Marketing is the management process responsible for identifying,anticipating and satisfying customer’s requirements profitably.
Marketing evolved as a part of the total manufacturing organization. Its rapid evolution was caused by five general issues that are found in companies at different times.These are..
1. SALES DECLINE:
Imagine a situation in which a manufacturing company suddenly discover that its popular brand name is no longer acceptable, leading to poor sales, The owner would immediately examine his operation and product and attempt to find a solution.
2. SLOW GROWTH:
After a period of continuous progress any company would wonder at any sudden drop in sales and find a solution. This might involve repackaging the old product,reformulating or formulating another product.
3. CHANGING BUYING PATTERN:
Any change in the buying pattern of the consumer directly affects the sales of the company’s products. This would also lead to research and development of new products to meet the new direction and satisfy it.
4. INCREASING COMPETITION:
New companies are daily set up and result in loss of market share by existing companies. This is a challenge which companies need marketing innovations to meet.
5. INCREASING EXPENDITURE:
Changing national economy often increases the cost of doing business. Apart from other systemic changes, all companies would respond by improving on their marketing strategies to spend less and achieve more sales.
From the above, marketing should help the organization reorganize its business opportunities and harness the organization’s energies to enhance the quality of life in society.
Below are the major tasks of marketing.
- Identifying marketing opportunities and its needs.
- Keeping abreast of relevant technological developments.
- Managing products.
- Choosing and motivating the channels of distribution such as retail outlets.
- Advertising and promoting the products.
- Obtaining sale for its products.
- Setting prices and terms of supply.
- planning the marketing activity.