Marketing fundamentals analysis and evaluation Assignment Sample

Marketing fundamentals analysis and evaluation Assignment

Introduction

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Marketing means the process, selection, and processes of organizations to create, communicate, distribute, and share resources of value for customers, enterprises, stakeholders, and society at large. The mechanism by which a company promotes the purchase or selling of a good service is marketing. It is the technique of telling stories so thrilling that people lose control of their pockets. It is indeed one of the most important aspects of industry and trade. Stakeholders play a very critical role in the dynamics of a company's marketing.

Therefore it is of fundamental importance to understand the concept of stakeholders clearly while making decisions about corporate projects (Troise, and Camilleri, 2021). Industry requirements/constraints serve an extremely vital role in the context of the project because they can help explain anything that needs to be understood while considering project constraints and threats. The more the project team and stakeholder participation and involvement will take place, the better (Siebold, 2021). Any stakeholder in the business maybe someone who has had an interest in a product or service offering could be referred to as a 'stakeholder'. One of the primary goals of a start-up company is to secure the funding required to sustain the business through the start-up phase. They serve as investors in the company in the first place, as well as decide its outcome (Pedrini, and Ferri, 2019). On the same note, stakeholder roles have a profound effect on business management in both day-to-day and long-running operations.

The customers can easily influence, or be influenced by, or can be subject to changes in the business strategy There are a few main stakeholders to consider, for every company: creditors, staff, and owners (and/shareholders), as well as the entities from which the company provides its capital, and/consents the goods and services (Mitchell, Lee, and Agle, 2017). Thus the fact that they are committed and enthusiastic plays a critical role in allowing different marketing dynamics to take effect. This will be looked at in more detail in future research on how stakeholders are involved in business operations and their impact on the marketplace.

Discussion

Significance of Marketing in Creating Value for Customers

Marketing is the mechanism by which a company encourages the buying or selling of a product or service. Both are examples of selling, marketing, and supplying products to consumers and other businesses. Associates advertise on behalf of an association. Marketing and promotional experts in a business use advertisements to attract the attention of major potential customers (Primo, Gil-Saura, and Frasquet-Deltoro, 2020). Celebrities, catchy words or slogans, classic ads or logo design, and media coverage in general are all instances of targeted promotions. Marketing is the mechanism by which a company enables a product or service to be bought or sold. Both are examples of promoting, marketing, selling, and delivering products to consumers or other businesses. On behalf of an agency, some associates also advertise.

Many of a company's practices aimed at promoting and selling goods or services to customers are referred to as marketing. The "business strategy," also referred to as the four Ps—product, price, location, and promotion—is used in marketing. At the most basic level, marketing aims to take a product or service, recognize its target consumers, and attract their attention to the accessible service or product (Akbar, and Hoffmann, 2020).

Marketing recognizes consumers, their interests, and how necessary it is for them to have those needs met. Marketing influences the product design to ensure that it meets consumer expectations and offers value equal to its price. To create value for customers in all of the correspondence, make the value proposition clear. Inquire as to why consumers buy from a particular commerce, and then use the appropriate knowledge to enhance the value proposition. Real-world data will help to measure the worth(Primo, Gil-Saura, and Frasquet-Deltoro, 2020). Communicate the advantages of the product so that consumers can appreciate its worth. A consumer economy is driven by marketing, which promotes products and services while focusing on customers who are most likely to become buyers. Increased revenues for a company that uses effective marketing tactics lead to expansion, job creation, increased tax revenue for the government, and, ultimately, overall economic growth. Consumer loyalty and satisfaction improve as a result of creating customer value. Increasing loyalty, market share, price, reducing mistakes, and increasing productivity are all benefits of creating Value for customers (better benefits versus price). Profits rise as market share grows and productivity improves (Shah, and Khan, 2021). The disparity in a potential customer's assessment of the advantages and costs of one item as opposed to another is known as consumer value in marketing. Functional value, monetary value, social value, and psychological value are the four forms of value.

Marketing is important for understanding consumer and their interest on a basic level. To invest in a product, the target market must have a detailed understanding of what it is and how it works (Ahn, and Thomas, 2020). The most powerful way to convey the marketing strategy to customers in a sequence-specific manner is by marketing. If consumer awareness is essential to you, then marketing should be as well. Modern marketing is a more cost-effective game than it has ever been. When it comes to competing against big-name rivals, smart marketing will increase competition. Marketing is important because it helps to sell products or services. The essence of every company is to make money, and marketing is an essential means of achieving that goal. Many businesses would not succeed if they did not use marketing strategies, which effectively drive sales. Marketing is a vital strategy for ensuring business development. Although current customers should always come first, marketing campaigns will help you grow your client base(Akbar, and Hoffmann, 2020). Little initiatives will not only engage current customers but also help to make potential new customers. Marketing ensures the development of the business by engaging new and existing customers.

 In essence, marketing is intended to maintain a company's visibility rather than to address a lack of interaction. Marketing, in this context, is something that companies must build and handle daily to maintain a positive relationship with their customers. Marketing is crucial because it helps companies to maintain long-term and consistent relationships with their target markets. It is a long-term plan that helps companies succeed, not a one-time fix. Any renowned company relies on customer loyalty(Shah, and Khan, 2021). Consumers also want to establish a connection with the business, and marketing can help them do so.

The aim of any company, according to a well-known economist, is to "find and keep customers." Marketing is critical in assisting companies in achieving this goal, and thus it entails much more than simply advertising, selling, and receiving payments. Marketing creates cost by establishing connections between people and goods, as well as between consumers and businesses. Marketing's job is to find, satisfy, and keep customers. Before creating something of value, one must first recognize a desire or need that can be met, as well as the potential clients who have this aspiration or need(Shah, and Khan, 2021).

Work should be focused on satisfying these customers by providing a product that meets their needs when and where they want it. The secret to customer loyalty is ensuring that everyone profits from the transaction. It doesn't end there when it comes to successful marketing. It also needs to keep customers by providing new ways to earn their loyalty and company.

Marketing is a general word that refers to a range of activities aimed at achieving these goals. The way businesses handle and carry out day-to-day marketing operations differs greatly. Marketing is a significant expense for many big, well-known firms, such as Disney-ABC, Proctor & Gamble, Sony, and Toyota (Shah, and Khan, 2021). Such businesses rely on successful marketing to succeed, and their organizational strategies, budgets, and operations reflect this dependency. In contrast, marketing may be much less visible for other organizations, especially those in heavily regulated or less competitive industries such as utilities, social services, medical care, or companies that provide one-of-a-kind goods. There is no single marketing model that ensures success. Successful marketing can be very costly, or it can be very inexpensive. In all situations, marketing must assist the company in identifying, satisfying, and retaining clients. A marketing campaign is only worthwhile if it aids the organization's ability to accomplish its objectives, regardless of its size or complexity.

One of the most important tasks of marketing is to add value to a product or service. This can be accomplished by presenting information before the release of a product or by continuing the marketing message after the item has been made available for purchase. Customer value is the understanding of how much a good or service is worth to a customer in comparison to the alternatives (Lumen Learning, 2017). Worth refers to whether the customer believes he or she received more benefits and services for the money spent. Customer engagement can be achieved in a variety of ways: Marketing communications aim to clarify what features a new product has and how they can help customers. The customer will gain because it will be user-friendly and easier to understand. It is also important to establish close relations between the brand and the target audience to gain the trust and love of customers. It could be possible if the former not only offers high-quality services and practical products, but also something else: ethics, a sense of trust and reliability, and, of course, positive emotions that make communicating with your brand pleasant and worthwhile(Shah, and Khan, 2021).

Google offers open access to all to an extensive degree, the most important and most effective marketing strategy sticks with Google for now. By providing a free and open forum, Google attracts users with no reservations, as there is no risk in trying Google search. On the other hand, Apple has cultivated a cool, fun, and friendly brand personality and culture, in contrast to some of its rivals. Customers will want to be a part of Apple's culture, according to their marketing strategies. Their market share demonstrates their accomplishments.

Apple's overall total profits in the 2019 fiscal year were 260.17 billion dollars, a small decrease from the previous peak of 265.6 billion dollars set in FY2018 (Apple Newsroom, 2020). The majority of Google's revenue comes from ads, which totaled 146.9 billion dollars in 2020. From the presented data in the upper section of the discussion, it is evident as a fact that their marketing operations have resulted in a great growth of their sales.

Stakeholder Engagement and its Impact on Marketing Operations

The international standard guiding social responsibility, ISO 26000 classifies the stakeholder as a person or a community who has a vested interest in a decision or activity. Stakeholder engagement thus starts with systematic stakeholder recognition, followed by an overview of their desires, plans, and/expectations, an evaluation of the potential to influence stakeholders, and finally implementation of measures to meet their expectations. In certain ways, a stakeholder involvement approach may also define the expectations of stakeholder individuals, and it's important to involve the sponsors to ensure they meet them (Turner, and Lecoeuvre, 2017). Investors, clients, vendors, and other interested parties may be considered stakeholders because they all have an important interest in the well-being of the company. Additionally, buyers, operators, customers, and non- as well as non-government agencies or associations, and purchasers can be considered stakeholders (NGOs). Social responsibility is especially important because it can significantly impact the interests of stakeholders. An organization's stakeholders should be taken into consideration even if they come at the cost of other stakeholders' interests (Velter et al., 2020). It may be easy for the expert to comprehend, but the stakeholder definition may be obscure for the layman. We extend the same requirements for consumer and supplier assurance to everyone else that may be affected, the community, and who will benefit from it, and staff, the community, and other stakeholders who could benefit from social responsibility.

Direct stakeholders are owners, who have a stake in the success of a project, as well as people who will benefit from the success of the project (indirect stakeholders); anyone with a connection to the project has a stake in it (people who are related to the project's success, indirect stakeholders; all the stakeholders are vested in it). Those who are in the midst of a crisis, those who are directly impacted, or those who are suffering as a result of a problem, Typical primary stakeholders would include consumers, workers, business owners, contractors, and vendors, as well as the business and the community at large (Kaiser, 2021). The ones that are not in a part of immediate concern or even the direct focus of the organization's activities. Secondary stakeholders are the entities of business: competitors, trade groups, governmental bodies, civil society organizations, and so as well as governments and politicians (Loureiro, Romero, and Bilro, 2020).

Companies conduct communication with stakeholders and familiarize themselves with them through a method known as stakeholder engagement. Companies can understand more what their clients want, what they want, how dedicated they are, and how their strategies and actions will affect their goals through knowledge. They may also improve their coordination and revisit their strategies and practices, leading to long-term advantages like recognition for brands and the first mover. Companies should learn more about what their consumers want, how committed they are, and how knowledge influences their tactics and actions. They may also enhance teamwork and review their policies and procedures, leading to long-term benefits such as awareness of brands and the first mover(Primo, Gil-Saura, and Frasquet-Deltoro, 2020). The mechanism by which a company engages specific stakeholders is known as stakeholder engagement. The word 'engagement' refers to efforts by an organization to understand better and to include stakeholders in its activities and decisions. The engagement will help organizations overcome tactical and strategic challenges ranging from information collection and innovations that could affect their activities to increased accountability and confidence building among individuals or groups whose support is crucial to the long-term success of an organization, to innovation and organizational change required to meet the new challenges (Stocker et al., 2020). Stakeholders are all individuals who are impacted and/or affected by the actions, goods, and services of an entity and their performance. As a consequence, all those who may have knowledge of or opinions about the company are not included in this description (Leonidou et al., 2018). Many stakeholders will be involved in an organization, each with different styles and levels of participation, as well as a variety of priorities and concerns, which may be conflicting.

Some of the most significant stakeholders for any given organization are customers, employees, investors, suppliers and vendors, communities, and governments. In the forthcoming discussion, the impact of stakeholder engagement on the marketing operations will be discussed, concerning each of the mentioned stakeholders.

1) Customers: The customers occupy a central position of importance in this case because engaging this stakeholder group and getting to interact with the members provides a vast volume of knowledge about their preferences and expectations of the organization. When they are engaged actively, a sense of trust and loyalty develops and it further leads towards 'passive advertisement, thus bolstering and enhancing the marketing operations of an organization. When the customers are engaged, their impression of the company is influenced by their experience. If the process yields positive results, it is obvious that the company would naturally be promoted by them, as a consequence of their satisfaction (Miles and Ringham, 2018).

2) Employees: Engaging with the employees reveals much about their own needs and concerns to the organizational management. It also fosters the feeling of being integral elements of the entire corpus of an organization in the employees. Stakeholder engagement in this case would imply taking care of the needs of the employees (such as income, security, work-life balance, etc.), solving their problems, and making the work as team members, rather than separate entities working for a living. If these things are taken care of, the employees will naturally support and promote the marketing activities of the organization(Miles and Ringham, 2018). They would recommend the product/services out of their loyalty to their circles and assist the organization's initiative. They would also support the marketing activities of their organization to ensure its economic progress so that their own financial and professional ambitions are fulfilled as a result of that.

3) Investors: Investors are crucial as determinants of an organization's success. Besides providing an organization with the much needed financial resources, this group of stakeholders can also impact its marketing activities. The investors are mostly concerned with the financial outcomes of their heavy investments in the company. If their expectations are fulfilled and they are engaged in the important affairs of the company, they are most likely to support and promote the company's product/services, at least for their advantage, if not something else(Leonidou et al., 2018). A successful marketing is likely to yield huge profits, which would in turn satisfy the investors' demands and expectations. Therefore, it is for their benefit that stakeholders will support a company's marketing operations if they are engaged.

4)Communities: The communities are interested in the overall economic development of the society and the nation at large. Engaging them would reveal their concerns which may be maintaining a clean and transparent way of conducting a business, providing employment to the qualified youth, and contributing towards the holistic development of the nation (Viglia, Pera, and Bigné, 2018). If a company can manage these things, the communities will become very supportive of their operations, including marketing. A lot of people from the communities may transform into loyal customers and passively advertise the products/services of the organization. They would support the marketing activities to ensure the growth and development of the company, with the hope that it would in turn help to satisfy their own broader concerns.

Conclusion

It is evident from the above discussion that the creation of value for a product or service is one of marketing's most imperative functions. Product details are relevant, marketers must also help customers understand why they require the new product. The term "stakeholders" occupies a place of particular importance in the case of any given commercial enterprise. Any individual or group of individuals that functions as a determining factor in the various operations of an organization belongs to the umbrella term of stakeholders. The role of this group is often not paid as much attention as it is supposed to. This is so because organizations mostly choose to look at the requirements and expectations of the most influential of the stakeholders while operating in a particular direction. This is true in the case of marketing as well. The above discussion sheds much light on how the various stakeholders impact the various activities of an organization, with special reference to the area of marketing and promotion. A company should take into consideration the demands and expectations of all its stakeholders, at least the maximum number of them, if it truly wants to achieve undisputed success in its marketing aim and objectives.

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