MARKETING EXTRA CREDIT PAPER 3
MarketingExtra Credit Paper
MarketingExtra Credit Paper
Marketingis touted as one of the most fundamental aspects of any businessentity or organization. Indeed, it popularizes the services and goodsof the business entity making them admirable to the current andpotential customers. However, questions have been asked regarding howmarketing determines the sales and profits that a business entityearns. The efficacy of marketing can be summarized by the statement“Peopledon`t know what they want – they only want what they know”.
First,marketers identify the target markets that are likely to wantparticular services and products. This target market would then besegmented so that dedicated marketing can be carried out in theareas. Of particular note is the fact that the goods and servicesmarketed in those areas or to those markets would be those that areneeded. Scholars note that advertising has the sole purpose ofgetting individuals to purchase the product, in which case themarketers would figure out the groups that particular products wouldbe appealing to, after which they target their marketing efforts tothose groups.
Inaddition, marketing would only serve to make people aware of theneeds that they have, as well as the products and services that wouldfulfill that need. Indeed, marketers strive at making consumers awareof problems that they never knew existed, as well as invitesufficient worry pertaining to problems that they do not have in thefirst place. Even in instances where an individual goes with a fixedbudget and aims at buying particular items, there is a highlikelihood that they will indulge in impulse buying simply becausethere is an item that they saw in the adverts. It is noted thatadverts would create the need to try new products, even in instanceswhere they do not add much value to the lives of the consumers.
Onthe same note, marketers often create the impression that theproducts that they are trying to get the consumer to buy aredifferent from the others in the market. This is called branddifferentiation, where items that have similar characteristics arebranded in different manners thereby creating the impression thatthere is a difference in their qualities. This would make individualconsumers choose one item over the other, sometimes even paying morethan they would have paid for the other, simply because they havebeen convinced in an advert that there is a difference in theirfunctionality or properties.
Lastly,marketing functions by getting the attention of potential and currentconsumers, thereby attracting and persuading them to purchase theitems and services. This would eventually create demand for theproducts. Of course, this is subject to proper knowledge of theconsumers’ buying behavior, as well as the personal, social andcultural factors that would affect their buying decisions. Indeed,market segmentation is done primarily on major variables such asgeography, demography, as well as psychographic factors that would belikely to affect the market sizes, preferences and capacity topurchase.
Thesefactors underline the fact that “Peopledon`t know what they want – they only want what they know”.Marketing creates awareness among the potential consumers, not onlyabout the products and services available but also the problems thatare in existence even in instances where they were not aware of suchneeds.