Definition of Marketing - Essay Example

Marketing Marketing is a management process, which involves the movement of goods and services from the producer to the and includes identification, selection, and development of the product (Oly, 2007). Marketing also includes determination of the product’s price, selection of the distribution channel, and the promotion strategies. Marketing concerns thinking about the business in terms of customer needs and satisfaction of their needs. All the tricks and techniques of having people who are willing to exchange their cash for a product refer to marketing.

Marketing is more concerned with developing demand for a product and satisfying customers’ needs and not necessarily for customers to pay for the goods. Customer relationship is a very important and efficient approach that helps in creating and maintaining the good relationship with the customers. Customer relation brings about a strong bond through personal and emotional linkage and the organization can know the actual needs of the customer (Oly, 2007). Loyal customers are quite important as they have a big likelihood of telling more people about your business through the word of mouth.

External customers always like to feel needed by the business operators and communication with them is very important. A satisfied customer will always be happy with the business and remain forever, which will help in enhancing the growth of the business. Dealing with customers efficiently increases their satisfaction increasing the chance of making more sales and high profits. A business strategy involves the tactics and methods business persons use to manage their businesses and organizations.

Having an effective business strategy helps in retaining the customers especially if there is a program for following up the customers to find out whether the items they bought are in good condition (Oly, 2007). A good organizational and business strategy ensures that resources are used efficiently to avoid wastage. Some of the resources in a business organization are personnel customers, reputation in the market, patents, warehouses, and manufacturing processes. Business strategies should utilize the companys resources to ensure that the company does not lose its customers and has a big market share.

Good company strategies enhance its expansion and growth through promotion of vigorous marketing research. Research helps in venturing into new areas to increase its production and promote growth. The other importance of strategy is giving directions and action plans, prioritization and aligning of activities, defining accountability, enhancement of communication and commitment, and provision of a framework for decision-making.Organizations need their customers goodwill and firms should know the major environmental factors that create a good relationship with customers, workers, and other parties.

A good business organization recognizes the indicators of the changing environment and acts accordingly to avoid any strains in the running of the business. Studying market environment is very important both internal and external help in identifying the strengths, weaknesses, opportunities, and threats that can affect the business (Oly, 2007). Studying the business environment helps in creating good relationships with stakeholders on matters relating to business matters. Internal business environment helps in identifying organizational capabilities that relate to the performance of the business.

It also helps in analyzing the strengths and weaknesses within an organization. Understanding external environment helps the management to explore the opportunities and threats, which help them to implement the necessary plans. Through environmental scanning, new marketing opportunities are realized in which the organization performs effectively. Customer relationship is important and an effective approach that helps in creating and maintaining the good relationship with the customers. Having an effective business strategy helps to retain the customers.

A good business organization considers the changing environment and its importance in the running of the business. Studying market environment is important both internal and external to help to identify the strengths, weaknesses, opportunities, and threats. ReferenceOly Ndubisi, N. (2007). Relationship marketing and customer loyalty. Marketing intelligence & planning, 25(1), 98-106.