MARKET PERSPECTIVES

Marketing Perspectives

Marketing Perspectives

Introduction

Marketing is a branch of economics that deals with the descriptive study of the market and market analysis and user interaction with the company (Kotler et al., 2010, 7-17). In this era of globalization, intense competition level is experienced by firms. Hence, an organization can achieve a competitive edge only if it grasps substantial mindshare about appropriate consumer target markets.

The awareness of the products or services launched by an organization possesses utmost importance as consumers are more inclined towards the products and services they are familiar. Therefore, customer satisfaction exists only if the organization uses sophisticated strategies in order to create product/service's awareness, adaptability and availability in the market. This is the reason due to which organizations formulate effective, functional, pricing, sales promotion, placing and value added strategies to provide a competitive edge to the organization (Kotler et al., 2010, 7-17).

Discussion

Contemporary role of marketing enables the company to find and assess market opportunities, which is mainly done through environmental scanning. This enables the firm to examine the needs and wants consumer and develop products accordingly that serves the maximum satisfaction of needs (Kurtz & Boone, 2011, 148). Mainly, it characterizes the determination of consumer needs and factors that result in shaping the consumer needs with respect to change in environment (Caslione & Kotler, 2009, 97).

Next major role of marketing is to enable the company to adapt product development and distribution strategies based on the needs assessment. Effective pricing strategy enables the company to gain market share by focusing on value offerings with respect to price deals offered to customers (Caslione & Kotler, 2009, 167). Majority of brands lose its market value due to inability to reach target market. Therefore, marketing enables the firm to focus on market development and product development through appropriate promotion strategy. This requires understanding of consumer markets and focusing on factors that best derive the consumer needs for the utilization of product (Kurtz & Boone, 2011, 204).

Holistic marketing approach enables the firm to adopt a concentrated approach for establishing positive perception, focus on value chain development, and gaining market control through competitive advantages (Kurtz & Boone, 2011, 219). Success of holistic marketing strategy base on the decision relates to product attributes, pricing, product placement and market penetration, and modes of promotion selected.

Associated Concepts

Consumer Needs, Consumer Wants, and Consumer Demand

The need of the customer possesses a significant importance in ...