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Marketing Management: Meaning and Importance of

Marketing Management Explained!


Meaning:
Marketing management facilitates the activities and functions which
are involved in the distribution of goods and services.
According to Philip Kotler, Marketing management is the analysis,
planning, implementation and control of programmes designed to
bring about desired exchanges with target markets for the purpose of
achieving organisational objectives.
It relies heavily on designing the organisations offering in terms of the
target markets needs and desires and using effective pricing,
communication and distribution to inform, motivate and service the
market. Marketing management is concerned with the chalking out of
a definite programme, after careful analysis and forecasting of the
market situations and the ultimate execution of these plans to achieve
the objectives of the organisation.
Further, their sales plans to a greater extent rest upon the
requirements and motives of the consumers in the market. To achieve
this objective, the organisation has to pay heed to the right pricing,
effective advertising and sales promotion, distribution and stimulating
the consumers through the best services.
To sum up, marketing management may be defined as the process of
management of marketing
programmes for accomplishing organisational goals and objectives. It
involves planning, implementation and control of marketing
programmes or campaigns.

THE IMPORTANCE OF MARKETING IN A


SOCIETY
It is generally accepted that the standard of living of people of any society is
determined by the level and quality of marketing activities carried out by
various parties within a society, individuals and households are fulfilling their
need and want through the marketing function taking place within the society.
Unless such a marketing function, it would not have been able to match the
heterogeneous supply of the production sector with the heterogeneous demand
of the households of any economy. There are a number of discrepancies and
gaps between this heterogeneous supply and demand which is illustrated the
following diagram

Unless these discrepancies and gaps are eliminated. We cannot expect a


continuous and smooth flow of products moving from the production sector to
household sector. If so ,the level and quality of products consumed by the
household sector is shrinking and thus reducing their level of standard of living.
However, any society or economy has a macro marketing system comprising
manufactures, suppliers and various intermediaries who perform various
marketing activities such as manufacturing, pricing, distributing, promoting,
selling etc. which are called universal marketing functions. By performing these
functions, macro marketing system can eliminate such discrepancies and gaps
between producers and consumers and continue a flow of need satisfying goods
and services.
Importance of Marketing to the Marketers, Consumers and Society!
Marketing is the source of many important new ideas in management thought and practice such as
flexible manufacturing systems, flat organizational structures, and an increased emphasis on service
all of which are designed to make businesses more responsive to customer needs and preferences.
This suggests that small business owners must also master the basics of marketing in order to
succeed.

To the Marketers:
1. Financial Success:
Nothing succeeds like success and financial success often depends on marketing ability. Finance,
operations, accounting, and other business functions will not really matter if there is not sufficient
demand for products and services. There must be a top line for there to be a bottom line. Marketing
is a profit centre, other functions are cost centres.
2. Marketing is often the Route to the Top:
Most companies have now created a position of Chief Marketing Officer, similar to Chief Finance
Officer or Chief Strategy Officer. Most of the top positions in the company are being fulfilled by
people from marketing. There is no management discussion in the annual reports without describing
their latest marketing achievements, and the strategies and tactics adopted.
3. Helps Boost Product Sales:
Marketing is a core business discipline. Apart from spreading awareness about the products,
marketing actually helps boost sales and the revenue growth. Marketing creates desire among the
general public to buy the product through effective strategic marketing plans including integrated
marketing communication. The more people hear and see the products, more they would be
interested to buy.
4. Builds Company Reputation:
Marketers aim at creating brand equity through brand 'name, images, logo, or caption ('Iodex maliye
kam par chaliye') that the customers listen and watch in the advertisements. McDonalds is
immediately recognized by its arch design. With an established name it is easier for marketers to
expand and to grow. Companies also create reputation through innovation of products, which is
possible because of financial resources generated from sales.
5. Marketing is the biggest component of a product offering:
Normally 40-60% of the price charged from a customer comprises of marketing-related costs, like
advertising, market research, development, etc. The greatest challenge before the marketer is how to
bring it down without sacrificing marketing objectives.
6. To Cope up with the Changing Marketing Environment:
Globalization, the internet, and information transparency have led to an increasingly mobile
workforce, ever more fussy customers, and rapidly changing technologies and business models.

Thus, companies are less able to predict - let alone control - the short-term shape of their own
markets. Consequently, more and more organizations are choosing to adopt a marketing-led
philosophy to enable them to win market share and capture and retain the hearts and minds of
current and prospective customers.
Marketing is becoming more important as organizations around the world strive to develop products
and services that appeal to their customers and aim to differentiate their offering in the increasinglycrowded global marketplace. Marketing is no longer the sole prerogative of a single 'function'.

To the Consumers:
1. They can buy goods globally:
Marketers through computer and information technology are able to satisfy more customers across
the globe than ever before. Marketers do recognize the role of websites and the blogs, online
communities, SMS, e-mail etc which facilitate marketing exchanges. Today if someone has to buy a
fridge, he can visit the sites for new and old fridges, compare them and can find the best value.
2. Promotes Product Awareness:
Getting the product recognized by the market is the primary objective of marketing, by which
customers take advantage of them. Customers never thought of mobile phones, personal computers
or laptops. Awareness of them was spread by marketers only. Thus, marketing helps to improve the
quality of life.
3. Creating Utilities:
Marketing creates form utility (from timber into desired furniture), place utility (moving product
closure to customer), time utility (product being made available when it is needed), information
utility (informing of availability of a particular product at a particular place and at a particular price),
and possession utility (through transfer of ownership).

To the Society:
1. Protection against Evil Effects of Depression:
It is through marketing that the spending is continued and the depression is kept at bay.
2. Employment:
Marketing offers many exciting, interesting, and challenging careers, like personal selling,
advertising, transportation, packaging, marketing research, product development and design, cash
and carry stores, retailing, lobbying, event management, etc. Apart from such commercial activities,

many non-governmental organizations engaged in cause marketing, advocacy marketing, social


marketing etc. also provide great opportunities.
3. Availability of Various Products:
Society would have no choice in the absence of marketing. Today, there are hundreds of new
products and tens of variants of every product are available only because of marketing.

Importance of marketing can be studied as follows:


(1) Marketing Helps in Transfer, Exchange and Movement of
Goods:
Marketing is very helpful in transfer, exchange and movement of
goods. Goods and services are made available to customers through
various intermediaries viz., wholesalers and retailers etc. Marketing is
helpful to both producers and consumers.
To the former, it tells about the specific needs and preferences of
consumers and to the latter about the products that manufacturers can
offer. According to Prof. Haney Hansen Marketing involves the
design of the products acceptable to the consumers and the conduct of
those activities which facilitate the transfer of ownership between
seller and buyer.
(2) Marketing Is Helpful In Raising And Maintaining The
Standard Of Living Of The Community:
Marketing is above all the giving of a standard of living to the
community. Paul Mazur states, Marketing is the delivery of standard
of living. Professor Malcolm McNair has further added that
Marketing is the creation and delivery of standard of living to the
society.

By making available the uninterrupted supply of goods and services to


consumers at a reasonable price, marketing has played an important
role in raising and maintaining living standards of the community.
Community comprises of three classes of people i.e., rich, middle and
poor. Everything which is used by these different classes of people is
supplied by marketing.
In the modern times, with the emergence of latest marketing
techniques even the poorer sections of society have attained a
reasonable level of living standard. This is basically due to large scale
production and lesser prices of commodities and services. Marketing
has infact, revolutionised and modernised the living standard of
people in modern times.
(3) Marketing Creates Employment:
Marketing is complex mechanism involving many people in one form
or the other. The major marketing functions are buying, selling,
financing, transport, warehousing, risk bearing and standardisation,
etc. In each such function different activities are performed by a large
number of individuals and bodies.
Thus, marketing gives employment to many people. It is estimated
that about 40% of total population is directly or indirectly dependent
upon marketing. In the modern era of large scale production and
industrialisation, role of marketing has widened.
This enlarged role of marketing has created many employment
opportunities for people. Converse, Huegy and Mitchell have rightly
pointed out that In order to have continuous production, there must

be continuous marketing, only then employment can be sustained and


high level of business activity can be continued.
(4) Marketing as a Source of Income and Revenue:
The performance of marketing function is all important, because it is
the only way through which the concern could generate revenue or
income and bring in profits. Buskirk has pointed out that, Any
activity connected with obtaining income is a marketing action. It is all
too easy for the accountant, engineer, etc., to operate under the broad
assumption that the Company will realise many dollars in total sales
volume.
However, someone must actually go into the market place and obtain
dollars from society in order to sustain the activities of the company,
because without these funds the organisation will perish.
Marketing does provide many opportunities to earn profits in the
process of buying and selling the goods, by creating time, place and
possession utilities. This income and profit are reinvested in the
concern, thereby earning more profits in future. Marketing should be
given the greatest importance, since the very survival of the firm
depends on the effectiveness of the marketing function.
(5) Marketing Acts as a Basis for Making Decisions:
A businessman is confronted with many problems in the form of what,
how, when, how much and for whom to produce? In the past problems
was less on account of local markets. There was a direct link between
producer and consumer.

In modern times marketing has become a very complex and tedious


task. Marketing has emerged as new specialised activity along with
production.
As a result, producers are depending largely on the mechanism of
marketing, to decide what to produce and sell. With the help of
marketing techniques a producer can regulate his production
accordingly.
(6) Marketing Acts as a Source of New Ideas:
The concept of marketing is a dynamic concept. It has changed
altogether with the passage of time. Such changes have far reaching
effects on production and distribution. With the rapid change in tastes
and preference of people, marketing has to come up with the same.
Marketing as an instrument of measurement, gives scope for
understanding this new demand pattern and thereby produce and
make available the goods accordingly.
(7) Marketing Is Helpful In Development Of An Economy:
Adam Smith has remarked that nothing happens in our country until
somebody sells something. Marketing is the kingpin that sets the
economy revolving. The marketing organisation, more scientifically
organised, makes the economy strong and stable, the lesser the stress
on the marketing function, the weaker will be the economy.

<p><span><span>1) Marketing helps to achieve, maintain and raise the standard of living of the
society</span></span></p> <p><span><span>2) Marketing increases employment
opportunities</span></span></p> <p><span><span>3) Marketing helps to increase national
income</span></span></p> <p><span><span>4) Marketing helps to maintain economic stability and

development</span></span></p> <p><span><span>5) Marketing in connecting link between the consumer and


the producer</span></span></p> <p><span><span>6) Marketing helps in creation of utilities</span></span></p>

1 Comment

Request Deletion

Answer added by: Mukesh Varadhan Administration Officer 5 months ago

<p>Fully agreed with experts, just thought of adding few more:-</p> <p>1. Marketing created awareness of the
product usage (For Ex: The damage can cause by 'ammonia' in a hair-dye is well reached the consumer b'cos of
marketing).</p> <p>2. Even for political leaders 'marketing' (by medias) is required to reach the people.</p> <p>3.
Heavy marketing is required even to the best movies.</p> <p>Marketing is not confined to only products. It has
become part and parcel of every individual in all aspects of our life. Surely, it has become important to the
society. </p>

0 Comments

Request Deletion

Answer added by: Almuiz Tawfiq Basheer Service Sales Engineer 5 months ago

<p>Agree with all answers.</p> <p>Would like to add that marketing nowadays is not only important to society, but it
is leading the society and directing them to what to like and what to not, what is important and what not, what habits
to keep and to throw behind, what or who are the bad and what or who are the good, who are the leaders, who to
follow as a model, what to wear, what to listen, what to eat,.....</p> <p>Marketing is the power of Media, firms' needs
to access and convince customers and customers director that guides them to whom they should pay or follow.</p>
<p> </p> <p> </p> <p> </p>

0 Comments

Request Deletion

Answer added by: Ghanendra Mishra RSC Interviewer/ Interpreter/ Cultural Orientation Trainer 5 months ago

<p>I ditto the <span>Answer added by:</span><a target='_blank' href="http://people.bayt.com/atef-al-yazzouri-/">


Alex Al Yazouri </a></p> <p>Thanks!</p>

0 Comments

Request Deletion

Answer added by: Santosh Kumar Jangid Santosh Sales Manager 5 months ago

<p> </p> <p><span><span><span>Awareness .....</span></span></span></p> <p> </p>

0 Comments

Request Deletion

Answer added by: Mohamed Hendy marketing and Branding specialist 5 months ago

<p>the new concept of the new Marketing phase is the societal Marketing, societal marketing is a marketing concept
that holds that a company should make marketing decisions by considering consumers' wants, the company's
requirements, and society's long-term interests.</p>

0 Comments

Request Deletion

Answer added by: Nasir Hussain Marketing Manager 6 months ago

<p>I fully endorse the answer of Mr. <a target='_blank' href="http://people.bayt.com/2747205/">LABIB KOOLI
</a> .................... </p>

0 Comments

Request Deletion

Answer added by: Charimar Ferrer Visual Merchandiser 6 months ago

<p style="text-align:justify;"><strong>Marketing increases standard of living, creates utilities and employment


opportunities, economic stability and consumer satisfaction. On the other hand, it also produces income, and a
source of new ideas in marketing organizations.</strong></p>

0 Comments

Request Deletion

Answer added by: ANWER MASSARWEH 6 months ago

<p>If the consumer to understand the importance of the product and its features here begins the consumer study of
this product and will be asked about the extent of the importance of getting this product or not.</p> <p>So to be put
before any product markets need to study the market and choose the appropriate segment of the market.</p>

0 Comments

Request Deletion

Answer added by: LABIB KOOLI Quality Assurance Manager & Training Consultant6 months ago

<p>You're nearly saying as if the Marketing were an angel coming from paradise with good bargains</p> <p>Don't
miss you chance !</p> <p>I guess you're agree with me that Marketing is pushing the society spending more than it
can afford </p>

1 Comment

<p><span><span>1) Marketing helps to achieve, maintain and raise the standard of living of the
society</span></span></p> <p><span><span>2) Marketing increases employment
opportunities</span></span></p> <p><span><span>3) Marketing helps to increase national
income</span></span></p> <p><span><span>4) Marketing helps to maintain economic stability and
development</span></span></p> <p><span><span>5) Marketing in connecting link between the consumer and
the producer</span></span></p> <p><span><span>6) Marketing helps in creation of utilities</span></span></p>

1 Comment

Request Deletion

Answer added by: Mukesh Varadhan Administration Officer 5 months ago

<p>Fully agreed with experts, just thought of adding few more:-</p> <p>1. Marketing created awareness of the
product usage (For Ex: The damage can cause by 'ammonia' in a hair-dye is well reached the consumer b'cos of
marketing).</p> <p>2. Even for political leaders 'marketing' (by medias) is required to reach the people.</p> <p>3.
Heavy marketing is required even to the best movies.</p> <p>Marketing is not confined to only products. It has

become part and parcel of every individual in all aspects of our life. Surely, it has become important to the
society. </p>

0 Comments

Request Deletion

Answer added by: Almuiz Tawfiq Basheer Service Sales Engineer 5 months ago

<p>Agree with all answers.</p> <p>Would like to add that marketing nowadays is not only important to society, but it
is leading the society and directing them to what to like and what to not, what is important and what not, what habits
to keep and to throw behind, what or who are the bad and what or who are the good, who are the leaders, who to
follow as a model, what to wear, what to listen, what to eat,.....</p> <p>Marketing is the power of Media, firms' needs
to access and convince customers and customers director that guides them to whom they should pay or follow.</p>
<p> </p> <p> </p> <p> </p>

0 Comments

Request Deletion

Answer added by: Ghanendra Mishra RSC Interviewer/ Interpreter/ Cultural Orientation Trainer 5 months ago

<p>I ditto the <span>Answer added by:</span><a target='_blank' href="http://people.bayt.com/atef-al-yazzouri-/">


Alex Al Yazouri </a></p> <p>Thanks!</p>

0 Comments

Request Deletion

Answer added by: Santosh Kumar Jangid Santosh Sales Manager 5 months ago

<p> </p> <p><span><span><span>Awareness .....</span></span></span></p> <p> </p>

0 Comments

Request Deletion

Answer added by: Mohamed Hendy marketing and Branding specialist 5 months ago

<p>the new concept of the new Marketing phase is the societal Marketing, societal marketing is a marketing concept
that holds that a company should make marketing decisions by considering consumers' wants, the company's
requirements, and society's long-term interests.</p>

0 Comments

Request Deletion

Answer added by: Nasir Hussain Marketing Manager 6 months ago

<p>I fully endorse the answer of Mr. <a target='_blank' href="http://people.bayt.com/2747205/">LABIB KOOLI
</a> .................... </p>

0 Comments

Request Deletion

Answer added by: Charimar Ferrer Visual Merchandiser 6 months ago

<p style="text-align:justify;"><strong>Marketing increases standard of living, creates utilities and employment


opportunities, economic stability and consumer satisfaction. On the other hand, it also produces income, and a
source of new ideas in marketing organizations.</strong></p>

0 Comments

Request Deletion

Answer added by: ANWER MASSARWEH 6 months ago

<p>If the consumer to understand the importance of the product and its features here begins the consumer study of
this product and will be asked about the extent of the importance of getting this product or not.</p> <p>So to be put
before any product markets need to study the market and choose the appropriate segment of the market.</p>

0 Comments

Request Deletion

Answer added by: LABIB KOOLI Quality Assurance Manager & Training Consultant6 months ago

<p>You're nearly saying as if the Marketing were an angel coming from paradise with good bargains</p> <p>Don't
miss you chance !</p> <p>I guess you're agree with me that Marketing is pushing the society spending more than it
can afford </p>

1 Comment

THE IMPORTANCE OF
MARKETING
Some people believe that just by being in business they will get clients or customer.
They ascribe to the theory that if they build it they will come. It rarely happens that

way. If you dont let people know about your business, not only do you lose but so do
they. Every business owner and solo professional needs to understand the importance
of
marketing.
My town had an election for town meeting representatives in April. I live in a bedroom
community and the local paper had recently reported that there were not enough town
meeting candidates for the required number to get elected. The town was even
considering reducing that number of town meeting members because so few seemed
interested.
Shortly before the election I got a flyer under my door requesting a write in vote. The
woman was clear about why she wanted to be elected. She stated her qualifications
and she also explained how to write in her name since her name was not on the ballot.
I admired her courage, recognized her name and did in fact vote for her. Turnout was
light as you might expect and she got 15 votes but she was elected.
In discussing this with my neighbor who was the one who put the flyer under my door,
he told me that at the last minute her husband decided to run. Since he didnt
campaign he was not elected. My comment to my neighbor was I wish I had known I
would
have
voted
for
him.
What a disservice people do when they have something to offer that others would
benefit
from
but
they
dont
let
others
know
about
it!
Do you understand the importance of marketing? Is your marketing like the woman or
the man in this story? Both were well qualified for the position they were seeking. One
kept it a secret and one introduced herself and made a request for a vote. Are you
letting people know about your practice or keeping it a secret?
Many shy away from marketing because they think they are being pushy or that they
seem desperate. In fact they are being more like the man in my story. Think of
marketing as a way to alert those people who really need your services about what you
have
to
offer.
How did my neighbor get involved in this marketing effort? He happened to be having
coffee at a local coffee shop when he saw a friend having coffee with her friend. His
friends friend was the candidate. The candidate asked my neighbor to support her and
he offered to help by canvassing his neighborhood. She gave him some flyers.
Marketing can be that simple. Notice what happened here. It is all about relationships.

My neighbor met the candidate through a friend. I knew the woman from other
organizations. Youd be surprised at how many people you know and your marketing
action
can
start
with
them.
Of course your friends may not be in your target market but they may know someone
who is in your target market or someone who could be a referral source for you. It is
said that everyone knows about 250 people and each of them knows 250 etc.
Marketing can be as simple as tapping into your social network and asking people to
help you. The importance of marketing to any business venture cannot be
underestimated.

The Importance of Marketing: 10


Reasons You Cant Afford Not to Market
Your Business
JUNE 28, 2013 BY KASIA MIKOLUK

Updated by Nick G. on February 26,


2014
Its hard to overstate the importance of marketing. From hot new startups to
local stores, every type of business can benefit from the increased sales and
heightened brand awareness that a great marketing campaign can offer.
Demystify the goals behind your marketing strategy with these 10 important
benefits. Simply put, if youre not marketing your business, youre not making
progress. No matter how great your product or service is, without any

marketing efforts, youre more likely to stand still and be ignored than to move
forward and find customers or clients.
Marketing is a broad term, and one that both business owners and consumers
are quick to confuse with other terms like advertisingand public relations. Try
to think of marketing itself as a big umbrella, with fields like direct sales,
advertising, and public relations all tactics that make up different parts your
marketing strategy. Some of the worlds most well-known and celebrated
companies from Coca-Cola to Apple have succeeded using two
surprisingly simple tactics: making great products and marketing them well.
In many of our courses, like Lean Marketing for Startups, weve covered
some of the easiest, most affordable marketing tactics out there for small
businesses and online startups. In others, weve covered specialized topics
like affiliate marketing and Facebook advertising.
Marketing isnt rocket science, but it isnt necessarily straightforward either.
Read on and youll discover 10 reasons to market your business, as well as
helpful tips and educational courses to help you take action and start
developing a marketing strategy today.

1. Youll make more sales


No sales, no company. Mark Cuban
When people know your business exists, theyre much more likely to become
your customers. If your marketing campaigns are doing their job properly,
youll start to see an increase in sales shortly after you get started.
Depending on the type of product or service you sell and the type of marketing
you are engaging in, you could start seeing sales after a few days in some
cases, even a few hours. Online advertising platforms like Google
Adwords can start sending you traffic and potentially customers within
minutes of starting your campaign.

By marketing your business online, you can easily keep track of which
campaigns are generating sales and which arent. Our course,Conversion
Optimization, shows you how to track your sales using online marketing
platforms like Facebook Ads or Google Adwords and optimize your campaign
for maximum sales.

2. Youll increase awareness


More contact means more sharing of information, gossiping, exchanging,
engaging in short, more word of mouth. Gary Vaynerchuk
Sometimes your best customers might see your advertisements hundreds of
times before they buy anything. A lot of people see an ad or online
recommendation and, instead of buying straight away, remember the brand
name for future reference.
Raising awareness plants your businesss brand, its product, and its benefits in
the mind of your target audience. By raising awareness through marketing,
youll build a huge audience of potential customers who know who you are,
know what you can offer, and know exactly where to find you.
Dont feel bad if your marketing campaigns dont drive increased sales right
away, as raising awareness is often just as important. Our course, Startup
Attention, is a great resource for developing your own attention-generating
engine that powers your businesss marketing.

3.

Youll learn your metrics

What gets measured, gets managed. Peter Drucker


Whether youre marketing a bakery or an enterprise software company,
knowing your metrics is the key to keeping your marketing campaigns
profitable. If you can pinpoint exactly how much your average customer is
worth, you know exactly how much you can afford to spend acquiring each
new sale.
This makes it far easier for you to optimize your bids on marketing platforms
like Adwords and Facebook. It also makes it easier for you to optimize your
price and profit margin. Basic online conversion optimization tactics can
be used to tweak your pricing and keep your product at the perfect profit
margin.
Once youve calculated key performance indicators like your cost per
acquisition (CPA), lifetime customer value (LCV), or average revenue per user
(ARPU), youll find it far easier to launch other marketing campaigns and
optimize them for profitability.
Launch campaigns, get as much data as possible, and trust your metrics. Once
youve got the data, youre in the power position to grow your business and
increase sales.

4.

Youll make consumers trust

you
People share, read and generally engage more with any type of content
when its surfaced through friends and people they know and trust.
Malorie Lucich, Facebook
Who do you trust more: your friend or a complete stranger? The more well
known your company becomes, the more people will trust you. The more
people trust you, the more likely they are to buy your products and services.

Building trust isnt something that can be done overnight. Think of the
companies that you trust. Generally, the companies we trust the most are the
ones weve been exposed to either through advertising or by doing business
with them for years.
The earlier you start marketing your business, the longer your target audience
will have known you. Start early and build a relationship with your target
market that forms an image of sturdiness, reliability, and honesty and people
will respond by trusting your business to live up to its image.
Theres a reason people pay more for Coca-Cola or Pepsi than they do for a
bottle of store brand cola. Theyve spent years forming a bond with the brand,
and as a result they trust it more.
Learn more about building a trustworthy brand in Branding: How to
Brand Yourself and Your Business.

5. Youll build a social asset


One way to sell a consumer something in the future is simply to get his or
her permission in advance. Seth Godin
What could you do with a list of one million potential customers? As the
expert direct marketers love to say, the money is in the list. By marketing your
business now, you can build a powerful social asset that you can sell products
to tomorrow.
Whether you opt for an email list or a Facebook Page, giving your audience a
way to connect with you gives you a powerful platform for selling products and
asking your audience important questions.
No matter what your business sells, you can develop a powerful social asset to
use for promotions and outreach in the future. Sell shoes? Send users to your

Facebook using a creative ad campaign targeted at sports gurus. Sell auto


parts? Advertise to local car gurus using Google Adwords and build a powerful
promotional list.
Every great business has a social asset that it can marketing to, be in the form
of an online database or an offline address book. Start building your social
asset today and in a few years you could have a powerful list for promoting
your products and increasing your sales.
To learn more, check out these email and social media marketing courses:
Email Marketing Kickstart
Social Media Marketing for Startups

6. Youll learn your marketplace


Understand why and how your audience uses technology and then start
trying to align your communications efforts. Brian Reich and Dan Solomon
When you first start your business, your target marketplace can look as vast as
the ocean. Once you start marketing, you dive below the surface and instead of
seeing a massive expanse of blue water, you start to see different communities,
subcultures, and a huge network of different connections.
Marketing opens your eyes to the reality of your industry. Once you start your
own campaigns, you begin to notice what your competitors are doing. This
information helps you develop your own campaigns, learn more about your
target audience, and get a better feel for your industry.
You also start to learn why customers chose you. By polling your customers,
you can learn what drove them to your product. Using tools like Google
Analytics, youll find out which keywords and websites are referring the most

customers to you. Using a Facebook Page, youll discover what your customers
love to comment on and share.
Dont keep your head above the water forever. Once you start marketing, youll
see your industry for what it is a massive network of opportunities that are
waiting for you to seize them.

7. Youll discover what works


Give them quality. Thats the best type of advertising. Milton Hershey
Have you ever seen an advertisement and wondered how anyone could
possibly be persuaded by it? A lot of the best ads look and feel like the worst.
By marketing your business, you quickly learn which types of advertisements
and marketing tacticsare effective, and which ones arent effective.
There are hundreds of marketing tactics you could use to find customers.
From old-fashioned direct mail to search marketing, experimenting with
different marketing methods helps you find the ones that work and focus on
them.
Stay focused on acquiring data and test, test, test. Our course,Optimization
& A/B Testing Statistics, will help you learn how to test different
advertising campaigns and marketing methods until you discover the best
tactics, headlines, and target audiences for your business.

8.

Youll develop an ideal

customer profile
You cant just ask customers what they want and then try to give that to
them. By the time you get it built, theyll want something new. Steve Jobs
Theres a customer waiting out there for every business. Great marketing
makes it easy for them to find you. Over time, as you build a database with the
information youve acquired from your marketing campaigns, it also becomes
easier for you to find them.
Your ideal customer profile includes variables like age, income, location,
hobbies and interests, and occupation. Once youve marketed to hundreds or
thousands of customers, look at your data and search for patterns and
characteristics that you could use to profile your ideal customer.
The more you can learn about the people youre marketing to, the better. Use
polls and surveys to learn more about what your customers are looking for and
use their data to better target your marketing campaigns. Open Google
Analytics and find the regions where your business achieves the highest
conversion rate.
Dont build products based on the feedback of your customers thats a recipe
for failure. However, dig deep into the data you generate from your online
marketing campaigns and spot trends and details that you can use to hone in
on the type of people that matter the most to your business.
Our free course, Market Research Fast Track, breaks down the basics of
identifying your ideal customer while you market your business.

9.

Youll learn how to test and

optimize
In the modern world of business, it is useless to be a creative, original
thinker unless you can also sell what you create. David Ogilvy
Knowing how to test different headlines, images, and advertisements is one of
the most important skills you can possess. A headline that sounds great in
your mind might barely engage your audience, while another that sounds
contrived and silly could be the perfect eye-catcher for generating leads and
making sales.
If you cant test and optimize, youll never know which headline is the winner
and which is the loser. Some of the worlds biggest companies launch online
marketing campaigns with hundreds of different images and headlines to be
tested, all in order to find the one combination that produces the optimum
return on investment.
A/B and multivariate testing sound complicated, but theyre surprisingly easy
once youve mastered the basics. Our course,Optimization and A/B
Testing Statistics, is a great resource for learning more about formulating
marketing hypotheses and using real data to find out which are winners and
which are losers.
These testing and optimization courses are also great resources for learning
how to spot trends and performance indicators in your online marketing
campaigns:
Usability Testing Boot Camp
Landing Page Design & Optimization

Professional Copywriting Training

10. Youll build a powerful brand


A brand for a company is like a reputation for a person. You earn
reputation by trying to do hard things well. Jeff Bezo
Some marketers set out to sell more products. Others set out to build a brand
thats easy to remember. The smartest marketers set out to do both at the
same time.
The ultimate goal of your marketing campaigns should be to have customers
come to you. Big brands like Google and Facebook dont need to remind
people that they exist because their customers already know them and trust
them enough to make them part of their daily lives.
Branding is what separates your business from your competitors. Its what
makes customer choose you instead of someone else. Its your businesss style,
reputation, and culture all rolled into one. Brands are essential, and without
marketing your business youll struggle to develop a memorable, powerful
brand.
Our course, Branding: How to Brand Yourself and Your Business,
breaks down the process of developing, spreading, and protecting your
businesss brand.

Marketing: Why is it Important?


For a company or institution to grow, it must build strong customer relationships.
Thats where an effective integrated marketing plan comes in. With a comprehensive, integrated marketing plan, you
can effectively communicate UCRs mission, values and messages in ways that speak to your target audience.
Benefits of an effective integrated marketing plan include:

A stronger, more consistent university image

Increased support from funding publics such as the legislature

Greater loyalty among stakeholders

A general public that is more aware of UCRs local and global impact

The ability to attract and retain the best employees, students and faculty

The ability to establish partnerships within the community

The ability to show supporters that our brand equity is a valuable commodity

Greater employee satisfaction including an increased sense of pride and loyalty

Marketing vs. Advertising: What's the Difference?


Many people confuse marketing with advertising. While both are important, advertising is only a single component of
the marketing process.
Marketing consists of:

Advertising

Community involvement

Customer support

Distribution

Market research

Media planning

Product pricing

Public relations

Sales strategy

The best way to distinguish the two? Think of marketing as everything an organization does to build a relationship
between the company and consumer.

The Importance of Marketing for the Success of a


Business
by Kristie Lorette, Demand Media

The heart of your business success lies in its marketing. Most aspects of your business
depend on successful marketing. The overall marketing umbrella covers advertising, public
relations, promotions and sales. Marketing is a process by which a product or service is
introduced and promoted to potential customers. Without marketing, your business may
offer the best products or services in your industry, but none of your potential customers
would know about it. Without marketing, sales may crash and companies may have to close.
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Getting Word Out


For a business to succeed, the product or service it provides must be known to potential
buyers. Unless your business is known in the community and have communication with your
customers readily available, you have to use marketing strategies to create product or
service awareness. Without marketing, your potential customers may never be aware of
your business offerings and your business may not be given the opportunity to progress and
succeed. Using marketing to promote your product, service and company provides your
business with a chance of being discovered by prospective customers.

Higher Sales
Once your product, service or company gets on the radar screen of your prospects, it
increases your chances that consumers will make a purchase. As awareness becomes a
reality, it is also the point where new customers start to spread the word, telling friends and
family about this amazing new product they discovered. Your sales will steadily increase as
the word spreads. Without employing marketing strategies, these sales may not have ever
happened; without sales, a company cannot succeed.

Related Reading: Strategies for Success in Business

Company Reputation
The success of a company often rests on a solid reputation. Marketing builds brand name
recognition or product recall with a company. When a company reaches the high
expectations of the public, its reputation stands on firmer ground. As your reputation grows,
the business expands and sales increase. The reputation of your company is built through
active participation in community programs, effective communication--externally and
externally--and quality products or services, which are created or supported by marketing
efforts.

Healthy Competition
Marketing also fosters an environment in the marketplace for healthy completion. Marketing
efforts get the word out on pricing of products and services, which not only reaches the
intended consumers, but also reaches other companies competing for the consumers
business. As opposed to companies that have a monopoly on products and services that can
charge almost any price, marketing helps keep pricing competitive for a business to try to
win over consumers before its competition does. Without competition, well known
companies would continue to sell while lesser known companies or new companies would
stand little chance of ever becoming successful. Marketing facilitates the healthy
competition that allows small businesses and new businesses to be successful enter and
grow in the marketplace.

Considerations
Although marketing is hugely important for a business to succeed, it can also be very
expensive. In its first year, a company might spend as much as half of its sales on marketing
programs. After the first year, a marketing budget can reach as much as 30 percent-sometimes more--of the annual sales. A marketing program that gives your company the
best chance is a healthy mix of different forms of marketing, such as website development,
public relations, print and broadcast advertising, design and printing for all print materials,
trade shows and other special events.

Marketing Is an Important Element of Business Success


So you are in business. Now you want to stay in business and see your company grow. Marketing is
an important effort in gaining prospect attention, building product or service demand and winning
customers. Your marketing effort is the sum total of the sales, pricing, promotional and advertising
efforts implemented to promote the flow of goods or services from your business to the consumer.
Marketing includes having the right merchandise or service, selecting the right location, enacting
effective sales programs and promoting your company and its wares to the buying public.
Its easy for the small business owner to find excuses for neglecting marketing. Most small businesses

operate on a no-frills budget and many owners consider marketing something they cant afford or a
soft expense. Owners have said to me "I have to pay the bills. Marketing I can cut." True marketing is
an expense that can be reduced or cut. The question that then arises is how without marketing do
you propose to gain those much needed customers that mean sales. Its clich to say you have to
spend money to make money, but it is absolutely true. If you do not effectively market your company,
brand, image and products or services, you wont be in business for long.
Marketing is an investment in future sales. As an entrepreneur, you must always be looking into the
future and to the next sale. Customers need to be aware of you company and what it offers.
Marketing is the way in which you gain those customers. Keep in mind the four Ps of marketing
product, promotion, price and place. These four elements need to work in tandem to generate the
consumer interest and trigger the buying response in your audience.
Develop an annual marketing plan within your overall business plan. Figure out when you need to
expend resources on a special price promotion, new product launch or advertising awareness
campaign. Other aspect of your promotion may be in-store signage, outdoor signs, direct mail pieces,
joint promotions, product brochures, etc. Be prepared to define the tools that will be most helpful in
bringing you business. Once defined, invest money in marketing as part of your monthly operating
expenses. Dont spend needlessly, but dont try to undercut expenses in a way that so directly affects
your communication with potential, customers and those all important repeat customers.

The Importance of Marketing for the Success of a Business


February 17, 2014 LIFTOFFINITIATIVE@tags Uncategorized No Comments

Business has only two functions marketing and innovation. Milan Kundera
Marketing is one of the more important components of a business effecting sales and
productivity. Even though marketing is important all businesses need customers. Attracting
customers is not as easy as we think, especially when there is tough competition in the
market. If people are not coming to check your products, you may need to make efforts to
change this by increasing your marketing efforts.
All business owners understand the importance of marketing but they cant distinguish
between marketing and advertising. Marketing has vast boundaries and advertising is just a
part of it. All forms of marketing promote product awareness to the market at large.
Marketing strategies help you to stay one step ahead of your competitors.

Here are some reasons that describe why marketing is so


important.
It increases sales

Marketings main purpose in most businesses is to generate more sales. You need to
advertise and promote to help people know about your products. If no one knows about your
products, no one will buy them. Thats the reason business owners invest in marketing. You
have to use marketing strategies to create product awareness. If a company wants to
increase the sales percentage and increase production, the marketing department must be
able to deliver effective marketing strategies.
It maintains reputation
The success of any business is dependent on its reputation. In order to have good reputation
marketing plays an important role by building a brands name in the market. It takes years
to build up a good reputation and then you must marketing to maintain that reputation.
Many big companies spend thousands of dollars in marketing just to maintain their
reputation. Marketing educates people on the latest market trends, helps boost sales and
profit, and develops company reputation.
It helps keep you competitive in the market
By marketing you become able to compete with other businesses like yours and this is the
idea of healthy competition. Without competition, big and recognized companies would
continue to sell while small or new companies would stand little chance of ever becoming
successful. Marketing helps small companies to grow and compete. Let all your customers
know that your company is reliable and trustworthy through a strong marketing message.
It Creates Referrals
You can develop a market leader position through word of mouth by using marketing
strategies. You not only attract customers but also their referrals. If your customers are
happy with you they will definitely refer others to you.
There are countless examples of companies that are making good profits by using existing
customers to obtain referrals. To obtain referrals all you need to do is make your customers
happy answer all their questions and ask for a referral it is that simple.
Every small business owners goal is to profit and expand, and without marketing, this is not
going to happen. The above is just a brief summary of the direction you should consider
when developing a marketing strategy.

Why is marketing important to businesses?


All businesses rely on customers to keep them afloat, with no customers there is really not
much reason to be in business. Attracting customers will be one of the biggest challenges that
you will face as a business which is why you need to have an effective marketing plan. This is

something that a lot of companies really underestimate the importance of.Nevertheless the
emergence of Twitter and Facebook has made it a bit easier to contact their customers.
The reason that marketing is so important to businesses is that it is how you get customers.
Clearly nobody is going to walk into your office and ask for whatever it is that you are selling
unless they know that you are there and what you are selling. The way that you make sure that
they do know is through marketing. All companies understand the need for marketing but most
really don't understand what it is. Marketing is not the same as advertising or sales, it is much
more involved than that. Largely marketing is about generating leads that can then be turned
into sales.
Certainly a big part of marketing is advertising and this is something that you are going to have
to invest heavily in if you want to make sales. This is how people are going to hear about your
business and largely they will decide whether or not they are interested in doing business with
you based on your advertising. These days there are lots of ways that you can advertise your
company so you are going to have really think about what the best way to do this is.
It is important to keep in mind that in large part advertising is about the making sure that you
present the image that you want to present to the consumer. This image is largely about your
brand. You have to make sure that you have a brand that differentiates you from your
competitors and which presents the image that you want. This is all part of marketing and
something that a lot of smaller companies don't pay enough attention to. Large corporations
invest huge resources in building their brand and you have to make sure that you invest in yours
as well.
When you are building your brand you really have to think about what it is that you do better
than your competitors and what you can offer that is different from what they can offer. You also
have to think about just who are you trying to attract as customers. Once you know these two
things it will be a lot easier to determine just how you are going to build your brand. Basically
you are creating a corporate identity that will be how your customers recognize you. Once you
have done this you will find that creating a marketing plan will be a lot easier since you will know
exactly what message you are trying to get across.