Assignment of

Marketing Management
Topic:

Importance of marketing in global world

Noman Masood Roll: 7482 2nd Semester MPA (Morning)

Department of Public Administration Government College University Faisalabad

IMPORTANCE OF MARKETING IN GLOBAL WORLD

Today, businesses around the world cannot ignore the impact that the global economy is having on their performance. Marketing is a significant aspect of any business in today's highly competitive Global Economy. We all know that the time has changed. Customer has more Substitutes now days for their Requirements. So it is important to make sure that marketing efforts are more on understanding the changing needs on today's customer. We need to understand the minds of customers. It's rightly said "customer is Boss" In this extraordinary field we should not forget that Creation of a brand is very important because it is creation that helps us get a good reputation and build a large group of customers. But also always remember that without strong marketing skills Distinctive Brands fail to prove them Successful Brands. A successful Marketing team can carefully analyze customer needs and carefully monitor there competitors marketing moves. We should not forget that Marketing is a broad topic that covers a range of aspects, including advertising, public relations, sales, and promotions. Strategies in marketing have changed enormously since Jay Conrad Levinson introduced the guerrilla concept over 20 years ago. Companies without a marketing mindset are at a disadvantage in today's business world. Those who are still centered on their products, rather than their customers, are doomed to fail. Strategically, the business must be centered on the customers more than the products. Although good and quality products are also essential. Marketing plays significant roles in any Business 1) Marketing Promotes Product Awareness to the 2) Marketing Helps Boost Product 3) Marketing Builds Company Reputation like Public Sales

If we talk about Marketing Strategies then we should know that the concept of marketing strategy has two basic types: general marketing strategies and decision area strategies. 1) General marketing strategies are broad and are aimed at various specific business objectives. Further another kind of General marketing strategies market expansion. 2) Decision area strategies are used to accomplish the general marketing strategies through effective marketing decisions. Another very important component is Marketing plan. Marketers depend on plans as one of the factors for business success. In designing a marketing plan, mission and vision statements must be identified as these are the bases of

the entire marketing process. A company should highlight the objectives it wants to achieve. So it concludes that a good marketing strategy can help not only maintain the current business but also help to increase the business and profits of a company. Marketing and employment relations are equally important aspects to the successful operation of all businesses, through correct marketing businesses can expect to grow and expand, both in size and profitability; Qantas has employed a range of strategies to accomplish its aims and become a more competitive player within the aviation industry. With the development of new domestic airline JetStar by Qantas, individual strategies will need to be used to help the business succeed. Coca-Cola Amatil (CCA) is an Australian non-alcoholic beverage producer, successful employment relations has seen the company become a leader within the hospitality and production industry. The role of marketing is to connect the business with its target market. Marketing is the major link between the business and its customers. As the market changes and becomes more competitive, the business needs to know and understand its target market so it can provide better service to its customers. Successful marketing will identify customer needs, and then, plan price, promote and distribute the products and services that will satisfy these needs. This way the business goals of increased profit and a greater share of the market can be achieved. But continually researching customers and monitoring the business environment, marketing provides the information the business needs in order to change direction on adjust its tactics by providing new product or changing existing products. The objectives and strategies of the marketing plan are used to determine the plans of the other functions such as operations, employment relations, and accounting and finance. CEO Geoff Dixon has recognised the role of marketing in business success and so continually researches its market and modifies its marketing strategies to meet customer needs and wants. Today, businesses around the world, both large and small, cannot ignore the impact that the global economy is having on their performance. Globalisation, the internet, and information transparency have led to an increasingly mobile workforce, ever more fickle customers, and rapidly changing technologies and business models. One result of this seemingly inexorable trend is that companies are less able to predict let alone control - the short-term shape of their own markets. As a result, more and more organisations are choosing to adopt a marketing-led philosophy to enable them to win market share and capture and retain the hearts and minds of current and prospective customers. Marketing is becoming more important as organisations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded global marketplace. These complex issues heighten the need for effective marketing whilst expanding its scope beyond the marketing function. Put simply, marketing is no longer the sole

prerogative of a single function, even if the leadership on marketing comes from that function, together with the framework within which marketing strategies are conceived, developed, planned, executed, reviewed and improved. It used to be that a company could rise to the top of its industry and deliver superior shareholder returns by doing one thing well. Not anymore. Marketings perceived ability to orchestrate collaboration across an organisation (and its role in driving demand in markets that suffer from low rates of consumption) indicates that marketing is becoming increasingly important, even in organisations and sectors where it has, perhaps, traditionally taken a back seat. The field of marketing strategy encompasses the strategy involved in the management of a given product. A given firm may hold numerous products in the marketplace, spanning numerous and sometimes wholly unrelated industries. Accordingly, a plan is required in order to effectively manage such products. Evidently, a company needs to weigh up and ascertain how to utilize its finite resources. For example, a start-up car manufacturing firm would face little success should it attempt to rival Toyota, Ford, Nissan, Chevrolet, or any other large global car maker. Moreover, a product may be reaching the end of its life-cycle. Thus, the issue of divest, or a ceasing of production, may be made. Each scenario requires a unique marketing strategy. Listed below are some prominent marketing strategy models.