1. Define marketing and state its importance in today’s world.

Marketing Is an Effective Way of Engaging Customers. According to the American Marketing Association
marketing is defined as 'activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society at
large(American Marketing Association, 2007). Due to the Economic downturn marketing has gained
importance in the past few years in order to gain the attention of the consumers. In the 21st century,
marketing has become one of the key strategies used by organizations worldwide. Companies cannot
use one simple marketing strategy which meets the need of both markets' and consumers' because they
are so versatile to be dealt collectively this is because of continues change in modern society. Marketers
use effective communication, branding, PR and CSR strategies to ensure that a business’s reputation is
maintained.

2. Explain 5 marketing plans that can be used in by the company in order to increase their profit.

Once the business has established its marketing objectives, the next step in the marketing plan is to
develop the marketing strategies so as to achieve the objectives. The marketing mix is the combination
of the four elements of marketing, the four Ps, that make up the marketing strategy. They are-product,
price, promotion, and place.

To Increased Market Share through the mix, businesses will often state an objective as being increased
market share. Increased market share can be achieved in a number of different ways. These include:

1-Lower the price of the product until the objective is achieved

2-Improve product image and recognition through large-scale advertising.

3-Improve customer service increases the number of retail outlets introduce a new line of products.

4-Increase product width introduce more differentiated products

5- Increase product depth offer discounts, free gifts, or loyalty schemes.

In these above mentioned ways, a company can increase its profit and survive in the challenging
economy.

3. Based on your opinion, between “traditional marketing” and “contemporary marketing”,

which one is better to be applied in your company?

While traditional marketing's focal point is the company's product or service, contemporary marketing is
more customer-oriented. In my view, contemporary marketing is better than other traditional
marketing. Businesses that adopt this strategy always put their consumers' satisfaction above all else, so
they're able to address their audience's unique wants and needs. Thanks to the advent of the Internet
and allied services, more and more consumers are now using search engines, websites, social media,
and blogs to learn new things or shop for products and services. This is happening because the price of
coordination in using the Internet is substantially lower than attending a seminar at a posh hotel or a
trade show in another city. That is why I would like to implement contemporary marketing strategies in
my company.

Both traditional and conventional marketing campaigns are effective in their own rights when applied
strategically. While traditional marketing is proven most effective for small to medium businesses,
multinational companies and corporate entities benefit most from web marketing campaigns. Classic
marketing tactics are (on average) more economical, and require minimal upkeep. This makes them an
excellent choice for businesses who need to implement a quick and easy marketing campaign. Most
effective for targeting a local market, traditional marketing tactics help to build a business’s credibility
within its immediate community.