What is the importance of marketing 2

marketing

1. Term: The basic idea of ​​marketing is the consistent alignment of the entire company to the needs of the market. Nowadays it is undisputed that in highly competitive markets the needs of the customers must be at the center of corporate management. Marketing thus represents an entrepreneurial mindset. In addition, marketing is an entrepreneurial task whose most important challenges include recognizing market changes and shifts in needs in order to build up competitive advantages in good time. In addition, another central task of marketing management is to identify ways to increase benefits and to sustainably increase the benefits for customers.

2. Extension of the definition: In recent years, this dominant customer-oriented perspective has expanded in favor of other stakeholder groups in the company (e.g. employees, shareholders, the state, the environment). This broad definition of marketing focuses on the design of all exchange processes between the company and the existing reference groups and emphasizes the role of marketing as a comprehensive guiding concept of corporate management.

3. Marketing strategies: To achieve the goals of a company, marketing strategies are developed that are implemented operationally with the help of marketing instruments (the so-called 4P). These are the instruments product / service (Product), price (Price), communication (Promotion) and sales policy (Place).

(1) The product policy includes decisions that affect the design of a company's service program. This area includes, for example, the analysis, planning and implementation of product changes and services, branding policy, naming and packaging design.

(2) The pricing policy defines the conditions under which products and services are offered. Decision parameters are, for example, the basic price, discounts, bonuses and discounts.

(3) The communication policy includes all measures that serve the communication between companies and their current and potential customers, employees and reference groups. For this purpose, for example, the communication instruments of classic media advertising, direct marketing, sales promotion, sponsoring, public relations (PR), trade fairs and events are used.

(4) As part of the sales policy, the sales channel system is designed in order to overcome the spatial and temporal distance between the company and the customer. For this purpose, various sales intermediaries, i.e. dealers, are usually used (indirect sales).

Marketing thus understands this activity-related view as a bundle of market-oriented measures that serve to achieve a company's sales policy goals. This understanding has retained its importance to this day.

4. Integration: A success factor in the implementation of a marketing strategy is the integration of all internal and external marketing activities. This means that the activities of the internal departments, such as advertising, market research and sales, are coordinated and coordinated. This also applies to external bodies such as advertising agencies and sales agents. An integrated approach can achieve synergy effects and increase the effectiveness of the marketing measures. When developing and implementing a marketing concept, it should be noted that there are specific marketing tasks depending on the respective industry and type of service. These peculiarities are taken into account in the context of various sectoral marketing theories (e.g. consumer goods, industrial goods, service marketing, marketing for non-profit organizations). A significant current development in the context of marketing can be seen in the trend towards relationship marketing. This concept emphasizes the high value of long-term relationships with a large number of stakeholders in a company. In this context, the importance of customer loyalty is being discussed intensively.