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  • Published on: 14th September 2019
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Marketing 103

10/26/18

Professor Viccora

BUS 103-021

Marketing is an important component in the world of business. Marketing has been around throughout the course of history. Over the past two decades, it has evolved from a simple function, into more of an advanced and detailed version. It has a basic means in which it identifies the desires of a consumer which links to the production of products. The definition of marketing is “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (AMA, 2013).

Research that is done in marketing links customers, consumers, and the public to the marketer through information. The information that is acquired is then used to identify and define the opportunities and the problems. It helps marketers to create, refine, and evaluate their actions which allows them to monitor the performance of the market. They used this to improve and understand the process of marketing. “Marketing research specifies the information required to address these issues, designs the method for collecting information, manages and implements the data collection process, analyzes the results, and communicates the findings and their implications” (AMA, 2013).

Marketing includes tools such as SWOT analysis and PEST analysis. Companies use SWOT analysis to identify certain strength, weakness, opportunities, and threats. Strength and weakness are internal, which means that they are used to evaluate the condition of the company. Opportunities and threats are external, which is used to evaluate the actions taken by competitors, suppliers, government, new technology, and customers. PEST analysis is used to understand the political, economic, social and cultural, and technological environments.

Specific skills and responsibilities are required for any sort of practice. In marketing, it very essential to have excellent written and spoken communication skill. Communication can be being a good listener, and being clear and concise.  Having good organizational and planning skills is a must because it is important to manage your time well and not be left behind. An important skill in this field includes analyzing and observing the trend of the market.  Being able to create and develop products and pricing strategies based on the knowledge obtained from the characteristic of the market. Ability to manage, create and coordinate marketing activities and their policies. This will allow promoting products, working with advertising other types of managers. The duties will also require an individual to work closely with the sales and finance department. This close relationship allows an individual to understand a better way to serve the customer as well as the company in the most profitable aspect. The ability to lead and motivate a team is important because an individual will have many responsibilities. One of the most important skill is the understanding of the customers' needs and desires, this is essential in order to satisfy the customer's needs in the best possible way. These skills and responsibilities are essential to a marketing individual which will also be a valuable asset to the company as it will promote growth.

With the introduction of new and better marketing ideas to promote products, there are some student and professional associations, as well as companies that stand above the others. For example, a list of notable student and professional associations include the AMA, eMA, NASP,  SMEI, and the Social Media Club. These professional associations provide many outlooks for credible sources about marketing and other resources in order to be successful. The overall mission of marketing associations is the general advancement of research, learning, teaching, and practice of marketing (Erstad 2015). This provides opportunities for marketing educators to advance themselves through the sharing of scholarly papers. As for the student associations such as the Social Media Club, their purpose is to host conversations around the globe that explore key issues facing our society as technologies transform the way we connect, communicate, collaborate and relate to each other.

Through the emergence of numerous new marketing strategies; companies begin to introduce them into their marketing plan. Companies need to spend a large amount of money on marketing so that they can acquire new customers and communicate to current customers about the existing offers or to communicate the launch of new products or services. For example, Apple, a company who is known for their superior marketing skills and line of products; spent about 1.8 billion dollars in 2015 on marketing alone (O'Reilly, 2016). This was the last year that Apple allowed the disclosure of their advertising expenses. Apple simply states: "Advertising costs are expensed as incurred and included in selling, general and administrative (SG&A) expenses." Apple's marketing strategy is built around simplicity and focuses on innovations for the future. Another example of a company that has an advanced marketing program is NIKE. Nike uses psychographic segmentation variables to make its offerings more attractive to target customers. Which basically means that they use people's lifestyle, activities, interests as well as opinions to define a market segment. Nike also uses targeting strategies such as product sponsorship by professional and well known athletic teams, college sports teams, and celebrity athletes. In commercials, Nike provides a meaningful and inspirational video to show the superiority of the Nike brand. All of the marketing strategies by Nike show a competitive marketing management. Making the market leaders company retain their competitive frame market by means of adherence to new marketing plans and marketing principles.

These companies need marketing plans in order to be successful. Marketing plans help you develop products and services that meet the needs of your target market. This helps your customers understand why the product of service that you are providing them is better than another company. This is why companies spend billions of dollars every year, to bring in their target audience in order to create more revenue and increase the popularity of their product or service.

Current trends and issues in marketing are Video & the Authentic Marketing Voice, The Artificial Intelligence Revolution, Data Governance, Marketing for the Micro Moment, Conversational Marketing. Video & the Authentic Marketing Voice is basically describing something that is true. Fake news has come into play in media. This being said, authentication is important because we need proof and facts to say something is true. A way to show proof is live broadcasting. Live broadcasting is used on social media as well as in businesses. Businesses use it to communicate with its customers, announce new products, host interviews, and conduct demonstrations. Live broadcasts show raw material and that everything is happening in real time. The Artificial Intelligence Revolution is another word for robots. An example of these robots is chatbots. Chatbots, are something that most companies have to provide customer service to their customers. This is an issue because chatbots are taking jobs from us human beings. The benefit from chatbots are for the company. It makes it easier for the company to help its customers in a more quick and efficient way. Google can be used as an example for Marketing for the Micro Moment.  Google provides the ability to search anything and have location-based searched. An example of that is like if you were to search up “What is the closest McDonald's near me.” This becomes an issue when now a day's apps on your phone ask you “would you like this app to use your locations?” Previously, it was reported that there was an exercising app that used and exposed your location to everyone with the app. This is an invasion of your privacy. Although this can be a huge problem, it is also a trend in society because it makes searches and navigation much easier for us to understand and control. Conversational Marketing shows us how much communication has changed. With the advancement of technology in our lives, businesses communicate with its customers through social media like Twitter and text messages rather than in person. This it makes it easier for those companies to get their customers opinions on their wants and their needs. In business, communication and relationships are a big factor but with new technology, the amount of physical interactions is decreasing.

The main areas where you can find a position in for a marketing major are in sales, brand marketing, retail, and advertising. Sales have many positions available. One can advance its way up to higher positions. For example, you can be a sales assistant and work your way up to becoming a sales manager. A salesperson is a person who sells goods and services. Brand managers are those who are in control of the company's products and new ideas. They help promote products to appeal to the eyes of others. Marketing researchers are involved with the company's decision making on products. They obtain the information a business need. Retail also has many positions available in its field like buying, selling etc. You work your way up to having control of the products. Control in its promotions, and price. Advertising has many roles and options. There are many ways to advertise such as, through social media, in public face to face, etc. in the advertising field, the pace is very fast and competitive. George Mason University provides many opportunities in marketing. Two job positions found. The first was as a Technician at the GMU Barnes and Noble tech store. The second position was as a public relations and marketing specialist 3.

Some challenges in the global market are people, identifying personas, translations, customer data, and budget. People are a challenge in marketing because you may not find the right workers for the job or they might not be as efficient. Identifying personas is another challenge marketing companies deal with. When globally expanding your business, you have to study and observe what people in that new country are interested in and what cultures they are accustomed to. For example, a country outside of the U.S. can be accustomed to eating more spicy food than us. Translations can lead to problems when it is interpreted differently to others. That is why it is important for it to be approved by a local agency. This can lead to a bad reputation and customers having second thoughts on your company. For example, Pepsi came out with a slogan “Pepsi brings you back to life,” but was interpreted as “Pepsi brings you back from the grave,” when translated into Chinese. This impacted Pepsi greatly. Customer data is important to Marketing because data security is a current issue and topic in society today. Data security means that one's information and data is not to be shared. “While many of the world's top companies are now centralizing user data, it's very common to find that a specific country has its own local technology for storing customer data. Differences in laws often mean this data cannot be synchronized or shared“ (Winter 2017). Finally, deciding on a budget for your expansion globally can be tricky. It is important to have a budget set because it is a way to have control and organization in your shares. For example, if your local campaign is about $400,000, and plan to expand to 50 countries, then your expected budget is $20,000,000. A global opportunity found was the Organic Trade Association (OTA), which provided job opportunities in sales, reverse sales missions, U.S. export directory.

Reference

American Marketing Association. (2013, July). Definition of marketing. Retrieved from

https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx

Erstad, W. (2015, April 13). Top professional associations for business students. Retrieved from

https://www.rasmussen.edu/degrees/business/blog/top-professional-associations-for-business-students/

KU School of Business. Retrieved from https://business.ku.edu/what-can-i-do-major-marketing

Kwan, L. (2018, September 13). Retrieved from

https://www.widerfunnel.com/9-marketing-trends-2018

O'Reilly, L. (2016, November 24). Apple mysteriously stopped disclosing how much it spends on ads. Retrieved from https://www.businessinsider.com/apple-stopped-disclosing-ad-spend-2016-11

Organic Trade Association. Global market opportunities. Retrieved from

https://www.ota.com/resources/global-market-opportunities

Winter, J. (2017, July 19). Retrieved from

https://www.forbes.com/sites/forbestechcouncil/2017/07/19/the-top-five-challenges-of-creating-a-global-marketing-campaign/#6e45c1c972eb

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