Running head: MARKETING STRATEGY 1

Marketing Strategy

Westcliff University

BUS 720 Marketing Strategy & Consumer Behavior

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Marketing has a wide concept. Marketing means to make the product marketable. Early

stage of the marketing, considered as selling and no difference were between ‘Marketing’ and

‘Selling’. It does not include only personal selling or advertising. Marketing includes activities

such as public relations, sales promotion, advertising, social media, pricing, distribution and

many other functions (Gordon,2010). Marketing deals with the identifying and fulfilling of

human and social needs. In marketing, each level is equally important. Now a day, marketing

had developed a lot as compared to previous years. In earlier times, marketing was not so much

familiar but today it is familiar to everyone. It is a task of creating, promoting, and delivering

goods and services to consumers and businessperson. It is a long and continuous process. The

success of marketing lies based on the demand and supply of product.

Marketing is absolute a very important part in whole operation. The marketing program

starts with the germ of a product idea and does not end until the customer’s wants are completely

satisfied, which may be sometime after the sale is made. Marketing is a crucial function in any

business or organization, and is increasingly important in the modern globalized economy. A

main objective of marketing is to create customer value. Marketing usually involves an exchange

between buyers and sellers or between other parties. Marketing is a very important function in

organizations (Karunakar, 2008). Clients are the ruler of the market. Manufacture have to

develop the product according to the market. Therefore, people should know about the meaning

of market, why market is important, product level, sales promotion, marketing research,

advertising, life cycle of product, modern concept of marketing, sources and marketing strategies

(Gordon,2010).
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Nature of marketing

Marketing is the process of understanding and manipulating markets. Marketing is a

process that marketing managers execute. In a number of examples, a marketing manager does

not manage people, but manages the marketing process. Marketing is a consumer – oriented

process, which means goods should be, produced which satisfies consumer needs. The market

process starts with the consumer and ends with the consumer. Marketing research helps producer

to know about consumers need (Mishra,2008).

Marketing is the base of business because in earlier years it was known as the function to

get goods and services in the hands of the customers. Modern marketing is responsible to

satisfies customer needs at a maximum speed with minimum cost. Marketing is a dynamic

process. It is a set of interrelated and interacting activities to reach customers. Customers provide

valuable information, which helps the organization to supply required products and earn profit.

Marketing works on the principle of achieving goal, which means to earn profit and to increase

goodwill of a company (Nair,2008).

Marketing is a process of exchange, which means goods, and services are exchanged

between buyers and sellers. Information are also being exchanged. Information is the foundation

for the success of the organization (Hundekar, Appannaiah, & Reddy, 2010). Marketing is a

process, which involves various functions to be performed in an order. It should be flexible

because any changes in the social and environmental factors influence the marketing process.

Marketing is an important function for the success of the organization. It helps to realize

the objective of the firm, raise the standard of living by satisfying the social and, economic needs

and to produce the goods, which are in demand at large (Gordon,2010). It also helps in the

growth and economic development of a country. Consumers get knowledge of the nature of
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marketing and how marketing process works. People can also get to know that how products are

being introduced after getting to know about the market demand (Hundekar et al., 2010).

Market research is done before bringing the product in the market. The products are

developed when there is need of the product in the market. Company can produce new and better

products in the market by marketing the products. The new products are always introduced to the

investors by showing prototype of the products. Once the prototype is approved the products

would be prepared and marketing would be done for it. Marketing plays an important role in

bringing new products (Mishra,2008).

Due to the increasing competition in the domestic and global markets, companies need to

create new and unique products. The companies can produce new and better products into the

market by being innovative and creative. The innovative companies can easily add value to

existing products. The creative firms will come up with new and efficient products that meets the

customer expectations (Gordon,2010).

Value proposition acquires meaning to the products. It is an expected benefits of

consuming products or given service. The consumer wants to ensure the service for paid money.

The product satisfaction can be seen when consumer is satisfied by the products. If the consumer

is not happy with the product than their product won’t mean anything to them. Most firms would

always evaluate the customer needs to provide the needed level of satisfaction to the customers

(Mishra,2008).

Customer satisfaction helps to increase the chance of customer retention. When the new

product is available in the market customer always thinks of trying that out if the same product

provide majority of their needs. There are numerous reasons for the consumer to switch to new
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products such as lower price, promotions and offers, more options to select and trust on the brand

that brought new product (Mishra,2008).

The negative consequences of marketing attempts that encourage purchase of products

that consumers do not need are following:

Reduction in customer loyalty because of the offers or services are provided to the customer

which they don’t need it. These will effect in the reduction of the competitive as the consumer

would start switching to the competitor products. The people in the marketing creates the needs

of the products through marketing strategies. This strategy includes advertisement, sales

promotion, publicity among others (Mishra,2008).

In order to manage the marketing in proper way, people should know about the basic

principles of the marketing. People should know about the market situations, importance of

marketing, different tools used to market the product, product life cycles and demand supply of

product. People should be aware of the original product as well as about the concepts of

marketing. Marketing is the base of the product and every organization should market their

product in such a way that it benefits the company (Mishra,2008).

Organizations should always forecast the demand through various models and with the

help of past information. For success of any product in the competitive market, organization

should market the product through various media. If there is any same product existed in the

market manufacture should have some important thing that differs their products from the

product available in market. Every product in market is already been put in market on a trail base

to know the market ratio. Product should made be popular in the market through various

marketing skills. Through marketing organization can tell product specification to the

consumers. Even company started to provide trial packages of the product through mass media.
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Marketing is a long process so it has to be done with great knowledge of the field. Marketers

should keep in mind that that “consumers are king” before marketing the product. Product

success not only lies in advertisement but it also depends on the product acceptance in the

market. Various different tools and techniques are being used by the producers. To make product

to be more accepted in market producer will introduce promotional offers and discounts. People

can know about what marketing is relate to and how it is done. Thus, people can learn about the

meaning of market, why market is important, product level, sales promotion, marketing research,

advertising, life cycle of product, modern concept of marketing, sources and marketing strategies

(Nair,2009).
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References

Gordon S. (2010). Marketing Management. Mumbai, IND: Himalaya Publishing House

Hundekar S.G., Appannaiah H.R., & Reddy P.N., (2010). Principles of Marketing. Mumbai,

IND: Himalaya Publishing House

Karunkar,K. (2008). Marketing Management. Mumbai, IND: Himalaya Publishing House.

Mishra M., (2008) Modern Marketing Research Mumbai, IND: Himalaya Publishing House

Nair S., (2009) Marketing Research Mumbai, IND: Himalaya Publishing House.