Wednesday, August 28, 2019
Marketimg Essay Example | Topics and Well Written Essays - 750 words
Marketimg - Essay Example First, it helps the company to promote product awareness to the consumers and also position the company in the market. Second, marketing efforts can also help the organization to boost product sales. Third, marketing helps the company to build its reputation in the market. Without marketing efforts, a company cannot convey what services or product it is offering. Actually marketing is a huge area which covers various aspects of business from identification of need in the market to the after-sale services. Moreover, marketing efforts of a company help the people to recognize the product options available in the market and the features and qualities f the products. Therefore, marketing plays a very important role in the success of a company and its products and services. Three examples have been quoted here to explain how marketing concepts help the companies to operate in a particular market. IKEA is a prominent international player in the furniture industry. The company has been offe ring well designed, functional home and furnishing products to its customers for more than 60 years. The effective marketing strategies of IKEA have helped the company to develop a strong image in the markets where it is operating. The graph shows that the number of visitors to IKEA stores is expanding significantly. Company considers its every customer as a member of Ã¢â¬Å"IKEA FamilyÃ¢â¬ . The marketing function of the company has helped the company to establish an image in the market. Moreover, through marketing programs IKEA develops relationships with its customers for example; IKEA has recently introduced IKEA mobile content which is a marketing strategy through which company has developed a database of customers. Source: Batistia, 2009 These are the marketing efforts of a company which help the company to segment and target the market and position the product to reach the target audience. Red Bull was launched as an energy drink and today company is operating in many count ries across the world. Company heavily relied on Ã¢â¬Å"buzz marketingÃ¢â¬ or word-of-mouth to establish a strong image in the market. In order to position the energy drink, to attract customers and to increase the visibility of the product, the marketing strategies which the company adopted include sports marketing, even marketing, advertising, sales promotions and free sampling etc. By 2004, Red Bull was having 70 percent market shares of worldwide energy drinks market (Ny Mafia, 2008). Various competitors also tried to adopt the marketing strategies of Red Bull however; these tactics could not help the competitors. Therefore, even the taste of energy drink of Red Bull was not that very good however, these were the marketing efforts which communicated the purpose and features of energy drink. Various marketing efforts are pursued by companies to attract and retain customers. The following example of Lloyds Banking Group advocates however, marketing efforts help a company to pro vide information related to products and services to the customers of the company. The company is focusing on integrated marketing communication strategy to target its customers. In addition, the company also asks the people to join the network of the company through which company keeps on updating the customers via phone or email about the new products or services.