Importance of marketing in an organisation: Understand the significance of marketing in a business and how it contributes to its success.

🚀 Did you know that the success of an organization largely depends on its marketing strategies?

Marketing is a crucial aspect of any business. It's the process of promoting, selling, and distributing a product or service. But it's not just about selling; it's about understanding your customers and building relationships with them.

🎯 Comparing Marketing Techniques of Two Organisations

Let's take a look at two different organizations and how they use marketing techniques to achieve their targets.

For instance, consider Apple and Samsung, two giants in the tech industry. Apple uses a differentiated marketing strategy, focusing on creating a unique brand image and high-quality products. On the other hand, Samsung uses a mass marketing strategy, aiming to reach a broad audience with various products at different price points.

Apple: Differentiated Marketing Strategy

Samsung: Mass Marketing Strategy

⚠️ Limitations of Marketing

Despite its importance, marketing has its limitations. It can be expensive, time-consuming, and sometimes, the results may not be as expected. Moreover, the rapidly changing market trends and customer preferences can also pose challenges.

📊 Understanding Marketing Research and Planning

Marketing research is the process of gathering, analyzing, and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present, and potential customers for the product or service.

🔍 How Organisations Use Marketing Research for Planning

Let's take Starbucks as an example. Starbucks uses marketing research to understand customer preferences, market trends, and competition. This information is then used to develop a comprehensive marketing plan.

Starbucks: Uses marketing research to understand customer preferences, market trends, and competition.

🎯 Targeting Customer Groups

Targeting customer groups is about identifying and understanding your potential customers. It's about knowing who they are, what they want, and how your product or service can meet their needs.

🎯 How and Why Organisations Target Customer Groups

Let's consider Nike. Nike targets their customer groups based on various factors like age, gender, lifestyle, and fitness level. They do this to create products that cater to the specific needs of these groups and to communicate effectively with them.

Nike: Targets customer groups based on age, gender, lifestyle, and fitness level.

🎁 Developing a Coherent Marketing Mix

A marketing mix is a combination of factors that can be controlled by a company to influence consumers to purchase its products.

🎁 How Organisations Develop a Coherent Marketing Mix for a New Product

For instance, when launching a new product, Amazon would consider the 4Ps of marketing - Product, Price, Place, and Promotion. They would develop a product that meets customer needs, price it competitively, make it easily accessible, and promote it effectively.

Amazon: Considers the 4Ps of marketing when launching a new product.