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Marketing

The marketing decides about what to produce and where to position and sell the product – which market segment to cater or how to differentiate the product from competition. Correct identification of all these tasks in proper direction is of paramount importance that eventually makes the organization thrive with ever increasing sales. It will be most appropriate to explore how the marketing function can turn the tides in company’s favor so that the company is put on high trajectory of growth with thumping profits. Smith (2011) argues that some airlines increase their costs by 25 percent just to get additional 5 percent of the market. It just does not make sense if profitability is one of the goals. Southwest airlines continued with a strategy of low pricing for over 4 decades albeit with a focus on target market and that concept always stayed with the company. In a short distance travel, Southwest Airlines identified the customer needs as flexible and efficient travel, lesser time in boarding, timely service and of course, the affordable price. Southwest Airlines met with these needs of its customers by removing meals, no preselecting of seat, no first class travel, no booking through agent. In short, it was a selection between satisfying every customer at high cost or satisfying a vast majority at low cost and the Southwest Airlines smartly decided to choose the latter. Southwest continues with this philosophy even today. It operates with efficiency and without any extra frills when compared with competitors. At low cost, it still makes profit and continues to grow. The Starbucks Coffee Company is one of the fastest growing organization and worth mentioning for its prudent marketing strategies; especially, small businesses can learn a lot from the company. Starting with just one store about 30 years ago, currently the company owns thousands of outlets in the US and abroad with the total revenue exceeding $4 billion. Starbucks does not put ad in newspapers or a billboard or a poster. They focus on product quality providing delicious taste and aroma. Customer satisfaction has been their main guiding principle and in keeping with that the company has added more flavors in their serving, high speed wire-less internet capability in their outlets and pleasant environment. Their product and services speak for themselves through word-of-mouth publicity discarding any need for a high-level ad campaign. Apple Inc. is a classic case of innovation and product development that firmly establishes the company as most sought after in the market place so far its products are concerned. Apple came out with iPod, iTunes, iPhone and then the App Store. The iPod found the gap in MP3 player market and promptly filled the gap to grab over 70 percent market share; that is unprecedented in the history. In the field of tablet computer, iPad’s market share is over 50 percent – much ahead of its nearest rival Samsung who is languishing at meager 18 percent market share. In smart phone market, iPhone’s market share has risen by 10 percentage points to touch ...Show more

Summary

Marketing Paper Introduction There are many definitions of marketing that are in vogue. Kotler (2001) offers one of the shortest definitions of marketing and that is "meeting needs profitably.” American Marketing Association (2007) defines it as “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." Encompassing many aspects of marketing, the terse and objective definition of marketing can be given in this way: It is an activity by an organization that is focused on identifying and fulfilling the customer needs as successfully as possible so th…
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