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WHY MARKETING ?

The Superiority of Marketing

Marketing, as defined by the American Marketing Association, 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" (American Marketing Association, 2023). This definition encapsulates the dynamic and essential role that marketing plays in the business world. Among the various functional arms of a business—such as accounting, finance, human resource management (HRM), procurement, and management—marketing stands out for its creativity, present focus, and direct impact on customer satisfaction and business success.


The Creative Power of Marketing


Marketing is the creative engine of any business. It involves conducting market research to understand consumer needs through SWOT analysis, executive analysis, and other methodologies. This research informs new product development, ensuring that businesses create products or services that meet market demands. The application of the 4P’s or 7P’s of marketing—product, price, promotion, and place—ensures that these offerings are effectively positioned in the market.


For instance, the marketing strategies employed by Coca-Cola and Nero showcase how powerful marketing can be. These companies have mastered the art of subtly influencing customer choices, often leading consumers to believe they made purchasing decisions independently. This sophisticated marketing creates a seamless and impactful customer experience.


The Functional Arms Compared


Accounting


According to the American Institute of Certified Public Accountants (AICPA), accounting is "the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information" (AICPA, 2023). While accounting is crucial for recording and analyzing financial data, it primarily deals with historical information. Moreover, the advent of accounting software has automated many accounting tasks, reducing the need for creative input in this field.


Finance


The Association for Financial Professionals (AFP) defines finance as "the management of large amounts of money, especially by governments or large companies" (AFP, 2023). Finance focuses on acquiring and managing funds to support business operations, including the marketing initiatives that drive growth. While finance is essential for funding marketing strategies, its role is more about enabling rather than creating value.


Human Resource Management (HRM)


The Society for Human Resource Management (SHRM) defines HRM as "the function within an organization that focuses on the recruitment, management, and direction of the people who work in the organization" (SHRM, 2023). HRM is about finding, training, and retaining the right talent to execute the business’s strategies. Although vital, HRM is more about managing human capital than directly influencing market dynamics.


Procurement


The Chartered Institute of Procurement & Supply (CIPS) defines procurement as "the process of finding, agreeing terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process" (CIPS, 2023). Procurement ensures that the raw materials needed for production are obtained efficiently, supporting marketing by securing the resources required to meet customer demands.


Management


The Institute of Leadership & Management (ILM) defines management as "the process of dealing with or controlling things or people" (ILM, 2023). Management involves planning, organizing, and overseeing business operations to achieve organizational goals. While management provides the overall direction, marketing is at the forefront, interacting with the market and driving business growth.


Why I Chose Marketing


I chose marketing because it is the only function that allows me to use my creative tendencies while staying in the present. Marketing makes a tangible difference by providing customers with their preferred products or services and ensuring these offerings are effectively communicated and delivered. The ability to craft compelling marketing strategies, such as those seen in Coca-Cola's campaigns, where customers are subtly influenced to choose their products, excites me. Marketing is not just about selling products; it’s about creating a connection with customers and making a significant impact on their choices and experiences.


In conclusion, marketing stands out among the functional arms of a business due to its creativity, present focus, and direct impact on customer satisfaction. It’s an exciting and dynamic field that continually challenges me to innovate and connect with consumers in meaningful ways.


References:


American Marketing Association. (2023). Definition of Marketing. [Online] Available at: https://www.ama.org


American Institute of Certified Public Accountants (AICPA). (2023). Definition of Accounting. [Online] Available at: https://www.aicpa.org


Association for Financial Professionals (AFP). (2023). Definition of Finance. [Online] Available at: https://www.afponline.org


Society for Human Resource Management (SHRM). (2023). Definition of Human Resource Management. [Online] Available at: https://www.shrm.org


Chartered Institute of Procurement & Supply (CIPS). (2023). Definition of Procurement. [Online] Available at: https://www.cips.org


Institute of Leadership & Management (ILM). (2023). Definition of Management. [Online] Available at: https://www.institutelm.com


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