Marketing is a very important aspect of any profit making organization. it is the only process through which a company communicates with the customers and creates awareness about the existence of the products. Marketing is a process which involves the 4Ps-product, price, promotion and place. Various companies have specialized in the use of any of the four aspects to improve their competitiveness in the global markets. Definition of marketing Marketing is a process which involves development of products which match the market demand, buying and selling of products and promotion of the brands made by a company.
Marketing aims at adding value to the company by satisfying the needs of the stakeholders of the organization. Rownd and Heath (2008, pg. 1) define marketing as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. " The second definition is provided by BusinessDictionary. com where marketing is said to be comprise of a process involving movement of goods and services from concept to the end users.
It is a philosophical definition which provides that marketing involves satisfying the needs of the customers. it is a practice where the marketer coordinates the 4Ps, that is, identifying, selecting and developing the products, providing the appropriate prices to the products, selecting the best distribution channels to deliver the products to the place where customers are located and developing the best strategy to promote the products (BusinessDictionary. com. 2010). The importance of marketing in organizational success Marketing adds value to the activities of the organization.
Order custom essay Marketing strategies in different companies with free plagiarism report
Customers acquire satisfaction when the marketer fulfills the 4Ps of marketing. The marketing principles dictate that the organization should identify, select and develop products which match the needs of the customers. Apple Inc is a company which is well known for developing products which match the demand of the customers. The company does adequate market research about the demand of the customers and develops products which match the particular needs of the customers. This strategy has created more customer loyalty and the company has achieved a great amount of competitive advantage.
For example, the introduction of the iMovie and the iPod brands into the global markets has created a lot of profit to the company and the music industry has celebrated this great innovation by the company. The company uses new technologies to develop very innovative products. The company has introduced a research and development department to research on products provided in the market (Linzmayer, 2004). The pricing strategies must be in line with the products quality and economic standards of the customers. Products which are properly priced create more profits to the company and satisfy the customers to a great extent.
Wal-Mart Company is a multinational company based in United States which has opened many stores in different countries. The company has adopted a low pricing strategy for its products. This policy was adopted when the customers developed low demand for the products due to high prices. The management of the company researched about the causes of low demand. The company has been able to increase its sales by the use of this strategy (Kabel, 2006). The promotional strategies provide the customers with knowledge about the company and provide awareness to the customers about the existence of such products.
Marketing also enables the marketers deliver the products to the right place. The marketing strategies provide the company with the knowledge about the exact location to place the products for ease in access by the customers. Starbucks is a company which specializes in the selling of snacks and beverages. The company has encouraged its employees to improve on the relationship with the customers. The company spends very few resources in promotion since it has been successful in maintaining good customer relationship.
The company has created as many subsidiaries as possible to locate its products near to the customers and to enable customers access the products of the company more easily. The management of the company was very successful in identifying a market niche of individuals who had no place to rest after work before they went back to their homes. The company specializes in supporting the working class of people by providing a resting place after work before they go back home. The management of the company establishes the branches of the company in strategic places where these people can access the products of the company more easily (Brown, 2004).
Conclusion Marketing is a very important tool in the establishment of a strong brand image in the market. Companies use marketing strategies to improve their competitiveness in the global markets. The 4Ps of marketing are the foundation of all marketing strategies developed by any company. Apple Inc has been very innovative about its products and has become very competitive in the global markets due to the appropriate use of proper technology to develop products which match the customer demand.
Wal-Mart has used low pricing strategy to overcome the challenges it has encountered in the market. This strategy was adopted to increase the sales volume of the company. Starbuck Company has used interpersonal relationship with the customers as a strategy to promote its products in the market. it has opened several branches in many countries to create proper access of its products by the customers. The company has been very successful in placing its stalls in strategic places where the working class of people can relax after work.
Did you know that we have over 70,000 essays on 3,000 topics in our database?