition:

* Identifying - This will involve answering questions such as 'How do we find out what the consumer's requirements are?' and 'How do we keep in touch with their thoughts and feelings and perceptions about our good or service. This is a key purpose of market research.

* Anticipating - Consumer requirements change all the time. For example, as people become richer they may seek a greater variety of goods and services. Anticipation involves looking at the future as well as at the present. What will be the Next Best Thing (NBT) that people will require tomorrow.

* Satisfying - Consumers want their requirements to be met. They seek particular benefits. They want the right goods, at the right price, at the right time in the right place.

* Profitability - Marketing also involves making a margin of profit. An organisation that fails to make a profit will have nothing to plough back into the future. Without the resources to put into ongoing marketing activities, it will not be able to identify, anticipate or satisfy consumer requirements.


Read more: http://www.thetimes100.co.uk/theory/theory--nature-role-marketing--245.php#ixzz1NoSTzGOi

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The Tennessee Small Business Development Center (TSBDC) at ETSU and the Kingsport Office of Small Business Development & Entrepreneurship (KOSBE) will host a free Small Business Spring Night School on Tuesday, May 24 and Thursday, May 26 from 6 – 9 p.m., at the Kingsport Center for Higher Education, downtown Kingsport.

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Social Media Is Here! Are You Ready? An Introduction to Social Media for Small Business: This class is an introductory session on social media. The topics discussed will include the basics of social media and why it is needed in your small business and the pros and cons of using social media. You will learn what the top four social media sites are and how to utilize them. Most importantly, in this class you will learn how to develop a social media strategy for your business. Facilitated by Mark Bays, Business and Technology Counselor for Tennessee Small Business Development Center at ETSU in Johnson City

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