What is the importance of Marketing?

The importance of marketing for an organization offers customer important information about a companies products or services. Customer loyalty depends if a company is profitable or not through it’s marketing. Marketing managers decide what features go into a design and what prices to sell their products or services to customers. “Marketing is about identifying and meeting human and social needs.  One of the shortest good definitions of marketing is, meeting needs profitably.” (Kotler, P., & Keller, K., 2009, p. 5) 

If your business can not turn a profit you will not be able to remain competitive in the market. Meeting the needs of your customers should be your first priority.

Importance Between Needs & Wants 

“Needs are basic human requirements.” (Kotler, P., & Keller, K., 2009, p. 5) “Wants are shaped by our society.” (Kotler, P., & Keller, K., 2009, p. 12) Furthermore, a customer may need food, but wants a cheeseburger, fries, and soda. This is the difference between needs and wants. Examples of Needs: “People need air, food, water, clothing, and shelter to survive.” (Kotler, P., & Keller, K., 2009, p. 12) Examples of Wants: Person needs food, but wants a corn dog with fries. Do you know what your customers want? Do you know their needs? “Demands are wants for specific products backed by an ability to pay.” (Kotler, P., & Keller, K., 2009, p. 12)  From question two, the customer may want a particular cheeseburger like the Big Mac from McDonalds, with fries, and Mtn. Due. Wants are not specific down to the last detail. To be the most profitable you have to create a demand for your product or service.

Is there a demand for your products or services you offer? “Market a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services-that is, ways of satisfying those needs.” (Perreault, W. Cannon, J., & McCarthy, J., 2008, Glossary G-6) How do you satisfy your customers needs? How can you help your customers understand your products or services?What is a market segment? A “Market Segment a relatively homogeneous group of customer who will respond to a marketing mix in a similar way.” (Perreault, W. Cannon, J., & McCarthy, J., 2008, Glossary G-6) Example of a Market in footwear might be “boots”. Example of a Segment for the market of “boots” would be “hunting-boots”. Hunting-boots that are made just for hunters. 

What are Marketing Channels? “Target Market is a fairly homogeneous (similar) group of customers to whom a company wishes to appeal.” (Perreault, W. Cannon, J., & McCarthy, J., 2008, Glossary G-11) What target audience are you looking for or targeting? How does your product help them? What is a market segment? “Market Segment a relatively homogeneous group of customer who will respond to a marketing mix in a similar way.” (Perreault, W. Cannon, J., & McCarthy, J., 2008, Glossary G-6) Target Market is a market that will be most profitable to a company. Learn more about Marketing Information System.

Would you rather throw an arrow at a target or use a high powered fiber-optic hunting bow? Target Marketing is “a marketing mix tailored to fit some specific target customers.” (Perreault, W. Cannon, J., & McCarthy, J., 2008, Glossary G-11) Many companies use market research, segmentation, and targeting and positioning to relate to the marketing plan.  Market research, segmentation, and targeting and positioning are the three reasons why competitive companies stay in business while their competitors fail to reach their target market. The benefits of target marketing is meeting the needs or wants of your specific target customers, turning a profit and staying competitive.