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Importance of Understanding of Marketing to Organizations - Essay Example

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Summary
This essay explores the importance of an understanding of marketing to organizations. Without marketing, a business may have superior products in the industry but the potential customers are not aware of them making the sales decline and eventually the whole company to collapse…
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Importance of Understanding of Marketing to Organizations

Download file to see previous pages... This paper illustrates that successful firms adjust their marketing approaches to the changes in the set-up of the environment. Nevertheless, an awareness of the market-place is critical as there is a very little effect if the firm is marketing knowledge remains within its own boundaries. So that information can become useful, it has to be shared in the entire organization. Some of the knowledge may be codified to create a situation where they can be sent through information technology systems. However, tacit knowledge can only be shared through a give and take method which may be developed by participants over time after they understand the intricacies associated with a particular situation. Tacit knowledge allows an organization to apply critical knowledge in operational activities whose outcome is improved efficacy, the creation of value and improved financial performances. For instance, when a sales-person gets more knowledge concerning what an executive requires in a main customer’s firm, they can utilize this information to better customize the message, create a better solution and increase the chances of amassing revenue. Therefore, this form of knowledge may be used as a source of competitive advantage creating the need to understand the ways in which this form of knowledge may be shared. In order for a business to succeed, the customers must be aware of the product associated with the business. Except if the public is aware of the firm and the firm’s communiqué with the clients is easily obtainable, the firm has to utilize marketing approaches to develop product awareness. The use of marketing in the promotion of the company’s product provides the business with the opportunity of being discovered by prospective clients. When the prospective clients become aware of the product and the company, the chances that the customers will make purchases increases. ...Download file to see next pagesRead More
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