Introduction
In many industries and sectors or businesses, the main aim is to have high sales to increase the amount of profit accrued from the operation done. As such, an organization needs to structure a well organized plan to make sure that this objective is achieved. By this we may bring in the topic of marketing which would be a driver towards the achievement of increasing the number of sales in the business so as to meet the objectives of the business of increasing the profits realized .
The topic on marketing is very important to my organization and to effectively show this, I would start by defining the word. Marketing is the advertisement of a commodity to the consumers so as to sell the commodity to the consumers . For the marketing of a commodity to be effective, the following have to be done:
- Personalized value- this is where an organization emphasizes to the consumers on why its product is more satisfactory compared to a similar related product. As such, brand loyalty is enhanced and this makes the commodity less pressures to the price competition.
- Price competition- this is where you put the prices of your commodity lower than that of your competitors. This can be very effective as some people would tend to buy the commodity due to its cheap price. Although it may be effective, it is also very dangerous. This is because anyone can beat your price and hence may bring you to losses when you are forced to lower your prices more.
- The approach of nostalgia- this is an approach that is dependent on the inherited loyalty of the brand.
- Rebranding- the rebranding of a commodity makes it more appealing to the consumer when looked at when on the shelves and hence your branding would determine whether the commodity would sell.
Marketing is mostly done through advertisement and the marketing of a business and its commodity can be done through print advertising, television and radio marketing, direct mail marketing, and telemarketing
With its importance in organizations, marketing is also bound to have issues. The following are some of the issues in marketing; issues in market research, market audience issues, issues in advertising and promotion, deceptive advertising and ethics, anti competitive practices, ethics in pricing among others .
Advantages of marketing
- The promotion of the business
- Enhancement on the brand recognition
- Increasing the business profits.
Disadvantages of marketing
- It is very costly hence funding is needed
- It requires the investment of time.
With the overview of the importance and issues on marketing, the management of my organization would consider the topic with in-depth thought so as to effectively come up with marketing strategies that would be of benefit to the organization. The marketing topic would be heavily relied upon in this organization to ensure that the organizations goals of making sufficient profits are achieved. Also this would enhance the organizations reputation and its commodities popularity to the people hence there would be a stronger connection between the organization and the consumers of its products.
References
Charles W. Lamb, . F. (2010). Essentials of Marketing. Mason: Cengage Learning.
Hunt, S. D. (2010). Marketing Theory: Foundations, Controversy, Strategy, Resource-advantage Theory. New York: M.E. Sharpe.
Rajiv Grover, . V. (2006). The Handbook of Marketing Research: Uses, Misuses, and Future Advances. California: Sage.
Thorsten Hennig-Thurau, . H. (2000). Relationship Marketing: Gaining Competitive Advantage Through Customer and Retention. Hannover: Springer.
William G. Zikmund, . J. (2012). Essentials of Marketing Research, 5th ed. New York: Cengage Learning.
