Posted: August 12th, 2013
Marketing refers to the process of communicating the significance of a service or product to customers. It is largely a strategy and function in the promotion of a service or product to the consumer. Marketing therefore links the requirements of the needs of a society and responses in economic patterns. The application of the concept of marketing is a broad context within the marketing environment and real business working. Elements such as environment, ethics management, decision-making process and the diversity, competitive advantage and aspects of entrepreneurship are considered.
Ethics in marketing is an area that deals with moral and ethical principles in the regulation and operation of marketing. These principles and standards define the acceptable conduct in marketing. Unethical activities in marketing are generated from increased pressure of an organization to meet the performance objectives. Ethical issues in marketing include, deceiving consumers and taking advantage of a negative situation. Most firms have marketing misconduct whether at the employee level or managerial level. Discovery and dealing with these ethical issues is the most efficient methodology to be successful in the modern and complex regulatory system.
Value-driven ethical management and compliance-driven training on ethics is essential to establish an ethical marketing culture. Implementation of marketing activities necessitates the synchronization of both competence and character. Competence is fundamental in understanding ethics in the organization and the prerequisites to execute programs. Employees need guidance on where to get aid from the management in order to resolve ethical conflict. In order to relay ethical values and execute a successful ethics program, interactions involving monitoring, answering concerns on queries and issues and reporting are necessary. Sensitive ethical issues are also addressed through the legal system.
The overall quality of decision-making is the most significant and determining force for accomplishment of marketing management. Marketing policy is influenced by a myriad of factors such as competition, economy, political and social processes and the purchasing behavior of consumers. These aspects interact through complex mechanisms and great extents of uncertainty. Ultimately, the marketing decision maker has to make an evaluation of the alternatives, make judgments on uncertainties and evidence to finally decide on the marketing instruments and policy. Decision-making should incorporate a variety of systems and methodologies in order to be effective.
Decision making in marketing is therefore a multidimensional process. Without diversity in making decisions, many key aspects are overlooked resulting in poor productivity and output. The decision making process should be an inclusive process and not an exclusive one. Management employs diverse resources to reach a conclusive policy. Consultations are important between management, employees, professions and research structures and systems so as not to overlook essential features that might improve the marketing policy and strategy to be employed. The diverse conclusions are used in the consideration of suitable marketing policies. Reaching out to the consumer through various means such as research is also an important inclusion in decision making and appealing to the consumer.
Competitive advantage occurs when a firm has distinct advantage over its competitors. Competitive advantage is important in a market that has many service providers. Marketing strategy and policy can be a source of competitive advantage. The achievement of a successful competitive advantage is crucial for any firm. A company needs to have to identify with and understand competitors and customers by analyzing the competitor. Marketing principles and strategies of the firm can catapult the firm to a stable and sustainable competitive advantage. Research and returns on profit can be a clear indicator of whether an organization enjoys competitive advantage in a particular service or product. Marketers carry out market research to establish which of their products appeal to their consumers in terms of price, quality and quantity. Companies extend their marketing approach and expand on their revenues. Intelligent marketing therefore builds a sound competitive advantage in business.
Entrepreneurs identify a business opportunity, undertake an assessment of this opportunity and establish a business enterprise. An entrepreneur must have a comprehensible understanding of the market to be reached. Therefore, marketing is very essential especially for a young company that wishes to establish itself among the leaders. Market research is one of the components in marketing that will have a considerable impact in the return on revenues for the young enterprise. Application of the findings of the market research will help the entrepreneur decipher the products to sell, how to sell, quantity and quality for the target market. Marketing is a continuous process that produces results over time. Good marketing approaches will establish a strong enterprise while ill-equipped approaches to marketing may cause great losses for the business.
Marketing is crucial for any business entity. Application of the principles in marketing can have positive effects on the revenue of the organization. The environment in which marketing is done and implemented plays a pivotal role in the overall outlook of the company among consumers. Ethics, diversity in decision-making, competitive advantage and entrepreneurship are driving forces in the field of marketing and the business sector. Many entrepreneurs have established and maintained their status as market leaders because of effective marketing and policies.
Place an order in 3 easy steps. Takes less than 5 mins.