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Marketing Importance and Challenges

CAN YOU TELL ME THE FOLLOWING......

What is the importance of marketing to an organization and the top three marketing challenges faced by the organization. How do three challenges impact the organization's marketing mix. Assess the importance of marketing research in overcoming these challenges.

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Please see response attached. which is also below. I hope this helps and take care.

RESPONSE:

1. What is the importance of marketing to an organization?

Marketing is important because it is about promoting your product/service for success (e.g., profit). Put simply, marketing includes any activity that lets potential customers know about your product or service, what makes it special or better than others in the marketplace, and (ideally) encourages them to buy it. Marketing includes all forms of advertising and sales, but it means much more for many businesses. http://au.smallbusiness.yahoo.com/040202/7/e3n.html

How does marketing work?

Marketing supports sales and product development in a range of ways. It's based on the ability to identify, attract and satisfy customers. Of course, this all needs to be done at a price that represents value to the customer and profit to your business. So the costs of marketing must be factored into the budget and pricing. Not all elements of marketing will threaten your budget - some are business basics that are free or very affordable essentials that you will do in the course of business anyway, e.g. have your logo and company name on all stationery and quote slips. The good thing about marketing is that you can choose which elements work best for the product and service, as well as fitting your budget.

The aim of marketing is to have the right product or service:
? At the right price
? At the right place
? At the right time
? With the right appeal to suit your market and product
? Brought to the attention or awareness of the target market. http://au.smallbusiness.yahoo.com/040202/7/e3n.html

2. What is the top three marketing challenges faced by the organization?

It depends on what marketer you speak to, as they differ in their research findings and opinion as what marketing challenges are the top challenges. It varies across industries as well. However, most marketers would agree that technology and services marketing leaders face enormous challenges in today's market.

1. Competition is brutal;
2. Buyers are skeptical; and
3. The slow economy keeps everything but the most urgent purchases on hold.

For example, one marketing company researched marketing organizations and found six challenges in particular (related the above three market trends) that are keeping marketing executives up at night:

? Moving from products and services to solutions
? Working more effectively with sales
? Leveraging partners
? Building a stronger and more differentiated brand
? Strengthening relationships with existing customers
? Demonstrating quantifiable return on marketing investment

These six represent the core agenda for marketers faced with generating profitable growth in a maturing industry and a slow-growth economy?and therefore represent the primary focus for their own ...

Solution Summary

This solution explains the importance of marketing to an organization, as well as the top three marketing challenges faced by the organization. It also explains how these three challenges impact the organization's marketing mix and assesses the importance of marketing research in overcoming these challenges.

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