Marketing Management Assignment: Why Marketing Is Important?

Marketing Management Assignment
Areej Awan (BSF1801156)

BBA (hons)
Course: Marketing Management
Why marketing is important?

Marketing is an organized process of creating, communicating, and delivering offers which
have value for customers, clients, partners, and society at large. In this competitive era it’s really
difficult for a company to promote its product. Marketers identify customer’s actual as well as
potential need then they introduce products and services to market. Marketers try to fulfill
consumers need and make them satisfy by delivering what they want. They promote their
products and services, make customers aware about their offers and try to make valuable
relationship among customers and organization.
What is the scope of marketing?

Marketing helps in achieving objectives or goals of a company. It helps in getting, keeping,
and growing customers. Marketing means “meeting needs profitably”. It creates values for both
customers and organization. It tries to create satisfaction for customers by fulfill their needs and
profit for organization by maximizing sales and increasing number of customers. Marketers
market various kind of entities such as good, services, events experiences, person, place,
properties, organization, information and ideas.
What are the core marketing concepts?

There are following core set of concepts.
 Need, Want and Demand:
Needs are basic human requirements. Wants are shaped by social pattern and Demands are
backed by purchasing power.
 Segmentation, Target Market, and Positioning:
Marketers divide market into small segments which have similar needs. Then they target most
profitable segment. They set a good image in the mind of customers for their offers.
 Offers and Brands:
Offers are the combination of goods and services. Brand is an offering from well-known
source.
 Value and Satisfaction:

Value is the set of benefits. Satisfaction is the experience of a product’s perceived value
performance in relationship to expectation.
 Marketing Channels:
To reach a target market, marketers use three types of channels.
1. Communication channel
2. Distribution Channel
3. Service Channel
 Supply Chain:
The supply chain is a channel stretching from raw materials to components to finished
products carried to final buyers.
 Competition:
Competition includes all the actual and potential rival offerings and substitutes a buyer might
consider.
 Marketing Environment:
There are two types of environments.
1. Task Environment (internal)
2. Broad Environment (external)
What forces are defining the new marketing realities?

There are following forces:
 Technology  Retail Transformation
 Globalization  Disintermediation
 Deregulation  Consumer Information
 Competition  Consumer Participation
 Industry Convergence  Consumer Resistance
What new capabilities have these forces given consumers and companies?
 Costumers Capacities:
 Can use the Internet as a powerful information and purchasing aid.

Can search, communicate, and purchase on the move.
 Can tap into social media to share opinions and express loyalty.
 Can actively interact with companies.
 Can reject marketing they find inappropriate.
 Companies Capabilities:
 Can use the Internet as a powerful information and sales channel, including for individually
differentiated goods.
 Can collect fuller and richer information about markets, customers, prospects, and
competitors.
 Can reach customers quickly and efficiently via social media and mobile marketing.
 Can improve purchasing, recruiting, training, and internal and external communications.
 Can improve cost efficiency.
What does a holistic marketing philosophy include?

The holistic marketing concept is based on the development, design, and implementation of
marketing programs, processes, and activities that recognize their breadth and interdependencies.
Holistic marketing include following components:
 Internal Market
 Integrated Market
 Performance Market
 Relationship Market
What tasks are necessary for successful marketing management?

Following tasks are necessary for successful marketing management.
 Developing marketing and plans
 Assessing market opportunities and customer value
 Choosing value
 Designing value
 Delivering value
 Communicating value

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Marketing Management Assignment

Areej Awan (BSF1801156)

Why marketing is important?

What is the scope of marketing?

What are the core marketing concepts?

 Value and Satisfaction:

What forces are defining the new marketing realities?

 Can use the Internet as a powerful information and purchasing aid.

What does a holistic marketing philosophy include?

What tasks are necessary for successful marketing management?

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