Mkt 501
Marketing
Title: could the world be free from marketing?
PREPARED BY: NOR HIDAYANI BT ABDULLAH (2010896714)
IFFAH IZZAH BT MAIDIN (2010457948)
SITI ANIS ANIHA BT ISA (2010286898)
HAZWANI LIAS (2010862892)
NUR FAIZURA MOHD YASIN (2010689714)
SUBMIT TO: PROF MADYA HAMDAN HASSAN
GROUP: AS227 4A
Bcs. (Hons) Furniture Technology
INTRODUCTION TO MARKETING
Several definitions for marketing have been proposed for the term marketing and for each tends have been emphasize different issues. Memorizing a definition is unlikely to be useful and ultimately, it makes more sense to thinking of ways to benefit from creating customer value in the most effective way, either subject to ethical and other constraints that one may have. The 2006 and 2007 definitions offered by the American Marketing Association are relatively similar, with the 2007 appearing a bit more concise. Note that the definitions make several points:
- A main objective of marketing is to create customer value.
- Marketing usually involves an exchange between buyers and sellers or between other parties.
- Marketing has an impact on the firm, its suppliers, its customers, and others affected by the firm’s choices.
- Marketing frequently involves enduring relationships between buyers, sellers, and other parties.
- Processes involved include “creating, communicating, delivering, and exchanging offerings.”
Delivering customer value is the central idea behind marketing that a firm or other entity will create something of value to one or more customers who are willing to pay enough or contribute other forms of value to make the venture worthwhile considering opportunity costs. Value can be created in a number of different ways. For example, some firms manufacture basic products (bricks) but provide relatively little value above that. For the other firms make products whose tangible value is supplemented by services (a computer manufacturer provides a computer loaded with software and provides a warranty, technical support, and software updates). It is not necessary for a firm to physically handle a product to add value. For examples, online airline reservation systems add value by compiling information about available flight connections and fares, allowing the customer to buy a ticket, forwarding billing information to the airline, and forwarding reservation information to the customer.
The marketing and the selling concept are two approaches that exist in marketing. The traditional selling concept emphasizes selling existing products. The philosophy here is that if a product is not selling, more aggressive measures must be taken to sell it, for example, cutting price, increase the advertising or hiring more aggressive and obnoxious sales-people. When the railroads started to lose business due to the advent of more effective trucks that could deliver goods right to the customer’s door, the railroads cut prices instead of recognizing that the customers ultimately wanted transportation of goods, not necessarily railroad transportation. In contrast for the marketing concept is focuses on getting consumers what they seek, regardless of whether this entails coming up with entirely new products.
The 4 Ps (product, place, promotion, price) represent for the variables that are within the control of the firm at least in the medium to long run. In contrast, the firm is faced with uncertainty from the environment.
COULD THE WORLD BE FREE FROM MARKETING?
In our opinion we think that marketing is important. As we study, we had learn that many of the business were used marketing in their organization to make their business success. Production and distribution depend mostly on marketing. Many people think that sales and marketing are basically the same. These two concepts are different in many aspects where marketing covers advertising, promotions, public relations, and sales while sales refer to the act of buying or the actual transaction of customers purchasing the product or service. For the marketing concept, it is the process of introducing and promoting the product or service into the market and encourages sales from the buying public.
The objective of marketing is to make the product or service widely known and recognized to the market. Marketers must be creative in their marketing activities. In this competitive nature of many businesses, getting the product noticed is not that easy. Strategically, the business must be focus on the customers more than the products. Although good and quality products are also essential, the buying public still has their personal preferences. If you target more of their needs, they will come back again and again and even bring along recruits. If you push more on the product and disregard their wants and the benefits they can get, you will lose your customers in no time. The sad thing is that getting them back is the hardest part.
IMPORTANCES OF MARKETING IN OUR WORLD
Marketing have many important in this world and in the other hand, we can say that it commonly use in our daily life. Below are some important of marketing that we had observed:
1) Marketing Promotes Product Awareness to the Public
By using marketing, marketer can introduce their product to public. No business in this world that not use marketing concepts to introduce their new product. if they just letting the people find out about the business themselves, the business will not be success as the other business that use marketing to publish their product because if we use marketing concept, people can know about our product quickly unless they have already established a reputation in the industry.
Basically for the start-out company, the first step to let people know about the business is by using advertising and promotion. The business may be spending on the advertising and promotional programs but the important thing is that product and company information is announced to the buying public.
There are various types of marketing approaches that can be utilized by an organization. All forms of marketing promote the product awareness to the market at large. A company must invest in marketing so as not to miss the opportunity of being discovered. If expense is to be considered, there are cost-effective marketing techniques a company can embark on such as pay-per-click ads and blogging.
2) Marketing Helps Boost Product Sales
By using marketing concept, the sales and revenue of company’s product or service will boost growth. Through TV, advertisements, radio commercials, newspaper, online, and other forms of marketing, product will sales once the public learns about the product. The more people hear and see more of your advertisements, the more they will be interested to buy. The marketing department must be able to come up with the effective and strategic marketing plans if the company aims to increase the sales percentage and double the production.
3) Marketing Builds Company Reputation
By use the marketing techniques to publish the product such as use images, logo, or caption that customer hear and see in the advertisements, customer can easily to remember about the brand name. Brand name is important to make people recognize about the company and product. For example, Kentucky Fried Chicken is known by people as ‘KFC’. People can know the short form of KFC because of their good marketing concept. . For some companies, building a reputation to the public may take time but there are those who easily attract the people.
4) Marketing can help to identify the needs and wants of the customers.
Marketing is to promoting a product or service in such a way that causes potential customers or prospects to want to hear about what have to offer. To define the needs and wants we need to promote and provide information of the product or service. By using network way to provides more valuable information. The more helpful and valuable your information is the greater the chance those customers will purchase.
Marketing is the process whereby demands for products, services and ideas are anticipated, managed and satisfied. Make a research according to the marketplace behavior of competitors and consumers and then designing product, promotion, pricing and distribution strategies that will be accepted in the marketplace. This is about acquiring and retaining customers for products and services by delivering customer value.
CONCLUSION
As the conclusion, we think that global need the marketing plan. The marketing plan is essential to any successful business. It is the heart of the business, the basis from which all other operational and management plans are derived. Besides that, marketing offers a wealth of information that if applied correctly virtually can ensure the success.
An effective marketing plan will certainly boost the sales and increase the profit margins. We must be able to convince customers that we have the best product or service for them at the best possible price. If we cannot convince potential customers of this, then we are wasting our time and money. This is where the marketing plan comes into play and this is why it is so important.
There are numerous advantages that we can extract from the marketplace if we know how to manage the marketing plan. It is an excellent tool for identifying and developing strategies for extracting these advantages.
REFERENCES
Your assignment is too short and fail to explore all the facets of the topic...
ReplyDeleteYou have references, but why no data, facts, and figures to strengthen your opinion?
It is a five person assignment. Should be more exploratory in it exposition.
ktorg kna tmbh ag atau pe....
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