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Role of Marketing for Organizations
During this week’s lecture, we will discuss the role of marketing in business organizations.
I think that it makes sense for our starting point to understand what marketing is should be to start with the basics and move on from there. So, let’s begin by defining what marketing is. I know there are several definitions and I do not feel that there is one best way to define marketing. However, it’s important that you understand that whatever definition we choose needs to have a focus on the key to marketing success which is the customer. For purposes of this lecture we will define marketing as the strategies and tactics that businesses use to get the word out about their products and/or services as well as to create value for the consumer. In other words, having the right product in the right place at the right time.
Businesses often use something known as the marketing mix to help them. The marketing mix is also referred to as the 4 Ps, meaning product design, price, place, and promotion. For a business to meet its consumers' needs it needs to develop products that will please them, charge an appropriate price, distribute the products to the right place, and promote its products.
I think it will be more helpful to everyone for us to briefly discuss each aspect in a little more detail:
Product
· Should satisfy consumers wants and/or needs
· Needs to do what they claim it will do
· Needs to look good and clearly display benefits on the package
Price
· Needs to be appropriate to the product/service to attract the segment of the market they want
· Should reflect the product’s advertised image
· Should be within range of already established price points of competitors if any
Place
· Need to have a reliable way to transport and store products to ensure they are available for the consumer
· Right product needs to be at the right place at the right time
· Increases the odds for the product to be purchased by consumers
Promotion
· Need to communicate with consumers to create value
· Provides information that will help them make an informed decision to purchase a product or not
Role of Marketing for Organizations
During this week’s lecture, we will discuss the role of marketing in business organizations.
I think that it makes sense for our starting point to understand what marketing is should be to start with the basics and move on from there. So, let’s begin by defining what marketing is. I know there are several definitions and I do not feel that there is one best way to define marketing. However, it’s important that you understand that whatever definition we choose needs to have a focus on the key to marketing success which is the customer. For purposes of this lecture we will define marketing as the strategies and tactics that businesses use to get the word out about their products and/or services as well as to create value for the consumer. In other words, having the right product in the right place at the right time.
Businesses often use something known as the marketing mix to help them. The marketing mix is also referred to as the 4 Ps, meaning product design, price, place, and promotion. For a business to meet its consumers' needs it needs to develop products that will please them, charge an appropriate price, distribute the products to the right place, and promote its products.
I think it will be more helpful to everyone for us to briefly discuss each aspect in a little more detail:
Product
· Should satisfy consumers wants and/or needs
· Needs to do what they claim it will do
· Needs to look good and clearly display benefits on the package
Price
· Needs to be appropriate to the product/service to attract the segment of the market they want
· Should reflect the product’s advertised image
· Should be within range of already established price points of competitors if any
Place
· Need to have a reliable way to transport and store products to ensure they are available for the consumer
· Right product needs to be at the right place at the right time
· Increases the odds for the product to be purchased by consumers
Promotion
· Need to communicate with consumers to create value
· Provides information that will help them make an informed decision to purchase a product or not
Weekly Related Readings
The Marketing Mix and 4 Ps: Understanding How to Position Your Market Offering Putting the right product in the right place, at the right price, at the right time. http://www.mindtools.com/pages/article/newSTR_94.htm
Marketing to Gen Y: What you can't afford not to know How do you reach these 71 million “Millennials” that spend over 200 billion dollars annually and will soon replace the baby boomer generation as the largest percentage of the workforce? https://startupnation.com/start-your-business/marketing-to-gen-y-what-you-cant-afford-not-to-know/
13 Reasons Why Using Social Media for Business is Non-Negotiable! Is there ever a time when having a social mediapresence is an option? http://web.archive.org/web/20130518034250/http://socialmediatoday.com/node/480927