Marketing module - Literature review Example

MARKETING Task Marketing Introduction I learned that marketing entails the use of different concepts and techniques in promoting a commodity or a service to customers. Usually, the executive spearheads this activity using a combination of approaches such as advertising commodities via the internet. Several companies around the globe have used the basic concepts of marketing in enhancing their success over the years. For instance, the manufacturing and the hospitality industry have benefited from using the marketing concepts in analyzing the performance in the market. I believe that In future, the definition of marketing is expected to change due to the introduction of the interpersonal role of the executive in marketing. Hence, future marketing will entail supplying commodities that exceed clients’ expectations in an enticing manner. Persons intending to be marketers will have to face the challenges that businesses face in the market. 1 Expectations to learn from the module Marketing concepts I learned that organizations plan for marketing purposely to lead the market. This means that the process of planning has to be continuous for an organization in the marketplace. As such, business managers market to maximize the proceeds of an organization. Modern businesses focus on a description of ethics for promoting a product in the market (Kotler 2003). Organization marketing should ensure that they plan their marketing based on the requirements stipulated by the legal authorities. Indeed, planning is critical in devising effective marketing stratagems. Methods of marketing I equally learned that marketing takes several forms in the contemporary society. As such, the businesses usually focus on the target customer with the aim of attaining profits in operations. I also noticed that organizations usually consult widely prior to undertaking the initiative. In modern marketing sales promotions, stratagems are preferred since they result to huge benefits for the organizations. Marketers face several forms of challenges in the society, which result from utilizing a wrong approach in promoting a product in the market (Kurtz 2012). As such, a marketer has to seek professional advice before devising a marketing strategy. 2 Lessons form the module Marketing concepts: methods of identifying consumer targets Identifying the target market I have learned that identifying the target market requires the application of several marketing strategies. At first, the organization has to research the market to identify their potential clients. Thereafter the organization has to design the approach for attracting the clients (Kurtz 2012). Furthermore, the business has to devise ways of retaining the clients whom they have attracted using their marketing strategies. Market segmentation I learned that it is important to enhance loyalty by using consumer retention strategies. In this case, an organization segments the market to enable them concentrate on retaining their customers. Notably, the management should segment the market based on the geography for their targeted consumers. Moreover, the demography of the population assists in segmenting the market (Pride & Ferrell, 2012). Identifying the difference in taste and preference among different clients is an added advantage for a business intending to lead in the market. Customer retention I have learned that a marketing strategy should enhance customer retention using all means possible. Indeed, respecting the customers, markets an organization to the entire population (Kotler 2003). A business is supposed to provide after sales service to loyal customers. As such, the organization can provide free services in the form of transportation for the goods bought from them by the clients. Lessons from the module The customer is usually at the center of the activities of marketing. They are the sole purpose why businesses exist. Moreover, the mandate is upon the management to show respect to their customers for an organization to attain success (Kotler 2003). The marketing theories guide businesses in assessing their capabilities before venturing into the market. A SWOT analysis is applicable when intending to devise a suitable market leadership strategy. The “marketing concept” features as one of the strategies of marketing. Other strategies include the production concept in which the company focuses of volumes of products it releases to the market (Kotler 2003). Secondly, the selling concept that focuses on promoting a commodity in the market is crucial. Thirdly, the social responsibility concept is more of an integration of the “selling, the production and the marketing concept”. 3 The significance of lessons from the module I have noticed that starting a business requires an understanding of the impact that the external setting has on the activities of the marketer. For instance, the environment dictates to the company the level of success that it might achieve. The environment in this case describes the uncontrollable forces that businesses encounter in conducting their activities. They include regulation that the governing authorities implements for business. The regulation comes in the form of taxation and other policies imposed to businesses such as employment policies. The lessons from the module teach the strategies for use in overcoming the challenges attributed to the external environment. I believe that businesses have control on the activities of the internal market environment. Therefore, the organization is supposed to make decision based on its capacity in handling their internal issues. Internal marketing is the best form of promoting products by an organization. It entails empowering employees by informing them of the activities of the market. Empowered employees have the capability of increasing sales in an organization drastically by marketing the organization to the public (Kurtz 2012). They employees go an extra mile by highlighting the people on the benefits of trading with their employers. Role of marketing in starting businesses career After the modules, I noticed that a person intending to become a marketer needs the knowledge of the marketing concepts to succeed in managing their businesses. At first, a person possessing the required communication skills will communicate effectively with customers. Knowing the marketing concept will help a marketer address the needs of people from various backgrounds by supplying customers with the commodities that were initially unavailable in the market (Pride & Ferrell 2012). The person will differentiate the technique to be used in communicating with younger/older clients meaning the marketer will become a team player who is sensitive to the demands of the consumers in the market. Conclusion As learned from the modules, effective marketing is essential for businesses intending to lead in the global market. It is notable that marketing is a business concept that focuses on ensuring that a client gets value for his money in purchasing a commodity from the market. Therefore, businesses should devise the effective approaches for marketing to enhance their survival in the competitive global market. This can be done through researching the needs of the market. Reference List Kotler, P, 2003, Marketing insights from A to Z 80 concepts every manager needs to know, Hoboken, N.J, John Wiley & Sons. Kurtz, D, L, 2012, Boone & Kurtz contemporary marketing / David L. Kurtz. Mason, OH, South-Western Cengage Learning. Pride, W. M, & Ferrell, O. C, 2012, Marketing. Mason, OH, South-Western Cengage Learning. Read More