Marketing as an Aspect of Business - Research Paper Example

? Any aspect of business Any aspect of business Businesses consist of a number of critical aspects, which comingle to produce effective processes through which businesses operate. However, among the array of important aspects of business, marketing stands out as perhaps the most critical. All businesses centered on profit making need to focus on marketing in order to attain both profitability and longevity. Therefore, businesses need to pay close attention to marketing; without consumers purchasing a company’s products or services, the business will be unable to meet its operational costs, resulting in collapse (Chernev & Kotler, 2009). This means that marketing cannot be overemphasized when looking at business success because it is the foundation of profit-making businesses. This paper will consider the aspect of marketing, which is the most important in ensuring business profitability and longevity. Marketing refers to a business activity that is central to developed consumer economies. Marketing activity starts with the determination of the forms of products that customers want, as well as the amount of money they are prepared to pay for the products. After the business identifies potential buyers and creates and develops a product, the marketing function’s purpose becomes to highlight the value of the product to the buyers in order to develop and enhance the product’s demand (Kotler & Keller, 2012). There are five distinct competing concepts through which organizations can opt to conduct their business; the product concept, selling, marketing, production and holistic marketing concepts. On the other hand, numerous engagements, which are imperative for successful marketing management, include connecting with customers, building strong brands, securing marketing insights and influencing market offerings. In addition, the marketing function of business is responsible for developing long-term growth and providing and communicating value. Marketing is a critical aspect of business because it plays a critical role in improving the success of the business. Production, as well as distribution, depends primarily on marketing. However, it is common for people to consider sales and marketing as the same thing. The two aspects are quite different; marketing encompasses business processes such as promotion, public relations and sales. At its core, marketing is the process involved in the introduction and promotion of products or services into a market. On the other hand, sales is the act of purchasing or the transaction of customers buying the business’ products or services. Since the purpose of marketing is to make a business’ products or services widely recognized to the market, marketers are required to be immensely creative throughout their marketing activities. Within the modern, competitive business environment, getting a company’s products noticed represents quite a challenge to marketers. In terms of marketing strategy, businesses must be more focused on customers than the products (Christensen, 1997). While good and superior quality products are critical, the customer population still has their personal preferences. Therefore, getting repeat purchases is one of the hardest parts of marketing activities. Organizations use various forms of marketing approaches; however, all forms of marketing aim at promoting product awareness to the entire market. Both online and offline marketing activities make it possible for a business to educate the market on its various products and services, which they can purchase. In addition to creating public awareness of a business’ products and services, marketing boosts a company’s sales, as well as revenue growth (Chernev & Kotler, 2009). Marketing is also important in building a company’s reputation; in order to be successful in the market, marketers typically aim at creating brand name recognition. This entails the technique through which consumers can easily associate the brand name with the logo, images or captions they either see or hear in the advertisements. With a recognized name in the industry, a business will continue to expand and grow because many customers will take advantage of products and services from reputable companies. Marketing is particularly critical in a growing business. Marketing endeavors are investments, which will pay for themselves over time. In order for marketing to be effective, its must first clearly articulate what a business does well or differently, as well as the aspects that distinguish it from its competition. In essence, a strong brand encompasses consistency, consists of strong emotional messages and sustains people’s attention. A strong brand achieves this through a strong design, smart campaigns, as well as creative copywriting, which are integral in marketing processes (Kotler & Keller, 2012). Modern day’s marketing strategies are quite diverse and are no longer solely restricted to print, television and radio, but also engage the customer through digital campaigns, as well as creative online campaigns. It takes considerable effort and expertise to create a sound marketing strategy with the capacity to deliver market awareness, loyalty and sales. The existence of online business has revolutionized the aspect of business marketing while the green element of business conduct has altered the way marketers and businesses make their marketing decisions. Modern marketing concentrates on digital approaches, which deter excessive exploitation of natural resources such as trees for paper. Modern approaches to marketing include, among others, relationship marketing, which focuses on customers, industrial or business marketing, which focus intently on organizations and social marketing, which focuses on providing benefits to society. Emerging forms of marketing also make use of the Internet and are, therefore, referred to as Internet marketing or online marketing, e-marketing or digital marketing (Hochbaum, Moreno-Centeno, Yelland & Catena, 2011). These approaches endeavor to marketing segmentation, which is used in conventional marketing. In essence, e-marketing targets the market’s audience precisely, and is thus referred to as personalized marketing or one-on-one marketing. Conclusion It is evident that marketing is a critical aspect of business since plays a critical role in ensuring business success; it educates the market on the latest market trends, boosts a business’ sales and profits and builds up a company’s reputation. However, it is critical for marketers to be creative enough to promote their company’s products through the application of proper marketing tactics (Kerin, 2012). However, while marketing is essential, if it is not researched or conducted effectively, it is tantamount to wasting the company’s funds and time on failed a marketing approach. Clever, insightful, creative and flexible marketing strategies have the capacity to unlock massive potentials for business. In view of the significance marketing holds for the effectiveness and success of a business, the wide array of options available, as well as the skills required, it is critical to employ professional marketers or marketing agencies to assist the company implement an effective marketing strategy to give the company a competitive edge. References Chernev, A., & Kotler, P. (2009). Strategic marketing management (5th ed.). New York: Brightstar Media, Incorporation. Christensen, C. M. (1997). The innovator's dilemma: when new technologies cause great firms to fail. Boston: Harvard Business School Press. Hochbaum, D.S., Moreno-Centeno, E., Yelland, P., & Catena, R. A. (2011). Rating customers according to their promptness to adopt new products. Operations Research 59(5), 1171-1183. Kerin, R. A. (2012). Marketing: The core. New York: McGraw-Hill. Kotler, P., & Keller, L. K. (2012). Marketing management (14th ed.). New York: Pearson Education Limited.  Read More