Marketing plays a very essential role in the success of a company. It educates people on the latest market trends, helps boost a company’ s sales and profit, and develops company reputation. But marketers must be creative and wise enough to promote their products with the proper marketing tactics. Although marketing is important, if it is not conducted and researched well, the company might just be wasting on expenses and time on a failed marketing approach (Exforsys Inc. , 2009) Even though selling is the major objective of all marketing processes, modern organizational theories say that marketing is a process which is much more than selling off a product or service.
For example, the value of relationships with the customers is well understood to the business world now. Marketing is the process, which helps an organization to establish sound relationships between the organization and the customers. Earlier, organizations were keen on finding new customers. They neglected the needs of the existing customers. However, modern organizational principles say that existing customers is as important as new customers to an organization. Marketing executives are responsible for the sustainment of existing customers and for the identification of new customers.
Marketing has the ability to make or break an organization. Even better quality products fail in the market in the absence of proper marketing activities. Same way, even cheap quality products may excel in the market with the help of effective marketing activities. For example, Parker Pen Company tried to follow a unique marketing strategy everywhere in the world for selling its writing equipment during the beginning of globalization. They thought the same product needs the same marketing strategy everywhere in the world.
However, their strategy failed miserably. They failed to recognize the fact that the product may be the same, but the markets are different. Even though nobody has any doubts about the quality of Parker Pen products, the company is on the verge of destruction now because of poor marketing strategies.
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