Starting business requires not only a large amount of money but also new ideas, which might be successful. Marketing can be called a weapon to ensure this success since it is a process of creating an additional cost of enterprise and investing in existing resources to receive more profit. These days, it is impossible to imagine any business, which could be started or run without the usage of marketing tools.
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Marketing is an orientation of the enterprise to the market (Hunt 2015). It is the ability to capture and use its tendencies. Marketing is one of the five main functions of the enterprise – management, production, marketing, finance, and personnel (Hoffman & Bateson 2010). These days, management plays a leading role. However, in the nearest future, marketing will replace management at this position as the customers satisfaction is a key to obtaining and increasing the profitability of enterprises.
The contribution of marketing is visible even when a company pays attention to seemingly minor details such as a smile, a compliment, or cookies. “The central role of marketing in the enterprise stems from the fact that marketing is the process via which a firm creates value for its chosen customers” (Silk 2006, p. 3). A successful company treats all clients equally and can open very early and close very late if necessary realizing that not everyone can adjust to the schedule.
Most organizations, in turn, strictly adhere to rules and regulations. This approach prevents the development of independence and initiative of the staff. However, to open a shop a little earlier, to smile, and call customers by name are the tools that require no money. These can help keep an old client and attract a new one and, in general, impact considerably the long-term success and rofitability of the company. “An excellent marketing program continues after the sale to provide unexpectedly good customer service that goes on to build a long and positive relationship with the customer” (Baker 2009, p. 15). Moreover, marketing guarantees a mission statement of the company. “A good mission statement captures an organization’s unique and enduring reason of being, and energizes stakeholders to pursue more goals” (Mooij 2014, p. 331).
Marketing is highly advantageous. Essentially, it is the opportunity to earn money for the company through the creation of additional value for the consumer using available resources and a careful study of the information about the market and competitors (Ganesan 2012). Achieving customer satisfaction, as well as building and maintaining loyalty are the main advantages of marketing (Percy 2008).
The main disadvantage of marketing is that it, firstly, requires much attention and, secondly, is an expensive technology (Percy 2008). The less the managers spend money on marketing, the more time they spend on it. In addition, marketing is a complex system of collection, processing, and analysis of market information. When uses the wrong information, the company is likely to make wrong management decisions.
Marketing is applicable the existing company since the set of measures allows making profits using available resources (Wiid & Diggines 2010). It can be regarded as a kind of business in business that generates profit when receives sufficient investment. However, the reverse situation may occur. There are companies, which are actively engaged in marketing activities, may, regardless, sustain losses. The problem is that marketing is not a panacea. If, at the crucial moment, the working capital is not satisfactory or if the products comee to the warehouse after the season or part of the batch is stolen on the way, marketing will not assist.
Additionally, marketing is not only one of the basic functions of modern enterprise management but also an internal culture factor (Lamb, Hair & McDaniel 2009). The company, culture of which is based on market values is unlikely to fall in the period of crisis and failure. Its employees, from CEO to an office cleaner, are then aware that their main task is to meet the needs and demands of consumers. Marketing also contributes to the sustainable development of the company. It comprises the self-development composed of the permanent emergence and overcoming of the internal contradictions that arise from the structure and content of the enterprise. An accurate, strategic way and the actions of all employees based on market values are the foundation of the commercial success of the enterprise (Wiid & Diggines 2010).
These days, the most common form of marketing is business-to-business marketing (B2B). The theory of market concentration in business-to-business markets is associated with the higher density of demand comparing to the consumer market. B2B guarantees the sale of goods to another company. “For example, Sprint (a consumer phone supplier) provides wireless, voice, and data services to both businesses and consumers” (‘Business to Business Marketing’). In such a way, the company receives double profit.
Marketing is the management philosophy proclaiming the orientation of production towards meeting the needs of specific customers. Marketing is an art of transforming the desires of customers into the income of the enterprise in the least risky and the most effective ways. Even with disadvantages, marketing remains an important and necessary part of business management.