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Marketing - Essay Example

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Most modern organisations have departments exclusively dedicated to developing and executing marketing strategies, hence its importance in business entities. Jain defines the concept of marketing as the…
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Download file to see previous pages As noted by Masterson and Pickton, it is important in distinguishing a business function (23). Indeed, marketing is a major success factor for any business entity.
First, marketing plays a crucial role in creation of utility. From the definition of marketing by Jain, it would be noted that marketing involves time, place and people (3). It is against this background that marketing is considered as a useful function in creating time, place and possession utilities. Jain supports this argument noting the critical marketing activities of transportation, storage and selling as the key players in effecting this creation of utility (32). Transportation creates the place utility by making goods and services available to customers at the desired place. Storage allows businesses to supply such goods and services at the time when needed. Finally, through selling, marketing provides the possession utility of the commodities being sold to the customers. Thus, marketing enables organisations to create utilities. For example, Coca Cola uses marketing to create the time utility by promoting its products during festive seasons, say Christmas Day. Such boosts the sales of the products when needed. Indeed, marketing creates utilities for products of business entities.
Marketing fosters the competitiveness of a business entity. This is particularly so through marketing intelligence. As defined by Masterson and Pickton, marketing intelligence refers to the information relevant for a business entity’s market which is gathered and analysed to help in decision-making (54). Marketing is the business arm that involves direct interaction with customers and prospects. It is therefore an appropriate strategy to use for collection of information from the market. Such information would be useful in the determination of market opportunity and penetration strategies. It provides business entities with appropriate ...Download file to see next pagesRead More
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