QUIZ : 1

What is marketing and why is it important?

Marketing:
Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at
large.

Importance Of Marketing:
 The first decade of the 21st century challenged firms to
prosper financially and even survive in the face of an
unforgiving economic environment. Marketing is playing a
key role in addressing those challenges. Finance, operations,
accounting, and other business functions won’t really matter
without sufficient demand for products and services so the
firm can make a profit. In other words,there must be a top line
for there to be a bottom line. Thus financial success often
depends on marketing ability.
 Marketing’s broader importance extends to society as a
whole. Marketing has helped introduce and gain acceptance
of new products that have eased or enriched people’s lives. It
can inspire en-hancements in existing products as marketers
innovate to improve their position in the market-place.
Successful marketing builds demand for products and
 services, which, in turn, creates jobs. By contributing to the
bottom line, successful marketing also allows firms to more
fully engage in socially responsible activities.
 CEOs recognize the role of marketing in building strong
brands and a loyal customer base, in-tangible assets that
contribute heavily to the value of a firm. Consumer goods
makers, health care insurers, nonprofit organizations, and
industrial product manufacturers all trumpet their latest
marketing achievements. Many now have a chief marketing
officer (CMO) to put marketing on a more equal footing with
other C-level executives such as the chief financial officer
(CFO) or chief information officer (CIO).
 Making the right marketing decisions isn’t always easy. One
survey of more than a thousand senior marketing and sales
executives revealed that although 83 percent felt that
marketing and sales capabilities were a top priority for their
organization’s success, in rating their actual marketing
effectiveness, only 6 percent felt that they were doing an
“extremely good” job.
 Marketers must decide what features to design into a new
product or service, what prices to set, where to sell products
or offer services, and how much to spend on advertising,
sales, the Internet, or mobile marketing. They must make
those decisions in an Internet-fueled environment where
consumers, competition, technology, and economic forces
change rapidly, and the consequences of the marketer’s
words and actions can quickly multiply.
 QUIZ : 2

Why is it important to take a holistic

approach to marketing?

Instead of a traditional marketing processes that usually

concentrate on a certain aspect or product of the business,
holistic marketing tries to establish the entire brand to the
customers through a simplified message. This helps the
customer psyche associate the brand with something more
than merely its products and services.

Importance of Holistic Marketing

Brand Building:
The holistic marketing approach is one of the best means of
raising brand awareness through highlighting the core brand
values across all platforms. Since the consumer
behaviour towards products and services are constantly
changing, it is important that brand awareness be directed
towards multiple channels to ensure maximum branding
capability
Efficiency:
If performed successfully the holistic approach can increase
communication efficiency between different parts of a business.
Furthermore, it can ensure that the business processes run in
harmony with one another while the marketing process
boosts brand awareness. This also helps identify brand values
with ease.

Effectiveness:
It is a highly effective marketing approach in today’s multi-
dimensional market structure. It focuses on long term goals
rather than short term ones and thus allows for a business to
truly flourish and make the most use of its resources.

Focus:
It allows for the consumer to focus on the core values of the
business thereby increasing the ability of brand performance.
These core values when communicated through marketing
platforms ensure that the market associated the brand with its
values and not simply with its products.