Critical Components of a Successful Organization

Critical Components of a Successful Organization Free Online Research Papers Marketing, financing, and an excellent human resource department are essentials in any organization that is successful. Marketing is the area in an organization that focuses on the needs and wants of customers and turning the needs and wants into satisfaction of the customer. Having marketing an organization can make or break the company. Without marketing, a company can not get the products and goods out on the streets to sell and will cause the company to not make profit. The prices are important as well to the customer. If one can purchase the same thing from another company at a cheaper price, the customer may tend to go with the more inexpensive price. In the marketing department of an organization, there must be personnel that have the knowledge of bringing customers, new and existing, into the store and purchase things that are a good deal. One must also have the knowledge of pricing merchandise to a customer’s satisfaction as well as bring in profit to the company. Having this knowledge will uplift the company to no end. Marketing research, a marketing plan, and a marketing strategy are also excellent tools to utilize in marketing. Without all these things, the marketing departments can more than likely fail the company as a whole whether it is by not advertising in the correct places, finding what the customer would like to see at the location, promoting sales, and/or planning things. Marketing research is â€Å"the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to satisfy customers† (Marketing Research, 2006). Marketing plans are also signi ficant to the success of the company. A marketing plan contains â€Å"details of specific tasks worked out by and for a business concerning how market research, product choice and pricing, advertising, promotion and distribution will be done†. To run a profitable and successful company, one must plan things to accomplish and have the advertising meet that need. If one store is not selling many of one item, however, another store in a different location is running out of the product, the company should rearrange the distribution to meet that need and not ignore it. A marketing strategy is â€Å"a business’ approach to marketing its products/ services expresses in broad terms, which forms the basis for developing a marketing plan† ( ). The marketing team will meet and discuss what they would like to see happen in the marketing department as well as the company. Then after this occurs and the team has decided on the issues, the marketing plan will occur and come into play for the company. Marketing is â€Å"the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to satisfy customers† (Glossary of Business Terms, n.d.). The marketing team could be split up into groups for different needs. One group can be responsible for advertising and promotion, another for distribution and pricing. There are a few different ways that the marketing department can be successful in choosing the correct product and place for the product if one is willing to put forth the effort and concentrate on the company and its future. Another definition of marketing is â€Å"finding out what customers want, then setting out to meet their needs, provided it can be done at a profit. Marketing includes market research, deciding on products and prices, advertising promoting distributing and selling† (Glossary of Business Terms, n.d.). In the organization that I am currently employed, my superiors do not sdee an need for marketing the company well. The superiors seem to think that word of mouth is good enough. This is not true and this may be the reason why the company is not successful. The owners are hardly making enough profit to live on. This is because of the short client list. If the company would take the advice of others that have given them a list of reasons why marketing and advertising is a necessity for the company, the company would be in much better shape. In conclusion, marketing is a necessity in any organization. The correct way of marketing is a necessity for success. The company can not and will not be a profitable company if it does not draw customers in the door to show them what the company is capable of. Without marketing, the product can not and will not make it onto the streets and people will not know where it is to even buy it. Word of mouth is an excellent tool; however, having marketing plans and strategies can and will increase the sales and popularity of the company. If more customers are coming in just to be curious to see the sales and products, the company will take off from the bootstraps where it was a while back. References Glossary of Business Terms (n.d.). Retrieved August 10, 2007, from smallbiz.nsw.gov.au/smallbusiness/Resources/Business+Tools/Glossary+of+Business+Terms/ Glossary of Business Terms (n.d.). Retrieved August 10, 2007, from cfdccariboo.com/glossary.htm Research Papers on Critical Components of a Successful OrganizationAnalysis of Ebay Expanding into AsiaMarketing of Lifeboy Soap A Unilever ProductThe Project Managment Office SystemDefinition of Export QuotasIncorporating Risk and Uncertainty Factor in CapitalResearch Process Part OneBionic Assembly System: A New Concept of SelfHip-Hop is ArtInfluences of Socio-Economic Status of Married MalesOpen Architechture a white paper