Importance of Marketing

Marketing has become one of the most critical increasing forces which drive today’s companies. With marketing a company has power to carefully plan and implement the strategies to make a company successful. I view marketing as everything a company or a person would do to advance the company or business. According to Wikipedia, 2006, Marketing is "the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals. "(Wikipedia, 2006, p.

1) Another definition, perhaps a more easier way of explain marketing is “the analysis of customers, competitors, and a company, combining this understanding into an overall understanding of what segments exist, deciding on targeting the most profitable segments, positioning your products, and then doing what's necessary to deliver on that positioning. ”(Weiss, 2002, p. 3) Marketing influences our everyday life. It influences the goods done by consumers and industries, marketing also influence a company’s services and ideas. Marketing is composed of various functions.

These functions are needed in order for a company to become successful. Some of these functions are: buying, selling, transporting, storing, financing. A company becomes successful by how developed its market plan is. Marketing plan along with financial and management plans will determine how far well a company will succeed. When a company can determine what its customers like, expects and dislike, that company is on the road to success. Have an effective marketing also allow a company to know its competitors’ weakness and strengths.

When a company can identify their customers’ wants, needs and expectations and can also identify their competitors’ weaknesses and strengths, the company can establish a marketing plan that will enable them to excel and fulfill the needs of its company and have a much clearer view of its competitors. Take for example, the company that I work for, Coral Shores Realty, started with the broker Ronald Cika. He was bankrupt after his first attempt of starting up a company. After reviewing his mistakes, Ronald decided to create a marketing plan that will enable him to see and understand what his customers, agents and employees needs and expects.

He then started to research his competitors by looking at how he can beat or meet their challenges. Ronald did just that and today Coral Shores Realty is the fourth largest real estate company having over 950 agents state wide. Most companies believe that they can just succeed because they know want to do. It takes dedication, effective planning and an understanding of how the marketplace operates for a company to succeed and to keep on growing. A business needs to have a marketing plan that the company follows diligently.

The business should have a plan that will tell whether; • The product or service the company offer is always in demand. • The competitors offer the same product or service • Is the company capable of developing a demand for the product or service that the company provides • Is the company able to compete effectively when it comes to quality, cost and delivery If the company can examine its program and can truly say that the program answers these questions then the company is on the road of success, however; if the company’s program cannot answer these questions honestly then the company needs to develop a more effective marketing plan.

When a company can use these marketing tools effectively that company will excel, for example, Pitney Bowes, they have long been the leader in office mailing systems when it comes to big businesses. “Taking an entrepreneurial approach, Pitney Bowes formed a Small Office Division that was able to effectively provide postal services that were previously unavailable to small businesses. Reportedly, as a direct result of the new division, Pitney Bowes added more meter customers in 1997 than it had since 1971. (Stasch & Tang, 2003, p.

7) A company’s sales and profit and grow tremendously if the company follows an effective marketing plan. The company must be able to attract and keep its customers. If the company fails to retain and maintain its services and products then the company has wasted precious time and money. General Motors Corp. even though they have been successful for many years, reported a $323 million loss. One of the reasons why I think General Motors is failing is that the company is more product driven than market driven. In conclusion, I believe that the marketing plans along with management skills are important to any successful company.

Marketing is the core of any business and it gives the company a rich source of information that if used effectively will ensure a profitable future. References Stasch, S. F. , & Tang, C. (2003). Characteristics of Successful Corporate New-Business Venturing. Retrieved April 25, 2006, from http://www. uic. edu/cba/ies/2003Papers/Stasch-Tang. htm Weiss, A. (2002, November 26;). What is Marketing. Retrieved April 25, 2006, from http://www. marketingprofs. com/2/whatismarketing. asp Wikipedia (2006, April 24;). Marketing. Retrieved April 25, 2006, from http://en. wikipedia. org/wiki/Marketing