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Explanation of marketing management
Typology: Essays (university)
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Chaitanya Jeendgar Chaitanya.jeendgar@yahoo.com
Abstract This essay will help the readers to know the concept of marketing in a better way of understanding. This essay will also describe what actually the concept of marketing is.
Word count: 1250 words
are: People, Process and Physical evidence. These 3Ps are as important as those 4Ps in marketing mix. The best example of the extended marketing mix is that Coca Cola uses their customers as People, production as Process and products can include in Physical Evidence. Therefore, marketing mix is very important in every business whether it is small or big.
The marketing has its importance for every business as it is the only method by which we can promote our product whether it is a good or service. The marketing department is the most important department in every business. The importance of marketing is:
a) Marketing helps in transfer, exchange and movements of goods. b) It is helpful in raising and maintaining the standard of living of the community c) It increases employment or decreases the unemployment in an organization or any business. d) It is considered as source of income and revenue for the business. e) It helps in making the decisions for the organization. f) It helps in developing new ideas. g) It develops the economy. These are the factors which demonstrates the importance or the usefulness of marketing for all the organizations or the businesses. It is cleared that marketing plays a vital role for each and every single business or any organization. In recent years, famous multinational companies like Cadbury and Nestle has increased the employment in the European continent as well as Walmart increased the sales revenue. The marketing of famous Indian company Amul has develop the Indian economy. For example, companies like Samsung tries to innovate new products with new technology like the “Curved UHD TV” which was a part of marketing as an importance. Therefore, these significance of marketing helps the producers to increase their sales of those products which they are trying to sell to their customers. In the process of marketing there are various roles which helps in the growth of the business in which it is taking place. This also concludes that marketing is the only process or method by which a business or organization can earn more profits but the expenses on marketing will be increased as it is the expensive method of promoting the brand from small businesses to the large organizations.
There are five concepts of marketing which also helps the businesses or organizations to grow in their market in which they are working in. The following concepts are:
The term “brand” is defined as the practice of creating a name, representation or design that identifies and differentiates a product from other products. An effective brand strategy gives you a major edge in increasingly competitive markets. The method of branding is very important for every organization or business. This also helps in differentiating a single product from the different products. For examples, the famous brand Samsung has different and self- image in the electronic industry as it has a big and better brand value in that particular market. It has a wide range of products which are considered as a part of innovation. There are many advantages of using branding which includes that it increases the sales as well as the number of potential buyers of that particular commodity i.e. goods and services of a particular company or an organization. There are many branding strategies which includes: advertising (televisions, radio, newspapers etc.), websites, company logo, company slogan and many others. There are some branding approaches also which consist of individual product branding, family branding, co-branding, store branding and no name branding. Therefore, the process of branding is very important for all the companies whether it is multinational company or a small company. Initially branding was started for recognizing the cows in the cattle in earlier centuries.
