What is the added value that a marketing division can deliver to the stake holders?

Based on the readings

1.What is the added value that a marketing division can deliver to the stake holders?

the added value that a marketing division can deliver to the stake holders are the combination of quality, service, and price (qsp), marketing is in charge of delivering value to products, in the search for satisfaction. To achieve this, strategies and performance are needed. By exceeding the expectations of skate holders, there will be satisfaction and loyalty.

Successful marketing creates demand for goods and services by effectively promoting and communicating their value to consumers. By employing various marketing strategies, businesses can attract potential customers, build brand awareness, and establish a positive reputation in the market. As a result, the increased demand for their offerings not only leads to higher sales and revenue but also enables them to participate more actively in socially responsible activities.

Marketing plays a fundamental role in establishing strong brands and create a loyal, tangible and intangible customer base. Through strategic planning, creative execution, and effective communication, marketing not only enhances brand awareness but also fosters emotional connections between the brand and its target audience.

2. Select minimum 2 misconceptions versus the realities about marketing and based on your marketing knowledge, how it applies in Colombian marketing practices?

MISCONCEPTION NO. 4: Marketing is inherently unethical and harmful to society.

THE REALITY: Marketing is no more inherently unethical than other business areas. The extreme corporate financial misdeeds that led to the Great Recession of the late 2000s show that to be true. However, when some element of marketing proves to be unethical (or even illegal), it tends to be visible to the general public. Untrue advertising claims, arm-twisting sales tactics, and nonenvironmentally friendly product packaging are a few very visible examples of marketing not behaving at its best.

• Today, marketing success goes hand in hand with social responsibility, enabling companies to stand out to consumers and capture the attention of customers who actively seek sustainable brands. One example of a successful company that applies sustainability and has it deeply embedded in its DNA is Colombina.

Colombina, a company known for its social responsibility initiatives, showcases its commitment to sustainability on its social media platforms and main website. They feature news, recognitions and future plans that demonstrate their dedication to being a socially responsible company.

By aligning its marketing efforts with a strong focus on sustainability and responsible practices, Colombina effectively differentiates itself in the marketplace, attracting conscientious consumers who prioritize supporting environmentally and socially responsible businesses.

MISCONCEPTION NO. 6: Marketing is just another cost center in a firm.

THE REALITY: The mind-set that marketing is a cost, rather than an investment, is deadly in a firm because costs are inherently to be reduced or avoided. When management doesn’t view marketing as earning its keep—that is, marketing being able to pay back its investment over the long term—it becomes very easy for firms to suboptimize their success in the long run by avoiding investment in brand and product development in favor of cutting costs. This is the classic argument that successful firms must simultaneously monitor costs to ensure short-term financial performance while also investing in marketing to ensure long-term competitive strength.

• Marketing is not another cost of the company, marketing and other areas within the company have to work hand in hand. marketing generates demand and drives the success of the company, it also helps to introduce new products, helping the innovation of the company. thanks to marketing incredible ideas are generated, listen to consumers and create products, an example is the new Mini Bon Yurt in collaboration with Ramo and Kellogg's, this product is a request from consumers, where they joined 3 successful brands in Colombia. marketing is an investment for the company's performance.

3. What and when the key change drivers will impact colombian companies marketing practices?

the main drivers of change that will affect the marketing practices of Colombian companies are five areas, which are:  

•  Shift to product glut and customer shortage.

•  Shift in information power from marketer to customer.

•  Shift in generational values and preferences

•  Shift to distinguishing Marketing (“Big M”) from market-ing (“little m”).

•  Shift to demanding return on marketing investment.

• In the first one, it tells us that we must focus on the customer and understand the business we are engaged in, moving forward as the years go by, the world evolves every day and we must go hand in hand with change.
• As the decades go by, customers have access to information about services or products, where companies have no power over this information, customers have access to give their opinion that can inform or misinform the product.
• time moves forward and with it the generations and their preferences, companies have to be clear about who their customers are and see the trends they follow, the current generations love authentic brands and are loyal to the brands, the area of the brand is the most important area of the market. the marketing area has to satisfy and give value to the brand to make it more attractive.

• Marketing has two dimensions ("Marketing"-"Big M") and leaving the word in lowercase for the other ("marketing"-"little m").

Marketing (Big M), which deals with understanding markets, competitors and other external forces, enables the creation of strategies for the future, includes the concept of customer orientation, which places the customer at the center of all aspects of the company.

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