Summary
The paper acts as an introduction to the world of marketing and its elements, which form the foundation for the entire marketing course. The aim of marketing is to ensure that needs of customers are satisfied. What is being marketed must also have value to the customer.
The manner in which the product is going to be made determines whether customers will choose to buy the product or not. There are many dimensions that can be looked at when talking about marketing and how it is supposed to be done, especially where customers’ needs are prioritized. The paper clearly states what marketing entails and who is supposed to be responsible for the marketing of the products. Elements of the marketing mix are listed and explained for the reader to make sense of what marketing is and why it is important.
Marketing is a process that involves value creation and the author has also highlighted the manner in which marketers can work to ensure that this has been made. Ideas must be harnessed and put together for the marketing process to be successful. There are many requirements that must be met in order to make sure that marketing is conducted in an effective manner. There must be the product, price, place and promotion decisions made.
Lastly, the paper highlights why marketing is important, both inside and outside of the firm. There are so many benefits that marketing brings to an entire organization. These include strengthening the brand and making sure that consumers are aware of different products that are being sold by the company. Marketing is also a way of strengthening the brand and making it common in the market.
Reflection
I have learned that marketing is not all about selling the product and making huge profits, but it is rather about satisfying customer needs. There are so many things that an organization benefits from when it comes to marketing, and value creation is one of the benefits.
I found out that marketing is an exchange process and there must be a flow of information from one point to the other, which will lead to the strengthening of the brand. It must be clear to the customer, which product is being marketed, what its price is and where it is being marketed for the process to be smooth. Individuals can decide to market the product by themselves or have the organization undertake the marketing task but the objective remains the same no matter who is involved in marketing.
The marketing mix is also another important concept that can be learned. The 4Ps i.e. Product, Price, Place and Promotion form a very important part of the marketing strategy that a firm applies. In my personal opinion, I think that goods must be accompanied with great ideas for them to be sold effectively, especially where different demographics are involved. A look at the current market indicates that concepts in this paper are important when trying to come up with a marketing strategy to be used.
The needs of customers should be carefully considered in the marketing process because that is the only way to meet targets set in terms of sales. Marketers must understand what marketing is and what they are supposed to do to ensure that they meet the demands of their customers, which is key to creating a strong market presence for their product. Everything has a price even if it is not monetary and there must be ways through which marketing captures the same.
Reference
Grewal, J., & Levy, G. (2007). Marketing (3rd ed.). New York: McGraw Hill.