THE INTERNATIONAL UNIVERSITY OF MANAGEMENT

SURNAME

: NENDONGO

1ST NAME

: SECILIA

STUDENT NO

: 10021830

SUBJECT

: STRATEGIC MANAGEMENT

CODE

: MKM-3137

1ST ASSGNMENT

INTRODUCTION Marketing is defined by the American Marketing Association [AMA] as the activity set of institutions and process for creating communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. Marketing is used to identify the customer satisfy the customers and keep the customers. With the customers as the focus of its activities marketing management is one of the major components of business management. The adoption of marketing strategies requires business to shift their focus from production to the perceived need and wants of their customers as the means of staying profitability.

BENEFITS OF MARKETING Marketing has become such a great influence, no longer is anything or anyone accepted without it. To understand the secrets of why marketing is such a great influence; you will first need to understand its benefits 1) Establish brand recognition: The primary and most important benefit of marketing is brand recognition. Marketing strategies help to impression a brand in the minds of customers. This ensures that customers seek a particular brand of a product, rather than the brand seeking out its customers. 2) Gain and retain customers: Once a brand has gained its ground and established its customers, marketing enables it to retain its customers. This is essential so that the brand does not lose ground to products that newly come into the market. 3) Identify real customers: Marketing strategies allow a business to identify potential and actual customers. Instead of trying to force a product or service on unwilling customers, marketing helps to target customers who have the real need. 4) Provide information: Marketing a product is the best way to provide information about it. The most important

features of a product or service are what are used to market the product. It is this same information that will attract customers towards the product. Knowing a brand better ensures that customers will come to trust it better. 5) Save time: Marketing, and more so, effective marketing will help reduce the break-even period of a business. By promoting a product or service through effective marketing, a business can promote its sales and reach its intended clients faster. 6) Establish trust: Repeated and effective marketing ensures that a product remains in the minds of its intended customers. This in the longer run would help in establishing a brand trust, which would make customers choose the product irrespective of competition. Trust is created over a long period of time and marketing is an effective way in establishing it.

7) Encourages referrals: Marketing encourages new customers to seek information about the brand. By making a product seen and heard frequently, a business also increases the chances of word-ofmouth referrals. The chances of suggesting an often-seen product is higher when compared to something that you do not see frequently or are unaware of. CONCLUSION Effective marketing allows a business to reach its potential customers by fulfilling their needs at the right time. But, however effective or efficient a marketing strategy is, the success of a business will depend on the quality of the product or service it offers. Therefore, only a quality product marketed in the appropriate manner through an effective channel to reach its potential customers at the right time can achieve success.

REFERENCES Kotler, Philip. Marketing Management: Analysis, Planning, Implementation, and Control. 9th ed. Englewood Cliffs, NJ: Prentice Hall, 1996. Levitt, Theodore. The Marketing Imagination. New York: Simon & Schuster, 1986. Petrof, John V. "Relationship Marketing: The Wheel