Top Ten Reasons Marketing’s Essential To A Successful Business.

[Source: http://www.imspgh.com/ten-reasons-marketing-is-essential/]

http://www.imspgh.com/ten-reasons-marketing-is-essential/

@ Sudev 

You are very right, to position the product or service to the customer,initially.

In a challenging economy, marketing is crucial to identify new avenues, target new customers and determine the value of the product and services and to get more out of investments. Doing the same things in an uncertain economic environment and expecting the same results is, at worst, a definition of marketing insanity. Marketing helps to identify the need for a product revitalization or reinvention. A marketing plan is key to establishing the dimensions of the market, where you fit according to your product and identifying where an organization should focus its marketing budget to achieve the best overall results.

@ Sundarapandian

Yes, the inputs of handling competition and branding are very highly valued.

@ Sudev & Sundarapandian

Still more happy if any you can share any concurrent work in marketing (projects)

@ Yogesh

Identifying new paths and re-positioning for better results are well taken. Please share more inputs in Agriculture or natural product marketing.

The most important function of marketing, along with others, ---- is to create awareness about products/services of the organisation and create/make loyal customers for these products/services.

No business around the world can survive without marketing!

@ Subhash

Necessity of marketing is essential, do you have any examples of Marketing function in the aftermath of recession.

The situation seting is advanced and emerging-market financial-crisis, recovery from financial crises occurs over several years, with investment recovers slowly than output

From this link, it's interesting that a recession seems a threat, but it's also an opportunity to carry on afloat, while competitors sink.  I have edited from the link.

The most profitable ad campaigns of all are those that get consumers talking about the brand -- and its marketing. Word of mouth is a powerful amplifier. Consumers will talk about remarkable things. Research shows that TV still plays a major role in marketing, second only to talking of the product by family and friends.

http://www.adweek.com/news/advertising-branding/marketing-recession-10-things-remember-98256

@ Miranda

Your inputs is really good and apt, fearing recession and Cutting ad spend will affect long term and reach

@Umachandran, cutting adspend during a recession is likely to see sales and income fall by 20-30 percent over the next two years as a result, and  'firms that cut advertising take much longer to recover when the economy begins to improve.'  So it's ok to cut manufacturing and administrative costs, but not reduce product quality or cut budgets for marketing in  recession.  (Simple and sensible.)

http://www.adweek.com/news/advertising-branding/marketing-recession-10-things-remember-98256

@ Krishnan - I am not a marketing expert. As far as agriculture commodities or natural products (including forest products, mine and minerals, etc.) are concerned, market is regulated by state/national legislation. 

As any human science, marketing is object of updates and enhancement of new theoretical framework to fit with the continuous customer behavior and the continuous changes in the environment of the firm.

@ Yogesh

Yes in india, the market is regulated. Is there any new product development or innovative use etc, has been recently happened which can boost marketing (or) any new hurdle imposed to marketability of any agricultural or natural products etc.,

Example of one happening near my place-  Liberated farmers: they don’t depend on agents or middlemen to sell their produce. Instead, they have aggregators who get them the right price for their brinjals, ladies fingers, snake gourds and other vegetables.

http://www.thehindu.com/news/cities/chennai/new-markets-and-a-better-deal-for-vegetable-farmers/article7066769.ece

@ Barbara

Nice input of using NGO sector into marketing. In India self help group are encouraged and supported. Do you know any such instances of use or practice in your place, for marketing products or services to local community use etc.,

@ Said

Can you share more information on 

Dear Miranda

Thank you, your inputs are well taken. Please give more information on the existing market conditions in your field of work and especially in Malaysian contest

It is absolutely necessary to have a marketing for any and everything. Delivery approach, plan,strategy would differ depending on product. Key is not a perfect plan. But the execution of it. The last mile connectivity.

Dear @Umachandran, I have found this link that I hope will be useful to you.  There are many important points here.  Earlier I talked about TV as one medium.  (Sorry late responses, I have been busy with my own writings.)

'The advertising industry today is showing a change in the traditional media to include the digital media in order to reach audience more effectively. The interactive media of Internet, mobile and gaming as well as increased use and availability of improved handsets, less expensive laptops,faster broadband, and extensive Wireless Fidelity (Wi-Fi) connections, provide support for expectations of further growth in global digital advertising. This type of advertising share of thetotal advertising spend is expected to rise from 6% in 2005 to 15% in 2009.

Although the global economy is facing increased economic pressures, analysts forecast that global advertising spend is to grow 6.7% in 2008 from 5.3% in 2007. The Asia Pacific region is expected to post advertising spend growth of almost 10%. Meanwhile, the first quarter of 2008 showed global advertising spend grew over 4% with main contributors coming from the television medium– representing 60% of the global advertising market share. '

https://www.researchgate.net/post/How_essential_is_Marketing_to_an_organization

Here's something interesting for all, whether we are in this business or not.

A recent study indicates that 60% of mobile Internet users are more likely to be open to mobile advertising than the average mobile data users. Mobile advertising comes in various formats such as banner advertising, sponsored advertising, location-based advertising and idle screen advertising. Growth for mobile advertising spend will come when there are more investments of money, time, talent and negotiation among brands, agencies, mobile carriers and mobile service providers in the market. Mobile content categories include mobile video and TV, gaming, mobile music, search and mobile social network which can create better opportunity for advertisers to interact with consumers.'

About my country:

'Total advertising spend in Malaysia rose 22% in the first half of 2008 amounted to RM2.9 billion from the same period in 2007. Advertisements spent on the Internet medium in the first half of 2008 was worth RM14.9 million. Traditional medium still drives the bulk of advertising spend in Malaysia. Newspapers have the largest portion with total amount of advertising spend reaching RM1.6 billion, a growth of 16% from the first half of 2007. The Advertising Standards Authority (ASA) Malaysia believes that, advertising spend can reach RM6 billion or 11% growth from RM5.4 billion in 2007. This growth is expected to come from outdoor media and digital advertising and the growing potential in TV and creative production.'

http://www.skmm.gov.my/skmmgovmy/files/attachments/Ad_Dev_Malaysia.pdf

please check the link agricoop.nic.in/vifuc31311.pdf.

This is the Vegetable initiative for urban cluster scheme of government of india. launched in 2011.

@ Miranda 

Thank you for your valuable information shared. Especially in Malaysia there is more content on the kind of information i require.

@ Sudeep

Inputs on Rural / Retail / Apni mandi / Motorised vending carts / aggregation etc., in the vegetable initiative document are worth value additions.

Business organizations have no other options but to market their products or services. Since the ROI or profit of a business organization is derived from selling, the more effective of their marketing strategy, the more profit or the faster the ROI they will get. However, putting all efforts on marketing per se are not wise as business involves upstream, production, and downstream activities. Too much marketing will increase the cost of doing business, but putting improper efforts to marketing will result a business go no where.

@ Muhammad thanks, In addition to operational efficiency, market adaptation activities / initiatives ranging from raising awareness of climate risks, promoting action by Government, and supporting action of individuals through incentives, information and financial means use of insurance risk transfer for disaster governance and adaptation. Further, factors such as financial literacy, risk awareness, distribution channels, regulatory frameworks and enforcement of property rights - all influence the development and suitability.

http://www.lse.ac.uk/GranthamInstitute/wp-content/uploads/2014/02/WP89-public-private-actors-governance-of-adaptation-agricultural-insurance-india.pdf

Marketing is extremely important to any company. When I was CMO in one company, I often used one comparation: I was compearing a company with a football team. As I work in telecommunications (telecom operator) I have seen (and I still have the same comparation) technical department as defensive players, customer care department as a second forward players, sales department as a first forward player (so called "fox in the box") and marketing as a midfield player(s).

If you compare company with tacticts in a football team, marketing is midfield player(s). And if you know anything about football (I am sure you do :-)) you have to know that there is no good team with quality midfield part of a football team. These part of a team has to conect all parts (from goalkeeper to forwards) of team in one logical system.

So, marketing department is part of company which have to connect technical, custromer care and sales department to work with logical sense and as one well-coordinated team (very often marketnig has to connect these parts with financial, purchase and law departments,....). And of course, marketing has to create new products and services and refresh the existing ones...

So, how essential is marketing to an organizations? Extremely important... marketing is a brain of the company and very often marketing includes nervous system that conects brain with all other parts of a system. Why? Because marketing has to lead activities in the company and employees from marketing has to work proactive and push all other parts in the company...

I hope this was helpful to you.

Best regards.

Igor

@ Igor, your illustration and comparisons with football  is taken well ans it justifies that Marketing is a highly coordinated activity.

Yes you are right. Marketing is highly coordinated and highly creative activity. And very compelx because marketing containing several activities: product and services development, researching marketplace(s) and competitors, researching new fields of work, advertising,....    

Marketing as a function completes the critical activities of value chain attainment in an organisation.This is because goods and services emanating from production as a process can not find their way to the customers in need without marketing.Also marketing is use as a tool  to achieve market penetration.

Dear Krishnan and Others,

This is a very broad but important thread.  From my study and perspective marketing is the soul of the organization.  The initial problem is to define what is meant by "marketing."  Some academicians and practitioners believe that marketing is promoting (selling and advertising) the product/service when it must be infused throughout the organization.  This is done by aligning the firm's activities.  If buyer satisfaction (at a profit) is the firm's goal then all departments from purchasing to customer relations must contribute toward that goal and be rewarded for their contributions.  Too often firms make an inferior or less appropriate product then demand that marketing dispose of the output.  I tried to teach my students that everyone in the firm is in "marketing" but most engineers and no accounting/finance person thought they contributed to buyer satisfaction!  Thus, marketing is a mindset and approach to the marketplace that when performed correctly leads to buyer satisfaction, repeat purchases, and a stream of revenue!  Many of the responders have said this is slightly different ways.

Marketing is also a part of Total Quality Management (TQM).

Marketing needs to be done in a honest way & without overdoing.

@ Earl,

I agree that the customer's satisfaction when take precedence as Firm's objective that the micro management or operational efficiency is prudent.

Example of FINCORP

The future success of the Company in delivering its strategic objectives concentrate on

(i). Employee engagement.

(ii). Customer satisfaction

http://www.fincorp.co.sz/index.php/2012-10-12-13-10-25?download=13:annual-reports

It depend on the type of organization, their mission, functioning, clients, etc. I think, making approach and its outcome would be different for for-profit and non-profit organizations.

Hi

dear Krishnan

see the web

http://www.jstor.org/discover/10.2307/1251172?uid=3738280&uid=2&uid=4&sid=21106841693773

In todays cut throat competition, no organisation -- even educational -- can survive without marketing  -- degree may differ organisation to organisation.

Blue Ocean Strategy in Marketing - to win in the future, companies must stop competing with each other. The only way to beat the competition is to stop trying to beat the competition on the current playing field.

http://thepersonalcoach.ca/userContent/documents/BookReport,BlueOceanStrategy.pdf

Data Marketing Blue Ocean Strategy

Dear Yogesh - In academic circle, we need to do some 'marketing' to promote our own research to get some visibility. Though I don't like to attend Conferences much, as it requires a lot of travel, I still do as it helps me to get some new academic contacts and also get some visibility. Generally, I keep a low profile! Best wishes, Sundar

Even before inception of the organization, marketing starts!

Sabhash - Prof. Subhash! Well said!!

Excellent comments!  I use to ask my students: can you identify any organization that does not market?  This often would lead to students trying to argue that governments or technical companies did not need marketing.  Then I would ask the students to define marketing.  What activities does a firm need to engage in to market?  As Subhash has correctly stated: marketing begins before the organization!  Every organization has a product or service, all must deliver the product/service at home, in the store, or via electronic means, all must make the consumer aware of the offering, and lastly a price must be set (fee, donation, or amount charged). As Philip Kotler said many years ago: everyone markets, but some firms are much more expert at how, when, where, and to whom they market!  Less profitable firms often market to best serve their organizational biases.  More successful firms organize or align themselves in a way that allows the highest customer satisfaction at the lowest cost.

Challenge The Status Quo -

Challenge the accepted wisdom and encourage your staff to do the same. Look at things from the point of view of the customer.

https://blog.kissmetrics.com/mega-entrepreneur-richard-branson/

Dear Sudev Naduvath :

Thanks for providing many useful links!

Best wishes, Sundar

Leadership, Ethics, Change, Innovation, Communication Skills, etc are usually covered in a foundation course for MBA students - "Principles of Management".

Yes,

Marketing of an organisation is extremely important to get IDENTITY in the market..

Successful organizations from "Brick & Mortar" to "New age" - have in common. They were all built from within by members looking to meet the needs of the group they were already part of.

Therefore every employee is a Customer by themselves. Hence the quality of delivery has to be felt by each and everyone within, so that the product / service speaks. When they start to own, it reflects in the work, which easily transpires to the society or market.

Marketing plays a very important role in the success of any organisation. So what is marketing? According to Kotler (2010) "Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others"

Marketing is one of the single most important reasons for any organisation's success. Some people make the mistake of confusing marketing with selling. They Visualise customers being bombarded by advertisements. Real marketing is the belief that sustainability can be achieved by satisfying your customer's needs better than your competition.

Identifying changes or trends and knowing how to respond to these helps an organisation to keep its customers happy. Marketing plays a more important role today than it ever did before in the past. This is because consumer's tastes are continually changing. Organisations who ignore these changes suffer consequences of declining revenues and loss of customers. Companies that once were seen as icons are now struggling to for survival. Each year hundreds of long established companies are going out of business.

Few Organisations today practice true mass marketing, which is selling in a standardised way to everybody. Nowadays marketers prefer to target fewer more profitable customers instead. Some companies will also try to get rid of any existing unprofitable customers, so it can focus more on giving a better service to the profitable ones.

Marketing plays a key role in the sale of most goods and services. For instance if a company comes out with a new product nobody in the public will know about it. The company will then get the help of marketers, who will use marketing tools to promote the product to the public. Companies are not going to simply let the public find out about the product for themselves, if this was the case then the product would never be successful. Convincing customers to buy a new product is perhaps one of the hardest parts of marketing. Through the digital revolution in recent years marketers have tools at their disposal that they never had before. Amazon.com which is one of the largest online retailers in the world gets 30% of their sales from suggesting products to customers after they buy or view a particular product e.g. customer buying a laptop will be suggested to buy a laptop bag immediately after they buy a laptop on their site.

Sharing link:

https://www.ukessays.com/essays/marketing/importance-of-marketing-to-an-organisation-marketing-essay.php

Regards!

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