The Importance of Marketing in Organizational Success

Marketing has many definitions. Definitions that focus on customer needs and that are customer oriented can be used to explain the success of an organization much clearly. Marketing can be defined as the process through which potential clients and customers who are willing and able to buy are enticed to buy your products or services.Advertising We will write a custom assessment sample on The Importance of Marketing in Organizational Success specifically for you for only $16.05 $11/page Learn More According to American Marketing Association, marketing is defined as â€Å"the process, the activity and set of institutions for communicating, creating, exchanging and delivering offerings that have value for clients, customers, partners, and society at large.† (Armstrong Kotler, 2011). According to Chartered Institute of Marketing, marketing is defined as â€Å"The process of management used to identify, anticipate and satisfy customer requirements wi th the aim of making profits.† (Kotler Keller, 2012). This article will discuss the importance of marketing in organizational success based on the foregoing definitions. An organization can only succeed when proper marketing strategies are put in place. Marketing determines the nature of production and distribution channels that an organization uses for its products. Marketing deals with boosting sales, advertisements, public relations and promotions. The most fundamental importance of marketing to an organization is that it helps build reputation. Marketers find it easier to subdue the entire market by creating a brand name through which customers can get to recognize their organization. This technique which is also called brand recall helps consumers to easily distinguish the organizations products from those of competitors. The aim of this technique is to increase brand loyalty by creating a brand name that is easily identifiable through logos, images or caption that are a dvertised through media (Armstrong Kotler, 2011). Through marketing, an organization is able to create awareness for its products. The primary goal of marketing is to get the product or service recognized by prospective customers. It would be unrealistic to assume that customers can find out about an organization all by themselves especially if it has no reputation in the industry.Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Thus, for an upcoming organization, it would be proper to make your company known through consistent promotions and advertisements. This is an expensive exercise that eventually pays off when prospective buyers are duly informed on the benefits of utilizing a company’s products or services. Marketing helps an organization to boost its product sales and increases growth of revenues. Any form of marketing, be it online or offline advertisements, radio com mercials, newspaper advertisements, TV advertisements and so on are sure to generate sales once the public learn about an organizations products. An organization that seeks to increase its production capacity and drive up sales must consider allocating enough funds to the marketing department which in turn should develop strategic and effective marketing plans to ensure that this objective is achieved. The roles just discussed are based on the definition of marketing as a process that is customer oriented. Given that customers have their own preferences; product quality would not be enough to ensure sustained sales. Thus, an efficient marketing strategy would be that which targets the customer’s needs. An organization that disregards consumer preferences will eventually lose out to the competitors. Getting back a customer who has defected to competitor is extremely difficult and not financially feasible in most cases (Kotler Keller, 2012). Marketing helps create healthy comp etition through regulating service and product prices. Through marketing, consumers and competing companies get to learn about pricing of various services and products. A business through marketing is able to compete for customers by providing fair pricing before competitors does unlike in a monopoly where prohibitive prices are set. Competition helps less known companies succeed through appropriate marketing strategies, in other words, marketing helps an organization to stand out so that consumers will prefer its products rather than those being offered by the competitor.Advertising We will write a custom assessment sample on The Importance of Marketing in Organizational Success specifically for you for only $16.05 $11/page Learn More Marketing helps organizations in strategic decision making. It is through marketing that everyone in the organization gets to learn about the nature of the customers and the market that they are dealing with. This is ofte n made possible through the feedback given by marketers to the organization. The feedback given enables the organization to develop a marketing philosophy to aid in the development of strategic planning process. The organization uses information and analysis obtained through marketing as input for strategic marketing plans and decision making (Perreault, Cannon McCarthy, 2011). Marketers make this possible by identifying consumer trends as well as examining their potential impact. In addition, they assess the current situation to gain better understanding of the market. The foregoing shows that marketing does help an organization make broad strategic decisions through strategic marketing. On the other hand, marketing helps an organization make specific strategic decisions for day to day activities and for individual products. This normally takes place at the operating level where four Ps of the marketing mix are taken into consideration by the marketing managers. These include pric e, product, promotion and place. Marketing is a field which is evolving fast and its importance in growth and sustainability of businesses cannot be overemphasized. To some extent, marketing has altered the nature of the chain of distribution. This is the case with Nike which is perceived by many to be manufacturer of products such as sports gear. The truth is that Nike manufactures very little of these products if any. The actual manufacturing is done by the supplier while Nike exclusively deals with the marketing of these products. The implication of this trend is that through such companies, strategic alliances among the marketing firm, distributors and suppliers can be formed through a common business network (Perreault et al., 2011).Advertising Looking for assessment on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Thus, an organization that does not want to spend too much putting up a marketing department can readily obtain marketing services for its products through well known marketing companies like Nike or Adidas by joining a business network. This kind of approach can be proof to be very beneficial for an upcoming company or a company that has just launched a new product. Marketing as a separate entity within an organization does contribute to its success in terms of performance for a new product, financial performance and performance of customer relationship as opposed to general market approach like in the Nike case just discussed. An organization’s success is pegged on its ability to attract and retain customers. This can be achieved through establishing an effective internal marketing department or by joining a business network. Marketing being a process should focus on creating a brand name through which the organization can identify itself to the public and this can be achie ved best through identifying and satisfying consumer needs. References Armstrong, G. Kotler, P. (2011). Marketing: An introduction (10th ed.). Upper Saddle River, NJ: Prentice Hall. Kotler, P. Keller, K. L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Perreault, W. D. Jr., Cannon, J. P., McCarthy, E. J. (2011). Basic marketing: A  Marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill Irwin. This assessment on The Importance of Marketing in Organizational Success was written and submitted by user SerpentS0c1ety to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here. The Importance of Marketing in Organizational Success