We have extensively spoken about corporate governance-what it is, how it works, its principles, models, etc. We know, that for any organization or company to be successful, the first and foremost thing required is marketing or publicity which promotes awareness and therefore people get to know about the company. The more number of people know about the organization, the more successful it usually is. Marketing lets you harness this public interest and thence transform it into something useful.
So what is marketing?
According to Wikipedia, marketing is the study and management of exchange relationships Marketing is used to create, keep and satisfy the customer. It has the customer at its center, as opposed to selling.
Importance of marketing:
When it comes to running a successful business, marketing strategies are what guide it. Marketing makes sure that a certain product is reaching the target set of audience and that people are aware of the existence of the product or service that a business is trying to sell or offer. Sales don’t just happen- people don’t just walk into a store and think of buying a product on a whim (although sometimes, a buyer maybe impulsive)- most of the times people know what they want to buy and for a particular product to be on these people’s shopping lists, the marketing efforts need to be tremendous.
Marketing should be done in such a way that when someone sees a product being marketed, he or she should feel that that product is tailor made for them. It is about making the customers believe that they not only “want” the product, they “need” it. Marketing involves introducing the product and then further promoting it.
Without marketing, there would be no product to sell because people wouldn’t know about its existence or importance. It highlights all the good aspects of the product.
A successful marketing campaign ensures that whoever sees the product on the supermarket shelves, buys it. Marketing is what makes a business, a brand and is the main reason behind profits and revenue generation.
1. Promotes a product
2. Highlights the features of the product
3. Tells the customers why the product is different
4. Increased awareness amongst buyers
5. Recognition for not just the product but the business as a whole-brand recognition
6. Revenue generation through advertisements
7. Creates a sense of loyalty
8. Increases the reach of the product
9. Better the marketing strategy, more attractive the product is to the people.
10. Increases profits by increasing sales.
The scope of marketing is vast and varied. It can be applied to almost every sphere of life and not just businesses. Marketing is involved anywhere where we are trying to get people to notice something and find it interesting. You may be talking a book you like to read or a song you like to sing; at the end of the day you are basically urging people to buy the book or listen to the song, which is basically what marketing is.
Marketing generates revenues and profits for the company. Research regarding customers is extremely important when it comes to marketing as that is what will tell you how you should go about selling your product or service and who are the people that you should target.
Its scope also involves using the available judiciously such that there is no wastage and whatever is actually needed is available. The scope of marketing ranges right from the introduction of the product to the product being a part of the customer’s household.
1. Cost of marketing is substantially high
2. Takes time to create a niche
3. A business needs to be absolutely sure that their product is reaching the target audience and for that, it needs to use the correct marketing medium (print ads, radio, television, etc.)
4. A ton of resources are required
5. May not always be successful
6. Results may be unexpected
Marketing is more of a one to one thing-it is important to understand what the customer wants and deliver accordingly. Tools like VComply let you organize things accordingly in such way that your approach to marketing becomes much more simplified as you, as a manager have enough time on your hands as majority of the managing is done by the tool.
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