Marketing: a useful tool for Success Kevin Quinones University of Phoenix Marketing: a useful Tool for Success When you hear stories of how successful a firm is you are probably wondering what actions did they take to achieve this pinnacle? There is more significance in that question then you may think. Certain elements lie behind the work of that firm’s success through strategic planning. This strategic planning may affiliated with finance, internal operations or marketing.
However, today I am only going to discuss one strategic element and that is marketing. When I first think of marketing, what comes to mind is billboards or advertisements in a magazine, on a commercial or a cereal box? I thought that marketing was simple; just put your product out there as much as possible and create a market trend. Needless to say I found that marketing was much more then advertisement. Marketing deals with identifying and meeting human needs otherwise known as “meeting needs profitably”.
Moreover, when you are dealing with marketing you are analyzing people to decide your target market. You want to determine when people will buy, what type of product they will buy, what type of look they will buy and how will you get your message across that you have what they are looking for. Importance of Marketing There are many other reasons why marketing is such a crucial element to a company; let’s go back to finance shall we? Ask yourself this question: would a company finance a project that is not going to bring a high rate of equity?
Marketing is often a key element when it comes to finance operations so if there isn’t a sufficient demand for the products a project can produce then why produce it? I will use my company as an example to paint a better picture. Nexans I work for Nexans, who are global experts in cable systems and distribute power and telecommunication wire throughout the U. S. Lately we have invested in many projects for new machinery that are in the process of being installed and programmed to produce certain types of finished goods.
These finished goods are at a high demand in the market as of today and we are considering it a very well thought-out investment that will increase company capital. The company will make money once they are up and running because demand is high for the products and this is what makes marketing so very important. Nintendo When Nintendo came out with the Nintendo Wii their target market was so versatile that it almost seemed it would never work. The intricate design of the Wii sparked a gaming interaction unlike none other before.
The thought of playing a video game and barely pressing any buttons sounds too futuristic, but designer Shigeru Miyamoto did just that by creating a game the was intended to give players the freedom to do responsive actions with the Wii remote. So how exactly did Nintendo use a marketing plan to spread the word? According to chmielewski of the L. A. Times, Nintendo used an Ambassador strategy where they went to six major cities in the U. S. and gave Nintendo Wii’s out to three different groups. a core gamer/loyalist who would sing the praises of the system to other gamers; a large multi-generational family, where everyone from the kids to the grandparents could take turns with the Wii remote; and an alpha mom, who would presumably spread the word at schoolyards, soccer fields and her neighborhood. ” Nintendo targeted people that were influential in their community and this influence would spread the word like flash fires. Verizon Verizon used marketing as a tool to target ‘tweens and teens from ages 8-11 and 12-19. Verizon created.
The importance of Verizon’s vision relied heavily on finding the right sponsors to reach these target groups. Verizon used sponsors such as N’Sync summer concerts, MTV’s “Real World” and Nick online (Prnewswire, 2009). Through the use of these market segments and other influential tools to reach out to the youth is one of the reasons why Verizon is one of the biggest cellular corporation in the United States. Marketing is a fundamental tool that can be used to drive the success of any business for it deals with meeting the needs and wants of everyday consumers.
The importance that marketing has on a firm should not be taken lightly for without any knowledge of marketing whatsoever, projects and products alike would fail miserably. Nexans used marketing as a variable tool to weigh investment decisions, while Nintendo used marketing to show how versatile their gaming concepts were to a vast audience. Moreover Verizon used marketing to target specific groups and used sponsors to dive their message across in the most likely of places those target customers would be affiliated with.
These are all examples of how important marketing is, how would you use it? References Chmielewski, D. (2009, December, 5). Marketing Moms. Los Angelas Times. Retrieved August 18, 2009, from http://articles. latimes. com Prnewswire. (2009). Verizon Marketing Executive to Share How Teens and ‘Tweens Spark Telecom Leader’s Marketing. PR Newswire Association LLC. Retrieved August 18, 2009, from http://www. prnewswire. com ———————– Marketing 2