June 16, 2012
The heart of a successful business lies in marketing. Marketing is a key element of any business. Understanding what marketing means to a business may determine the difference in success and failure for the business. To gain a better understanding of marketing, this paper will provide three definitions of marketing. It will also explain the importance of marketing in organizational success along ...view middle of the document...
1). This definition attempts to cover every aspect of marketing; therefore, it allows readers to see that marketing covers aspects other than advertising.
Importance of Marketing
Marketing is important to the success of every business. The marketing department is complex because it juggles many tasks, from price fixing to sales duties. Marketing is more than just commercials or a newspaper ad. Businesses use social media and press releases as well. Many people think that marketing only helps to make money. That is far from the truth. Three reasons why marketing is important are it helps to shape a business’ reputation, brings in revenue, and allows a business to remain relevant (TopoftheBurg, 2012).
Proper marketing is important in organizational success because it helps shape a business’ reputation. People will purchase products and services from businesses with good reputation. The marketing department must not only sell the products and services; it must sell the whole business. This involves strategic planning and creativity. The task is not easy. Today, businesses form a reputation through customer reviews, social media, and public appearances.
An example of a business whose marketing helped shape its business reputation is McDonald’s. McDonald’s has sponsored the US Olympics teams for many years. The fast-food restaurant is a consistent American corporate sponsor. McDonald’s contributes an abundance of sponsorship cash and offers free food to the American athletes staying at the Olympic Village (College Times, 2012).
The second marketing is important to organizational success is that it brings in revenue. Usually, when individuals think of how important marketing is, revenue comes to mind. However, people tend to overlook the reason why marketing is important to revenue. A marketing department’s work generally grasps the attention of the consumer after which, sales takes over. It does not always work that way. If a business does its marketing correctly, it will need help from nothing else to bring in sales.
Marketing helped boost the sales and revenue of Amazon’s Kindle E-reader. In the summer of 2010, Amazon released its “Pool Ad.” Because the marketing department at Amazon did its research and strategic planning well, after releasing the “Pool Ad,” Amazon’s Kindle E-reader sales increased significantly. In 2009, beach reading amounted to a 16% increase in demand; however, when Amazon’s “Pool Ad” released, the business’ demand increased by 32% in within two weeks...