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What Is a Marketing Strategy?

How It Works
Marketing Strategies vs. Plans

How to Create a Marketing Strategy

The bottom line.

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Investopedia / Daniel Fishel

A marketing strategy refers to a business’s overall game plan to facilitate the buying and selling of its products or services. A marketing strategy determines how to reach prospective consumers and turn them into customers. It contains the company’s value proposition , key brand messaging, data on target customer demographics, and other high-level elements.

A thorough marketing strategy covers the four Ps of marketing: product, price, place, and promotion.

Key Takeaways

A marketing strategy is a business’s game plan for reaching prospective consumers and turning them into customers of their products or services.
Marketing strategies should revolve around a company’s value proposition.
The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies.

Understanding Marketing Strategies

A clear marketing strategy should revolve around the company’s value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves its business.

This provides marketing teams with a template that should inform their initiatives across all of the company’s products and services. For example, Walmart ( WMT ) is widely known as a discount retailer with “everyday low prices,” whose business operations and marketing efforts are rooted in that idea.

Marketing Strategies vs. Marketing Plans

The marketing strategy is outlined in the marketing plan —a document that details the specific types of marketing activities that a company conducts and contains timetables for rolling out various marketing initiatives.

Marketing strategies should ideally have longer life spans than individual marketing plans because they contain value propositions and other key elements of a company’s brand, which generally hold constant over the long haul. In other words, marketing strategies cover big-picture messaging, while marketing plans delineate the logistical details of specific campaigns.

For example, a marketing strategy might say that a company aims to increase authority in niche circles where their clients visit. The marketing plan puts that into action by commissioning thought leadership pieces on LinkedIn.

Benefits of a Marketing Strategy

The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies by understanding the needs and wants of its consumers. Whether it’s a print ad design, mass customization , or a social media campaign, a marketing asset can be judged based on how effectively it communicates a company’s core value proposition .

Market research can help chart the efficacy of a given campaign and can help identify untapped audiences to achieve bottom-line goals and increase sales.

Creating a marketing strategy requires a few steps. Here are some of the steps you should consider when creating your marketing strategy.

Identify your goals: While sales are the ultimate goal for every company, you should have more short-term goals such as establishing authority, increasing customer engagement, or generating leads. These smaller goals offer measurable benchmarks for the progress of your marketing plan. Think of strategy as the high-level ideology and planning as how you accomplish your goals.
Know your clients: Every product or service has an ideal customer, and you should know who they are and where they hang out. If you sell power tools, you’ll choose marketing channels where general contractors may see your messaging. Establish who your client is and how your product will improve their lives.
Create your message: Now that you know your goals and who you’re pitching to, it’s time to create your message. This is your opportunity to show your potential clients how your product or service will benefit them and why you’re the only company that can provide it.
Define your budget: How you disperse your messaging may depend on how much you can afford. Will you be purchasing advertising? Hoping for a viral moment on social media organically? Sending out press releases to the media to try to gain coverage? Your budget will dictate what you can afford to do.
Determine your channels: Even the best message needs the appropriate venue. Some companies may find more value in creating blog posts for their website. Others may find success with paid ads on social media channels. Find the most appropriate venue for your content.
Measure your success: To target your marketing, you need to know whether it is reaching its audience. Determine your metrics and how you’ll judge the success of your marketing efforts.

Why Does a Company Need a Marketing Strategy?

A marketing strategy helps a company direct its advertising dollars to where it will have the most impact. Compared with the data from 2018, the correlation between organization and success in marketers jumped from being almost four times more likely to almost seven times more likely in 2022.

What Do the Four Ps Mean in a Marketing Strategy?

The four Ps are product, price, promotion, and place. These are the key factors that are involved in the marketing of a good or service . The four Ps can be used when planning a new business venture, evaluating an existing offer, or trying to optimize sales with a target audience. It also can be used to test a current marketing strategy on a new audience.

What Does a Marketing Strategy Look Like?

A marketing strategy will detail the advertising, outreach, and public relations campaigns to be carried out by a firm, including how the company will measure the effect of these initiatives.

They will typically follow the four Ps. The functions and components of a marketing plan include market research to support pricing decisions and new market entries, tailored messaging that targets certain demographics and geographic areas, and platform selection for product and service promotion—digital, radio, Internet, trade magazines, and the mix of those platforms for each campaign, and metrics that measure the results of marketing efforts and their reporting timelines.

Is a Marketing Strategy the Same as a Marketing Plan?

The terms “marketing plan” and “marketing strategy” are often used interchangeably because a marketing plan is developed based on an overarching strategic framework. In some cases, the strategy and the plan may be incorporated into one document, particularly for smaller companies that may only run one or two major campaigns in a year. The plan outlines marketing activities on a monthly, quarterly, or annual basis, while the marketing strategy outlines the overall value proposition.

Companies need to sell their products and services to generate revenue and put them on the path of being a successful business. To sell their products or services, they have to let consumers know of them. They must also convince consumers to buy them as well as convert consumers from competitors. Having a marketing strategy that outlines this process and more is a crucial step in converting consumers into customers.

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How to Write Essay on Marketing: Your Ultimate Guide

Mark Bradford

In today's digital age, more than 60% of consumers make purchase decisions based on online research and recommendations. The transformation of marketing practices in recent years has been nothing short of revolutionary, reshaping the way businesses connect with their target audiences. As technology continues to advance, marketers must stay abreast of the latest trends and strategies to remain competitive in the marketplace. Whether you are a marketing student seeking to sharpen your writing skills or a business professional aiming to communicate more effectively with your audience, understanding the intricacies of writing exceptional marketing essays is paramount.

How to Write Essay on Marketing: Short Description

This comprehensive guide is designed to be your ultimate resource, providing you with a wealth of valuable insights and essential tips to elevate your marketing essay writing skills to new heights. Here, you'll find a carefully curated selection of engaging topics that have been meticulously chosen to reflect the current trends and challenges faced in the dynamic world of marketing. Whether your goal is to excel academically, impress your professor, or demonstrate your expertise to potential employers, our essay service experts will equip you with the skills and confidence to achieve your objectives.

Essay on Marketing: The Purpose Behind the Pursuit

You might be wondering, 'What's the point of writing marketing essays?' Well, my curious marketing friend, let me tell you that the answer is both simple and profound. As a marketing student or professional, expressing your ideas, strategies, and insights through a well-crafted essay is a powerful way to showcase your expertise and creativity in this ever-evolving field.

Imagine this: You present your essay to your professors or colleagues, and they nod their heads in admiration. Your words have the potential to inspire and persuade, just like a masterful marketing campaign that captivates its audience. Writing essays on marketing is your opportunity to shine like a rockstar, leaving a mark on everyone who reads your words.

Focusing on Effective Marketing Strategies: The Heart of Your Essay

Now that we've established the significance of your marketing essay let's explore how to focus on creating an exceptional piece! At the core of your essay lies your ability to present effective marketing strategies that can work wonders (figuratively, of course!).

The key here is to avoid getting lost in a labyrinth of marketing jargon – we want your readers to nod in agreement, not scratch their heads in confusion. Think of yourself as a marketing magician, wielding the wand of simplicity and charm to make those marketing concepts shine. Break down complex ideas into easily digestible portions, and illustrate them with real-life examples that your readers can connect with.

Remember, a touch of humor here, and there can make your essay all the more delightful to read! However, while it's essential to be friendly and engaging, maintaining an academic tone adds credibility to your writing. Strike a balance between approachable language and demonstrating a well-researched, evidence-based understanding of marketing concepts.

Your ultimate goal is to leave your readers with 'Aha!' moments, where they feel enlightened and motivated to implement the strategies you've shared. So, wave that marketing wand with confidence, and let the magic of your writing take flight!

In the upcoming section, we will delve into the essential elements of a marketing essay and explore the steps to elevate your writing to new heights. Get ready to dazzle your audience and leave them craving for more!

Key Elements of a Marketing Essay

A well-crafted marketing essay comprises several essential elements that work together to create a compelling and informative piece. Let's explore these key elements from our marketing essay writing service to ensure that your paper stands out and leaves a lasting impact:

Creativity and Innovation : Embrace your creative side and infuse your marketing essay with innovative ideas. Use imaginative metaphors or analogies to illustrate complex marketing concepts in a unique and memorable way. Show your readers that you're not afraid to think outside the box and offer fresh perspectives.
Emotionally Engaging Storytelling : Weave storytelling into your essay to evoke emotions and connect with your readers on a deeper level. Share relatable anecdotes or narratives that highlight the impact of effective marketing strategies on people's lives. Emotionally engaged readers are more likely to remember and resonate with your message.
Visual Elements : Don't restrict yourself to only words – consider incorporating visual elements into your marketing essay. Utilize relevant images, infographics, or graphs to complement your arguments and present data in a visually appealing manner. Visual aids can enhance understanding and make your essay more engaging.
Interactivity and Multimedia : If possible, add interactivity or multimedia elements to your digital marketing essay. Include clickable links to relevant sources or videos that provide additional context or showcase successful marketing campaigns. This interactive approach adds depth and keeps your readers engaged throughout the essay.
Local or Niche Examples : Instead of solely relying on mainstream examples, explore local or niche marketing campaigns that have made an impact in your region or industry. Showcasing lesser-known success stories can demonstrate your research prowess and provide a unique angle to your essay.
Ethical Considerations : Discuss the ethical implications of certain marketing practices and strategies. Analyze how companies balance profitability with social responsibility and explore the impact of ethical marketing on consumer behavior and brand perception.
Future Trends and Predictions : Offer insights into emerging marketing trends and predict their potential impact on the industry. Speculate on how technological advancements, changing consumer behavior, or global events may shape the future of marketing strategies.
Cultural Relevance : Consider the cultural context and its influence on marketing decisions. Discuss how cultural nuances affect marketing campaigns, branding, and consumer preferences. Demonstrating cultural sensitivity in your essay shows a well-rounded understanding of marketing dynamics.

How to Write Essay on Marketing: Decoding the Steps

In this guide, we will walk hand in hand as we explore the essential steps to craft a captivating and insightful piece. Whether you're a marketing enthusiast eager to showcase your expertise or a curious writer taking your first steps into the world of marketing, rest assured, you're in good hands!

Step 1: Choosing the Right Topic

Selecting a compelling and relevant topic is crucial for an effective marketing essay. Consider current trends, emerging marketing strategies, or the impact of digital marketing on consumer behavior. For example, you could choose a topic like 'The Role of Social Media Influencers in Modern Marketing' or 'The Rise of Personalization in Digital Advertising.'

Practical advice : Ensure your chosen topic interests you and aligns with your essay's purpose and audience. Research recent articles and publications to identify popular and well-discussed marketing subjects.

Step 2: Conducting Research

Thorough research is indispensable in supporting your arguments and providing evidence for your marketing essay, just like in all research papers. Utilize academic journals, reputable websites, books, and industry reports for valuable information. Include statistics, case studies, and expert opinions to strengthen your analysis. For example, if you are discussing the effectiveness of content marketing, gather data on companies that have succeeded in using this strategy and their results.

Practical advice : Take notes while researching and organize your findings. Cite all sources properly to avoid plagiarism.

Step 3: Developing a Strong Introduction

The introduction sets the tone for your marketing paper and engages the reader. Begin with a hook that piques their interest, like a thought-provoking question or a compelling statistic related to your topic. Provide background information to contextualize the subject and clearly state your thesis or main argument.

For example: 'In the era of digital marketing, harnessing the power of social media influencers has revolutionized brand promotion. This essay explores the pivotal role of influencers in contemporary marketing and their impact on consumer purchasing decisions.'

Practical advice : Keep your marketing essay introduction concise and avoid going into too much detail. Save the in-depth discussion for the body of the essay.

Step 4: Building the Body of the Essay

The body of your essay should present your arguments logically and coherently. Each paragraph should focus on a single point, supported by evidence and examples from your research. If you are discussing the benefits of email marketing, one paragraph could focus on its cost-effectiveness, while another could delve into its potential for personalized targeting.

Practical advice : Use topic sentences to introduce each paragraph's main idea. Include relevant data, case studies, and real-world examples to add credibility to your arguments. Ensure each paragraph flows logically from the previous one.

Step 5: Addressing Counter Arguments

To strengthen the credibility of your essay, address potential counterarguments. Identify opposing viewpoints or criticisms related to your thesis and use the body paragraphs to refute them with well-reasoned arguments and supporting evidence. Acknowledge the counterarguments during your writing process, and then explain why your perspective is more valid or relevant. If your essay argues that influencer marketing is a powerful tool, a counter argument might be that it is costly and ineffective for certain niches. Address this by providing examples of successful influencer campaigns and their positive impacts on brand awareness and sales.

Practical advice : In your marketing essay, persuasive writing plays a crucial role in convincing your audience of the validity of your argument. Anticipate potential counterarguments during your research and be prepared to address them in your essay. Demonstrating that you have considered opposing views makes your argument more persuasive.

Step 6: Utilizing Marketing Theories and Frameworks

Incorporate marketing theories and frameworks to enhance the depth and analysis of your essay. These concepts provide a theoretical basis for your arguments and allow you to demonstrate a comprehensive understanding of marketing principles. For instance, you could apply the 4 Ps of marketing (Product, Price, Place, Promotion) to analyze a company's marketing strategy. When discussing the marketing strategy of a popular smartphone brand, you could use the Ansoff Matrix to explore its product diversification and market penetration strategies.

Practical advice : Ensure you fully comprehend the marketing theories and frameworks you intend to use. Avoid overloading your essay with jargon, and explain these concepts in simple terms to make them accessible to all readers.

Step 7: Showcasing Real-life Examples

To add depth and relevance to your marketing essay, include real-life examples that illustrate the concepts and ideas you discuss. These examples could be case studies of successful marketing campaigns or instances where companies implemented innovative strategies with positive outcomes.

If your essay focuses on the power of emotional branding, include examples of companies that have successfully connected with consumers on an emotional level, like Coca-Cola's iconic holiday ads.

Practical advice : Choose examples that align closely with your main points and contribute to the overall coherence of your essay. Ensure your examples are well-documented and come from reputable sources.

Step 8: Crafting a Conclusion

Your conclusion should effectively summarize the key points discussed in your essay and restate your thesis statement. Avoid introducing new information in the conclusion; instead, provide a compelling final perspective on the topic based on the evidence presented in the body of the essay.

For example: 'In conclusion, this essay has explored the powerful influence of social media influencers in modern marketing, backed by data and real-life success stories. As the marketing landscape continues to evolve, harnessing the potential of influencers remains a vital strategy for brands aiming to reach and engage their target audiences effectively.'

Practical advice : Keep your marketing essay conclusion concise and impactful. Emphasize the importance of your findings and leave the reader with a memorable takeaway. Proofread the entire essay, including the conclusion, to ensure a polished and cohesive piece of writing.

Also, if all this information feels overwhelming, remember that we're here to help. Just ask us, ‘ Write my essays ,’ and we'll take care of the rest with a smile!

Topic Ideas for an Essay on Marketing

Marketing is a dynamic field that plays a pivotal role in shaping consumer behavior and driving business success. From the digital revolution to ethical dilemmas and global expansion, the following topic ideas from our cheap essay writing service will ignite your curiosity and inspire compelling discussions on marketing's fascinating realm.

Essay on Digital Marketing

Here you can explore the transformation of marketing in the digital era. You should discuss various digital marketing channels and strategies, such as social media marketing, email marketing, search engine optimization (SEO), and content marketing. The essay examines how digital marketing has revolutionized consumer behavior and the ways businesses engage with their target audiences online.

Essay on Marketing Ethics

In this essay, the focus is on ethical considerations in marketing practices. It delves into controversial marketing tactics, deceptive advertising, and the impact of marketing on vulnerable populations. The essay also discusses the importance of ethical marketing, corporate social responsibility, and the role of consumers in promoting ethical business practices.

Essay on Global Marketing

This essay analyzes the challenges and opportunities that arise when businesses expand their marketing efforts beyond domestic borders. It discusses the complexities of cultural differences, market segmentation, localization, and global branding strategies. The essay also explores the impact of globalization on marketing practices and the role of international trade agreements.

Essay on Marketing Concept

The essay explains the marketing concept, a fundamental philosophy guiding successful marketing strategies. It discusses the customer-centric approach, understanding consumer needs and wants, and delivering customer value. The essay traces the historical development of the marketing concept and its significance in modern business practices.

Essay on Marketing Research

This essay delves into the importance of marketing research in guiding effective marketing decisions. It explores various research methods, such as surveys, focus groups, and data analytics, used to gather consumer insights and market trends. The essay highlights the role of marketing research in identifying opportunities, evaluating marketing campaigns, and understanding consumer preferences.

Essay on What is Marketing

This essay provides a comprehensive overview of the marketing discipline and its core principles. It defines marketing, its objectives, and the process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The essay explores the evolution of marketing and its diverse applications across industries.

Final Thoughts

Delving into the multifaceted dimensions of marketing through thoughtful essays will not only enrich your understanding of this dynamic field but also equip you with the knowledge to navigate its ever-changing landscape.

Remember that you can always embrace the power of pay for essay writing while becoming effective agents of change, driving businesses forward and fostering meaningful connections between products, services, and consumers.

Mark Bradford , a passionate and talented artist, utilizes his innovative spirit to support academic pursuits. In partnering with EssayHub, he leverages his artistic insights to assist students as a professional essay writer, helping them navigate and complete their academic assignments at every level of difficulty.

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What is Marketing, and What's Its Purpose?

Updated: January 24, 2022

Published: February 25, 2021

Dictionary.com defines marketing as, "the action or business of promoting and selling products or services, including market research and advertising."

If you work in a marketing role like I do, it's probably difficult for you to define marketing even though you see and use it every day -- the term marketing is a bit all-encompassing and variable for a straightforward definition.

This definition feels unhelpful.

The selling part, for instance, overlaps a little too snuggly with a "what is sales" definition, and the word advertising makes me think of Mad Men brainstorming sessions.

But upon digging deeper, I began seeing that actually, marketing does overlap heavily with advertising and sales. Marketing is present in all stages of the business, beginning to end.

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What is marketing?

Marketing refers to any actions a company takes to attract an audience to the company's product or services through high-quality messaging. Marketing aims to deliver standalone value for prospects and consumers through content, with the long-term goal of demonstrating product value, strengthening brand loyalty, and ultimately increasing sales.

At first, I wondered why marketing was a necessary component during product development, or a sales pitch, or retail distribution. But it makes sense when you think about it -- marketers have the firmest finger on the pulse of your consumer persona.

The purpose of marketing is to research and analyze your consumers all the time, conduct focus groups, send out surveys, study online shopping habits, and ask one underlying question: "Where, when, and how does our consumer want to communicate with our business?"

Here, let's explore the purposes of marketing, along with types of marketing, the 4 P's of marketing, and the difference between marketing and advertising.

Whether you're a seasoned marketer looking to refresh your definitions, or a beginner looking to understand what marketing is in the first place, we've got you covered. Let's dive in.

Purpose of Marketing

Marketing is the process of getting people interested in your company's product or service. This happens through market research, analysis, and understanding your ideal customer's interests. Marketing pertains to all aspects of a business, including product development, distribution methods, sales, and advertising.

Modern marketing began in the 1950s when people started to use more than just print media to endorse a product. As TV -- and soon, the internet -- entered households, marketers could conduct entire campaigns across multiple platforms. And as you might expect, over the last 70 years, marketers have become increasingly important to fine-tuning how a business sells a product to consumers to optimize success.

In fact, the fundamental purpose of marketing is to attract consumers to your brand through messaging. Ideally, that messaging will helpful and educational to your target audience so you can convert consumers into leads.

Today, there are literally dozens of places one can carry out a marketing campaign -- where does one do it in the 21st century?

Types of Marketing

Where your marketing campaigns live depends entirely on where your customers spend their time. It's up to you to conduct market research that determines which types of marketing -- and which mix of tools within each type -- is best for building your brand. Here are several types of marketing that are relevant today, some of which have stood the test of time:

Internet marketing: Inspired by an Excedrin product campaign that took place online, the very idea of having a presence on the internet for business reasons is a type of marketing in and of itself.
Search engine optimization: Abbreviated "SEO," this is the process of optimizing content on a website so that it appears in search engine results. It's used by marketers to attract people who perform searches that imply they're interested in learning about a particular industry.
Blog marketing: Blogs are no longer exclusive to the individual writer. Brands now publish blogs to write about their industry and nurture the interest of potential customers who browse the internet for information.
Social media marketing: Businesses can use Facebook, Instagram, Twitter, LinkedIn, and similar social networks to create impressions on their audience over time.
Print marketing: As newspapers and magazines get better at understanding who subscribes to their print material, businesses continue to sponsor articles, photography, and similar content in the publications their customers are reading.
Search engine marketing: This type of marketing is a bit different than SEO, which is described above. Businesses can now pay a search engine to place links on pages of its index that get high exposure to their audience. (It's a concept called "pay-per-click" -- I'll show you an example of this in the next section).
Video marketing: While there were once just commercials, marketers now put money into creating and publishing all kinds of videos that entertain and educate their core customers.

Marketing and Advertising

If marketing is a wheel, advertising is one spoke of that wheel.

Marketing entails product development, market research, product distribution, sales strategy, public relations, and customer support. Marketing is necessary in all stages of a business's selling journey, and it can use numerous platforms, social media channels, and teams within their organization to identify their audience, communicate to it, amplify its voice, and build brand loyalty over time.

On the other hand, advertising is just one component of marketing. It's a strategic effort, usually paid for, to spread awareness of a product or service as a part of the more holistic goals outlined above. Put simply, it's not the only method used by marketers to sell a product.

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Here's an example (keep reading, there's a quiz at the end of it):

Let's say a business is rolling out a brand new product and wants to create a campaign promoting that product to its customer base. This company's channels of choice are Facebook, Instagram, Google, and its company website. It uses all of these spaces to support its various campaigns every quarter and generate leads through those campaigns.

To broadcast its new product launch, it publishes a downloadable product guide to its website, posts a video to Instagram demonstrating its new product, and invests in a series of sponsored search results on Google directing traffic to a new product page on its website.

Now, which of the above decisions were marketing, and which were advertising?

The advertising took place on Instagram and Google . Instagram generally isn't an advertising channel, but when used for branding, you can develop a base of followers that's primed for a gentle product announcement every now and again. Google was definitely used for advertising in this example; the company paid for space on Google -- a program known as pay-per-click (PPC) -- on which to drive traffic to a specific page focused on its product. A classic online ad.

Where did the marketing take place? This was a bit of a trick question, as the marketing was the entire process . By aligning Instagram, Google, and its own website around a customer-focused initiative, the company ran a three-part marketing campaign that identified its audience, created a message for that audience, and delivered it across the industry to maximize its impact.

The 4 Ps of Marketing

In the 1960's, E Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion.

Essentially, these 4 Ps explain how marketing interacts with each stage of the business.

Download Now: Free Marketing Mix Templates

Let's say you come up with an idea for a product you want your business to sell. What's next? You probably won't be successful if you just start selling it.

Instead, you need your marketing team to do market research, interpret marketing analytics data into actionable insights, and answer some critical questions: Who's your target audience? Is there market fit for this product? What messaging will increase product sales, and on which platforms? How should your product developers modify the product to increase likelihood of success? What do focus groups think of the product, and what questions or hesitations do they have?

Marketers use the answers to these questions to help businesses understand the demand for the product and increase product quality by mentioning concerns stemming from focus group or survey participants.

Your marketing team will check out competitors' product prices, or use focus groups and surveys, to estimate how much your ideal customer is willing to pay. Price it too high, and you'll lose out on a solid customer base. Price it too low, and you might lose more money than you gain. Fortunately, marketers can use industry research and consumer analysis to gauge a good price range.

It's critical that your marketing department uses their understanding and analysis of your business's consumers to offer suggestions for how and where to sell your product. Perhaps they believe an ecommerce site works better than a retail location, or vice versa. Or, maybe they can offer insights into which locations would be most viable to sell your product, either nationally and internationally.

This P is likely the one you expected from the get-go: promotion entails any online or print advertisement, event, or discount your marketing team creates to increase awareness and interest in your product, and, ultimately, lead to more sales. During this stage, you'll likely see methods like public relations campaigns, advertisements, or social media promotions.

Hopefully, our definition and the four Ps help you understand marketing's purpose and how to define it. Marketing intersects with all areas of a business, so it's important you understand how to use marketing to increase your business's efficiency and success.

Editor's note: This post was originally published in May 2018 and has been updated for comprehensiveness.

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Research in marketing strategy

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Published: 18 August 2018
Volume 47 , pages 4–29, ( 2019 )

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Neil A. Morgan 1 ,
Kimberly A. Whitler 2 ,
Hui Feng 3 &
Simos Chari 4

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Marketing strategy is a construct that lies at the conceptual heart of the field of strategic marketing and is central to the practice of marketing. It is also the area within which many of the most pressing current challenges identified by marketers and CMOs arise. We develop a new conceptualization of the domain and sub-domains of marketing strategy and use this lens to assess the current state of marketing strategy research by examining the papers in the six most influential marketing journals over the period 1999 through 2017. We uncover important challenges to marketing strategy research—not least the increasingly limited number and focus of studies, and the declining use of both theory and primary research designs. However, we also uncover numerous opportunities for developing important and highly relevant new marketing strategy knowledge—the number and importance of unanswered marketing strategy questions and opportunities to impact practice has arguably never been greater. To guide such research, we develop a new research agenda that provides opportunities for researchers to develop new theory, establish clear relevance, and contribute to improving practice.

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The future of social media in marketing

Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda

Online influencer marketing

We follow Varadarjan’s (2010) distinction, using “strategic marketing” as the term describing the general field of study and “marketing strategy” as the construct that is central in the field of strategic marketing—just as analogically “strategic management” is a field of study in which “corporate strategy” is a central construct.

Following the strategic management literature (e.g., Mintzberg 1994 ; Pascale 1984 ), marketing strategy has also been viewed from an “emergent” strategy perspective (e.g. Hutt et al. 1988 ; Menon et al. 1999 ). Conceptually this is captured as realized (but not pre-planned) tactics and actions in Figure 1 .

These may be at the product/brand, SBU, or firm level.

These strategic marketing but “non-strategy” coding areas are not mutually exclusive. For example, many papers in this non-strategy category cover both inputs/outputs and environment (e.g., Kumar et al. 2016 ; Lee et al. 2014 ; Palmatier et al. 2013 ; Zhou et al. 2005 ), or specific tactics, input/output, and environment (e.g., Bharadwaj et al. 2011 ; Palmatier et al. 2007 ; Rubera and Kirca 2012 ).

The relative drop in marketing strategy studies published in JM may be a function of the recent growth of interest in the shareholder perspective (Katsikeas et al. 2016 ) and studies linking marketing-related resources and capabilities directly with stock market performance indicators. Such studies typically treat marketing strategy as an unobserved intervening construct.

Since this concerns integrated marketing program design and execution, marketing mix studies contribute to knowledge of strategy implementation–content when all four major marketing program areas are either directly modeled or are controlled for in studies focusing on one or more specific marketing program components.

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Morgan, N.A., Whitler, K.A., Feng, H. et al. Research in marketing strategy. J. of the Acad. Mark. Sci. 47 , 4–29 (2019). https://doi.org/10.1007/s11747-018-0598-1

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Received : 14 January 2018

Accepted : 20 July 2018

Published : 18 August 2018

Issue Date : 15 January 2019

DOI : https://doi.org/10.1007/s11747-018-0598-1

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100+ Marketing Essay Topics

Crafting an outstanding marketing essay is a journey that often begins with selecting a compelling topic. At WriteOnDeadline, we understand the importance of this initial step. That’s why we’ve dedicated this post to sharing inspiring marketing essay topics that will not only ignite your passion but also appeal to your professors.

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What is a Marketing Essay?

A marketing essay is a unique academic document that delves into various facets of marketing analysis, strategies, concepts, and applications. It requires students to explore, critically analyze, and present arguments on marketing theories, market strategies, consumer behavior, product promotion, or other related themes. These essays not only test your knowledge of marketing principles but also your ability to research, analyze trends, and convey complex ideas succinctly.

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Strategies for introducing a product in a newly developing market
Navigating marketing challenges in BRICS countries
The role of cultural sensitivity in marketing to emerging economies

Marketing in Healthcare

Ethical considerations in direct-to-consumer pharmaceutical advertising
Marketing strategies for telemedicine in a post-pandemic world
The role of content marketing in healthcare: Educating and promoting

Non-Profit Marketing

Challenges and strategies for marketing without a profit motive
The power of storytelling in non-profit marketing campaigns
Mobilizing social media influencers for charitable causes

Experiential Marketing

Crafting unforgettable brand experiences for consumers
Measuring the return on investment (ROI) of experiential marketing campaigns
The shift from product marketing to experience marketing

Marketing Analytics

The promise and pitfalls of marketing attribution models
Utilizing machine learning for predictive marketing analytics
Integrating qualitative insights into a data-driven marketing strategy

Sustainability in Marketing

Strategies for marketing eco-friendly products to skeptical consumers
The long-term benefits of sustainable supply chain marketing
Authenticity in green marketing: Beyond the buzzwords

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What Is Strategy?

Michael E. Porter

Today’s dynamic markets and technologies have called into question the sustainability of competitive advantage. Under pressure to improve productivity, quality, and speed, managers have embraced tools such as TQM, benchmarking, and re-engineering. Dramatic operational improvements have resulted, but rarely have these gains translated into sustainable profitability. And gradually, the tools have taken the place of strategy. In his five-part article, Michael Porter explores how that shift has led to the rise of mutually destructive competitive battles that damage the profitability of many companies. As managers push to improve on all fronts, they move further away from viable competitive positions. Porter argues that operational effectiveness, although necessary to superior performance, is not sufficient, because its techniques are easy to imitate. In contrast, the essence of strategy is choosing a unique and valuable position rooted in systems of activities that are much more difficult to match. Porter thus traces the economic basis of competitive advantage down to the level of the specific activities a company performs. Using cases such as Ikea and Vanguard, he shows how making trade-offs among activities is critical to the sustainability of a strategy. Whereas managers often focus on individual components of success such as core competencies or critical resources, Porter shows how managing fit across all of a company’s activities enhances both competitive advantage and sustainability. While stressing the role of leadership in making and enforcing clear strategic choices, Porter also offers advice on how companies can reconnect with strategies that have become blurred over time.

For starters, it’s not the same as operational effectiveness.

For almost two decades, managers have been learning to play by a new set of rules. Companies must be flexible to respond rapidly to competitive and market changes. They must benchmark continuously to achieve best practice. They must outsource aggressively to gain efficiencies. And they must nurture a few core competencies in race to stay ahead of rivals.

Michael E. Porter is the Bishop William Lawrence University Professor at Harvard Business School. He has served as an adviser to governments and campaigns around the world on the advancement of social policy and economic policy, including Mitt Romney’s presidential campaign. His latest paper is The Role of Business in Society . He is an academic adviser to the Leadership Now Project.

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Marketing Strategies, Essay Example

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Business firms use different marketing strategies depending on the size, time, and the types of products they deal in. Marketing strategies may focus on product (product marketing strategy) or on business itself (business marketing strategy) (Honeywell, 1999). The commonly used product marketing strategies include value pricing, penetration pricing, and price skimming.

Value pricing involves selling high value product or service at a low, value price (but the selling price is not below cost) ( Bovay , 2008). The price is what the customers would perceive to be low, and the customers’ perceptions are influenced by the attributes of the product and service, and the price comparison among related products and services. This strategy is applicable to products or services in their mature or declining life cycle stage. The reason is that, at this stage, the products and services have already built a strong brand identity. For example, the price of electricity is normally set relatively lower compared to other forms of energy because the cost of production is fairly lower, and its consumption is popular with customers.

Penetration pricing involves setting exceptionally low prices for new product (s)or service (s) with a bid to gain popularity within the market (Chantal, 2012). It is also known as “Special introductory offer” because it is only used as a strategy to gain significant market share for new products and services. Business organizations that use penetration pricing strategy normally advertise that the low price is a limited time offer to allow alert the customers about the future increment in price. This strategy suits market where many companies are offering similar products and services. Therefore, it is used in such a situation where the cost of switching to a competitor is high.

Price skimming is a strategy where a business organization raises the price above the current market price in order to earn quick profit by covering costs promptly (Copyscape, 2013). As the product becomes more extensively distributed and competition intensifies, the price is gradually lowered over time to match the market price. This is the most popular product marketing strategy, which appropriately suits product in high demands or those with few or weak competitors.

In conclusion, marketing is essential as it creates an enabling environment, where business can thrive well. It helps business organizations to eliminate threats such as competition, and as a result, it popularizes new products and services in the market. The key idea about business is to realize profit; therefore product marketing helps increase the volume of sales, thus maximizing profit.

Bovay , K. (2008, July 19). When to Use Value Pricing Or Perceived Value Pricing – 2 Pricing Strategies . Retrieved August 22, 2013, from ezinearticles.com: http://ezinearticles.com/?When-to-Use-Value-Pricing-Or-Perceived-Value-Pricing—2-Pricing-Strategies&id=1341499

Chantal. (2012, June 24). When Is Market Penetration Pricing A Good Idea? Retrieved August 22, 2013, from ordoro.com: https://www.ordoro.com/blog/2012/06/24/market-penetration/

Copyscape. (2013). Price Skimming or Market Skimming: Product Pricing Strategies Need to Fit Your Marketing Mix Plan . Retrieved August 22, 2013, from more-for-small-business.com: http://www.more-for-small-business.com/price-skimming.html

Honeywell. (1999, March 15). Marketing’s Strategic Role in The Organization. Retrieved August 22, 2013, from honeywell.com: http://www.google.co.ke/url?sa=t&rct=j&q=&esrc=s&source=web&cd=6&ved=0CFIQFjAF&url=http%3A%2F%2Fwww.mhhe.com%2Fbusiness%2Fmarketing%2Fbearden01%2Fgraphics%2Fcommon%2Fch03.pdf&ei=ySwVUoLDNMOJtQbqk4AY&usg=AFQjCNGSkyjgLUse5-sUEPYMRMYcMgSMoA&bvm=bv.51156542,d

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Essay on Marketing: Top 9 Essays on Marketing

Essay on‘Marketing’. Find paragraphs, long and short term papers on ‘Marketing’ especially written for school and college students.

Essay on Marketing

Term Paper Contents:

Essay on the Challenges and Opportunities of Marketing

Essay # 1. Introduction to Marketing:

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Marketing is everywhere. Everything from presenting yourself for a job interview to selling your products includes marketing. Main objective of any company is to gain profits which can be achieved only through marketing of the products. Marketing enables the companies to create demand and earn profits. If these two aspects are not taken care of, then the company will not survive in the market.

“Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders.” – (American Marketing Association)

“Marketing is a social process by which individuals and groups obtain what they need and want through creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” – (Philip Kotler)

Thus it can be safely said that a company reaches its customer through marketing and communicates to them about the products and services offered by the company.

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Essay # 2. Evolution of Marketing :

In earlier days, an organization was mainly concerned with production of goods. It used to believe on mass production and paid less or negligible attention on quality of the product and the customer’s demand.

After some time, the focus of organization shifted from production of the product to the sale of the product. The concept of marketing emerged gradually in 1970’s after the production and sales era. It took many years for organizations to realize that a customer is the key for making profits in the long run. The marketing concept is evolved through various stages.

These stages are explained below:

1. Production Era :

The production era began with the Industrial Revolution in the 17th century and continued till 1920s. Say’s law – Supply creates its own demand – was applicable in this era. The demand for products was more than the supply in the market; thus, it was a seller’s market. In the production era, the main aim of an organization was to manufacture products faster and at low prices. In this era, customers were concerned only about the availability of products and no importance was given to features and quality of products.

2. Sales Era :

The sales era came into existence in 1920s and continued till the mid of 1950s. This era was marked by the great depression of 1923. The depression proved that manufacturing products was not everything because the sale of the products was also important for organizations to earn profit.

Thus, the need for developing promotion and distribution strategies emerged to sell products. The organizations started advertising their products to increase their sales. Many organizations created specialized market research departments to collect and analyze the prevailing market data.

3. Marketing Era :

The sales era merely focused on selling the goods and ignored the consumers’ needs and demands. The year 1970 marked the advent of marketing era. In the marketing era, organizations realized the importance of customers and started designing the products as per customers’ needs.

Therefore, the marketing era led to the development of customer-centered activities over the production and selling activities. Organizations came up with different techniques, such as customer survey, to collect and analyze data for understanding the customer’s expectations, needs, and wants.

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Essay # 3. Approaches to the Study of Marketing:

The meaning of marketing is different to different people. In common parlance, marketing is the process of selling something at a market place. To a salesman it means selling whereas to an advertising manager it means advertising. To some it means the study of individual commodities and their movement in the market place, to some others marketing means the study of institutions and persons who move their products or study of the economic contributions.

Thus, there are different approaches to the study of marketing:

1. Commodity Approach:

The commodity approach focuses a specific commodity and includes the sources and conditions of supply, nature and extent of demand, the distribution channels used and the functions, such as buying, selling, financing, advertising storage etc. various agencies perform. Prof. Paul Mazur defined as “the delivery of a standard of living to society. Prof. Malcolm McNair expanded the definition to “the creation and delivery of a standard of living”.

2. Institutional Approach:

The institutional approach focuses on the study of various middlemen and facilitating agencies.

3. Functional Approach:

The functional approach considers different kinds of functions recognized for their repetitive occurrences and necessarily performed to consummate market transactions. Converse, Huegy and Mitchell define marketing as the “business of buying and selling and as including those business activities involved in the flow of goods and services between producers and consumers.” American Marketing Association, perhaps, gives more factual or descriptive definition. It defined marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user.

4. Managerial Approach:

The managerial approach concentrates on the decision making process involved in the performance of marketing functions at the level of a firm. Howard, Phelps and Westing and Lazo and Corbin are the pioneers of the managerial approach.

5. Societal Approach:

The societal approach consider the interactions between the various environmental factors (socio-logical, cultural, political, legal) and marketing decisions and their impact on the well- being of society. Kotler, Feldman and Gist, were the main proponents of the societal approach.

6. Systems Approach:

The systems’ approach is based on Von Bartalanffy’s general systems theory. He defined system as a “set of objects together with the relationships among them and their attributes”. This approach recognizes the inter-relations and inter-connections among the components of a marketing system in which products, services, money, and equipment and information flow from marketers to consumers that largely determine the survival and growth capacities of a firm.

7. Modern Concept:

The new managerial awareness and desire reflected in the consumer orientation for all all-out commitment to the market consideration and to connect all marketing operations to the consumer needs has given birth to a new operational concept. Felton views the marketing concept as “a corporate state of mind that insists on the integration and coordination of all marketing functions that, in turn, are welded with all other corporate functions, for the basic objective of producing maximum long-range corporate profits.

According to Kotler, the marketing concept is a customer orientation backed by integrated marketing aimed at generating customer satisfaction as the key to satisfying organizational goals. According to McNamara,” marketing concept is … a philosophy of business management, based upon a company- wide acceptance of the need for customer orientation, profit orientation, and recognition of the important role of marketing in communicating the needs of the market to all major corporate departments”.

Lazo and Cobin describe marketing concept as ” the recognition on the part of management that all business decisions of a firm must be made in the light of customer needs and wants; hence, that all marketing activities must be under one supervision and that all activities of a firm must be coordinated at the top, in the light of market requirements”. King has given one of the most comprehensive descriptions of the marketing concept. He defined it as, “a managerial philosophy concerned with the mobilization, utilization and control of total corporate effort for the purpose of helping consumers solve selected problems in ways compatible with planned enhancement of the profit position of the firm”.

These definitions suggest that marketing is only concerned with the movement of goods and services from the plant to the consumer. This is thus a production-oriented definition more appropriate for a sellers’ market and dangers in case of buyers’ market. In fact, marketing is related with the sophisticated strategy of attempting to offer what the consumer may want and at a profit.

ADVERTISEMENTS: (adsbygoogle = window.adsbygoogle || []).push({}); Essay # 4. Objectives of Marketing:

According to Peter F. Drucker, “Marketing means such a perfect understanding of the customer that the product fits him totally and sells itself. Marketing would result in a customer who is ready to buy all that, what should be needed then is to make the product available.”

Organization’s marketing strategies are designed in tune with various marketing objectives.

The objectives of marketing aim at:

1. Creating demand for the products by identifying the needs and wants of customers. The consumers get familiar with the usage of products through different promotional programs, such as advertising and personal selling. This helps in creating demand for the products by the customers.

2. Increasing the market share of the organization. The marketing efforts, such as promotion, create the product awareness in the market. The product awareness helps in capturing the reasonable share in the market by organization.

3. Building the goodwill of the organization in the market. Every organization tries to earn reputation in the market by providing quality goods to the customers. It builds its goodwill by popularizing products supported by advertising, reasonable prices, and high quality.

4. Increasing profits and achieving long-term goals through customer satisfaction. All the marketing activities revolve around the customer. These activities fulfill the organization’s long-term goal of profitability, growth, and stability by satisfying the customer’s demands. All the departments, such as production, finance, human resource, and marketing, coordinate with each other to fulfill the customer’s expectations keeping the maximization of profit as the focus.

Essay # 5. Marketing Process:

Marketing Process —– The marketing process is one that involves the following chain of business activities:

1. Identification and study of the desires, needs, and requirements of the^ consumers;

2. Testing the validity of the consumers’ reaction in respect of product features, price, distribution outlets, new product concepts, and new product introduction;

3. Matching the consumers’ needs with the firm’s offerings and capabilities;

4. Creating effective marketing communications and programmes with emphasis on lower price, mass distribution channels and mass advertising to reach numerous market segments so that the consumers know about the product’s availability; and

5. Establishment of resource allocation procedures among the various marketing components like sales promotion, advertisement, distribution, product design, etc.

Outline of functions in the Marketing Process : In order to place the goods in the hands of the consumers, an integrated group of activities is involved in marketing. Marketing functions cover all those activities which are required for the journey of goods from the producer to the consumer. Goods require some preparations, undergo many operations and pass several hands before they reach the final consumer.

In consideration of the above factors, Clark has divided the modem marketing process into three broad categories as under:

(i) Concentration

(ii) Dispersion

(iii) Equalisation.

These are explained below.

1. Concentration – In a marketing process, concentration is that business activity in which the goods flow from many manufacturers/producers toward a central point or market. If we think of international trade, we find that the customers of a particular corporation or firm world reputation are scattered in different countries and even located thousands of miles, away, and the products are transhipped to points accessible to than. Similar scene is found even in the case of national trade. With the development of trade and commerce, the efforts in the direction of concentration activity have to place more stress on the functions like collection, storage, transportation and inventory of goods in the central markets, and processing of customer’s orders. In addition, the aspects of financing and risk-bearing are also to be taken into consideration.

In India, the concentration activity is undertaken by the Governments at the Central and State levels. Food example, The Food Corporation of India undertakes this activity in case of grains, rice, sugar, etc.

2. Dispersion – In a marketing process, dispersion is that business activity in which the goods flow from the central locations to the final consumers. The wholesalers and retailers play a great role in this activity. This activity involves many other supporting activities like classification, gradation, storage and transportation of goods. The functional aspects of finance and risk-bearing need important considerations.

In India, the agencies like The State Trading Corporation of India, The Minerals and Metals Trading Corporation of India, and The Food Corporation of India undertake this dispersion or distribution activity in respect of certain specified goods. Sane large scale manufacturing companies have, of late, undertaken this activity as a part of their marketing activities.

3. Equalisation – In a marketing process, equalisation refers to the adjustment of supply to demand on the basis of tint, quality, and quantity. This process helps to maintain the state of equilibrium between the forces of demand and supply. The primary responsibility of a business unit towards the consumers and customers is to make available the right products of right qualities at the right tine, in right quantity, at the right place and at the right price. The equalisation activity can serve these objectives.

Essay # 6. Integrated Marketing Communication Process:

Marketers operate is a very dynamic environment characterised by changing customer needs and wants, severe competition, changing process technology, advancements in information technology, government regulations, etc. That is why, they are adopting Integrated Marketing Communication (IMC).

Integrated Marketing Communication (IMC) involves integration of company’s various communication channels to deliver a clear, consistent and compelling message about the company and its products and brands. Most of the companies communicate with target customers by using promotion tools like advertising, personal selling, sales promotion, public relations and direct marketing. Through each of these tools, some message is transmitted to the target customers. IMC calls for careful blending of these promotional tools to ensure effective communication.

Integrated Marketing Communication (IMC) requires developing a total marketing communication strategy that recognises that all of a firm’s marketing activities (not just promotion) communicate with its customers. Everything a marketer does sends a message to the target market.

The EMC approach is an improvement over the traditional approach of treating various promotional activities as totally separate. It helps to develop the most suitable and effective method to contact customers and other stakeholders.

Often different tools play different roles in attracting, informing and persuading target customers. These tools are carefully coordinated under IMC so that they provide the same clear and consistent information about the company and its products/brands.

IMC leads to a total marketing communication strategy aimed at building strong customer relationships by showing how the company and its products can help customers solve their problems. It ties together all of the company’s messages and images.

The company’s television and print advertisements have the same message, look, and feel as its e-mail and personal selling communications. And its public relations materials project the same image as its Website or social network presence.

Communication Process:

Definition of Communication:

The term ‘communication’ is derived from the Latin word ‘communis’ which means common. That means if a person communicates with another, he establishes a common group of understanding. According to Newman, Summer and Warren, “Communication is an exchange of facts, ideas, opinions or emotions by two or more persons”.

Communication does not mean merely sending or receiving message. It involves understanding also. It is, in fact, a bridge of meaning and understanding between two or more people. Thus, communication is a two- way process.

The salient features of communication are as follows:

(i) Communication involves at least two persons—one who sends the message and the second who receives the message.

(ii) Communication is a two-way traffic. The process of communication is not completed until the message has been understood by the receiver. Understanding is an essential part of communication, but it does not imply agreement.

(iii) The basic purpose of communication is to create an understanding in the mind of the receiver of information.

(iv) Communication may take several forms, e.g., order, instruction, report, suggestion grievance, observation, etc. The message may be conveyed through words spoken or written, or gestures.

Elements of Communication:

Communication is a process involving exchange of facts, viewpoints and ideas between persons placed in different positions in the organisation to achieve mutual understanding as shown in Fig. 11.5. The communication process starts when the sender or communicator has a message communicate to some other person known as receiver. It will be completed when the receiver gets the information and sends feedback to the communicator.

The essential elements of communication are described below:

(i) Sender or Communicator:

The person who conveys the message is known as communicator or sender. By initiating the message, the communicator attempts to achieve understanding and change in the behaviour of the receiver. In case of marketing it is the marketer (sender) who starts the communication process.

(ii) Message:

It is the subject-matter of any communication. It may involve any fact, opinion or information. It must exist in the mind of the communicator if communication process is to be initiated. In marketing, the marketer’s message relates to product, price and place.

(iii) Encoding:

The sender of information organises his idea into a series of symbols (words, signs, etc.) which, he feels, will communicate to the intended receiver or receivers. This is called encoding of message. Communication may take place through physical gestures also.

(iv) Media or Communication Channel:

The communicator has to choose the channel for sending the information. Communication channels are the media through which the message passes. It may be either formal or informal. In marketing, media may be salespersons, advertisement and publicity.

(v) Receiver:

The person who receives the message is called receiver. The communication process is incomplete without the existence of receiver of the message. It is the receiver who receives and tries to understand the message. The receiver in case of marketing is the prospective or present customer.

(vi) Decoding:

After the appropriate channel or channels are selected, the message enters the decoding stage of the communication process. Decoding is done by the receiver. Once the message is received and examined, the stimulus is sent to the brain for interpreting, in order to assign some type of meaning to it. It is this processing stage that constitutes decoding. The receiver begins to interpret the symbols sent by the sender, translating the message to his own set of experiences in order to make the symbols meaningful.

(vii) Response:

Response refers to the set of reactions that the receiver has after being exposed to the message. In case of advertising, a response may mean developing a favourable attitude towards the product as a result of an advertising campaign. However, in many cases, measuring such responses is not easy.

(viii) Feedback:

Communication is completed when the communicator receives feedback information from the receiver. The feedback may reveal that the receiver has understood the message. It may also contain information about the action taken by the receiver on the basis of message sent by the communicator. Thus, feedback is the backbone of effective communication.

(ix) Noise:

Noise is a very common thing we observe in our day-to-day interaction with others. At times it affects adversely the effectiveness of communication. For example, if a person is talking over the phone to another and there is a noise around him, he will feel great difficulty in listening to the person at the other end of the phone. Even the noise can affect the voice of the sender of the message.

Hurdles or Difficulties in Marketing Communication:

There are four factors which might create hurdles or problems in communication between the marketer and the target customer.

These hurdles include noise, selective attention, selective distortion and selective retention as discussed below:

Noise is a sort of interfering sound in the communication process anywhere along the way from the sender to the receiver and vice versa. It can be sound of running bus, two persons talking close at hand or someone shouting around. Noise of any kind has the potential of creating disruption or barrier to effective communication. The sources of noise can be both internal and external. Noise within the office can be controlled, but it is very difficult to control the external noise.

Noise is one of the biggest obstacles in marketing communication. For example, a driver’s need to provide safety to the traffic sidetracks the role of billboards, banners, etc. during disturbed weather conditions —wind, dust storm, rain, etc. Similarly, too much advertisement exposure during the day of purchase of tyre for a car, would disturb the planned purchasing.

These constitute noise in the communication process. The level of noise may not allow a customer to receive the message as intended. The effectiveness of communication depends upon the level of congruity and compatibility between different elements of the communication.

(ii) Selective Attention:

A person may be exposed to hundreds or thousands of ads or brand communications in a day. Because a person cannot possibly attend to all of these, most stimuli will be screened out. This process is called selective attention. Because of this, the marketers have to work hard to attract consumer’s notice. Generally, people are more likely to notice stimuli that relate to a current need.

Thus, a person who is motivated to buy a car is most likely to notice car ads. The process of selective attention explains why advertisers make extra efforts to grab the audience’s attention through fear, music, or bold headlines.

(iii) Selective Distortion:

Selective distortion is the tendency to interpret information in a way that fit one’s perception. Consumers often distort information to be consistent with prior brand and product beliefs. Thus, the target audience will hear what fits into their belief systems.

As a result, receivers often add things to the message that are not there and do not notice other things that are there. The advertiser’s task is to strive for simplicity, clarity, interest and repetition to get the main points across.

(iv) Selective Retention:

People retain in their long-term memory only a small fraction of the messages that reach them. If the receiver’s initial attitude towards the brand is positive and he rehearses support arguments (that is, tells himself things such as the product is in fashion or that it is reasonably priced or that it delivers good value, etc.), the message is likely to be accepted and have high recall.

If the initial attitude towards the brand is negative and the person rehearses counter arguments (that is, tells himself that the product is highly overpriced or that the competing products offer more value to customers or that the brand is not doing well in the market, etc.) the message is likely to be rejected but to stay in long-term memory.

Thus, the advertiser’s task is two-fold here. He not only has to create an initial favourable attitude towards the brands but also through his ads communicate to the audience strong points about the brands so that the customers can rehearse the same and the brand is positively placed in the long-term memory of the customers.

Essay # 7. Role of Marketing in Economic Development :

In today’s era of globalization role of marketing is increasing to fulfill different needs and requirements of people. Due to increase in scale of production and expansions of markets, producers need support of marketing tools to distribute their goods and services to the real customer.

High competition in market and product diversification has increased the marketing activities like advertising, storage, sales promotion, salesmanship etc. Now high profits can be attained by high sales volume and good quality of products and services. Marketing has acquired an important place for the economic development of the whole country. It has also become a necessity for attaining the objective of social welfare and high quality of life.

The importance of marketing can be explained as under:

(a) Importance of Marketing to a Firm:

Marketing is considered to be the prime activity among all the business activities. Success of any business depends on success of marketing. Peter F. Drucker has rightly said that, “Marketing is the business.” Objective and goals of any organization can be achieved through efficient and effective marketing polices. The success of an enterprise depends to a large extent upon the success of its marketing activities.

The importance of marketing to the firm can be explained as under:

1. Marketing in Business Planning and Decision Making:

Marketing research is helpful in searching opportunities and potential in market. It is necessary for an organization to decide what can be sold before deciding that what can be produced. Unless and until these key decisions are taken, it is not practical to take the decisions regarding production, quality of product, type of product and quantity of production etc.

Marketing is very helpful in taking all such decisions therefore its plays an important role in business planning. Marketing provides valuable information regarding production policies, pricing policies, advertisement and sales promotion policies of competitors, so that a suitable policy may be formulated by the top management.

2. Increase in the Profits:

The main objective of every firm is to increase the profitability by successful operations of its activities. Maximization of profits can be possible only through the successful operations of its activities. Marketing department need the help of other departments as well for discharging its duties successfully, marketing department coordinate with other departments like finance, production, to fulfill the needs of customers and regular supply according to market demand.

3. Flow of Marketing Communication:

Integrated marketing communication makes it possible to flow marketing information to intermediaries, publics and customers. Marketing acts as a medium of communication between the society and the firm. Various information regarding trends, needs, attitudes, fashions, taste preferences etc., are collected by marketing department.

(b) Importance of Marketing to the Society:

1. To Uplift Standard of Living:

Ultimate objective of marketing is to produce goods and services for the society according to their needs and tastes at reasonable prices. Marketing discovers the needs and wants of the society, produces the goods and services according to their needs, creates demand for these goods and services encourages consumers to consume them and thus improves the standard of living of the society. By advertising utility and importance of products and services are communicated to the people.

2. To Decreases the Total Marketing Cost:

Next important responsibility of marketing is to control the cost of marketing. Distribution cost and production cost can be decreased by creation of high demand in market. Decrease in cost of production will have two impacts, firstly the high profitability of organization and secondly to increase in the market share of the firm.

3. Increase in the Employment Opportunities:

Marketing provides direct and indirect employment in society. Employment opportunities are directly related with the development of marketing. Successful operation of marketing activities requires the services of different enterprises and organizations such logistics, warehousing, transportation, retailing finance, etc.

4. In controlling Business Fluctuations:

Business fluctuations like recession and depression causes unemployment, and deflation. Marketing helps in protecting society against all these problems. Marketing helps in innovation and discovery of new markets for the goods, modifications and alterations in the quality of the product and development of alternative uses of the product. It reduces the cost of production and protects the business enterprise against the problem of recession.

5. Increase Per Capita Income:

Marketing operations create, maintain and increase the demand for goods and service. Marketing activities flow money from one part of economic system to other. By generation of new employment opportunities it helps to increases income of people.

Marketing plays an important role in the development of a country. Most of developed countries like USA, Japan, and Germany are having strong marketing system, they are moving towards global marketing. Industrial growth and development need support of marketing, large scale of production requires new markets. In these countries, the production exceeds the demand it need marketing system to be much more effective so that the produced goods and services can be sold.

Marketing has a vital role to play in the development of an underdeveloped and developing economy. In developing economies the industrialization and urbanization is increasing at a faster rate and so the importance of marketing is also increasing as it is required for selling the produced goods and services. A rapid development of underdeveloped economy is possible only if the modern techniques of marketing are used in these countries marketing activities are increasing at a fast rate in developing countries.

Essay # 8. Importance of Marketing :

Role of Marketing in a Firm :

Efficient marketing management is a pre-requisite for the successful operation of any business enterprise. A business organisation is differentiated from other organisations by the fact that it produces and sells products.

The importance of marketing in modern business is discussed below:

Marketing is the beating heart of the business organisation. The chief executive of a business cannot plan, the production manager cannot produce, the purchase manager cannot purchase, and the financial controller cannot budget until the basic marketing decisions have been taken. Many departments in a business enterprise are essential for its growth, but marketing is still the sole revenue producing activity. Marketing function is rightly considered the most important function of management.

Marketing gives top priority to the needs of customers. Quality of goods, storage, display, advertisement, packaging, etc. are all directed towards the satisfaction of customer.

Marketing helps in the creation of place, time and possession utilities. Place utility is created by transporting the goods from the place of production to consumption centres. Time utility is created by storing the goods in warehouses until they are demanded by customers. Possession or ownership utility is created through sale of goods. The significance of marketing lies in the creation of these utilities to satisfy the needs of the customers and thereby earn profit. It a firm is able to satisfy its customers, it will have better chances of survival and growth even in the fast changing environment.

Marketing generates revenue for the business firm. Marketing is an important activity these days, particularly in the competitive economies. Marketing generates revenue for the business enterprises. No firm can survive in the long-run unless it is able to market its products. In fact, marketing has become the nerve-centre of all human activities.

Role of Marketing in the Economy :

Marketing plays a significant role in the growth and development of an economy. It acts as a catalyst in the economic development of a country by ensuring better utilisation of the scarce resources of the nation. Since a business firm generates revenues and earns profits by its marketing efforts, it will engage in better utilisation of resources of the nation to earn higher profits.

Marketing determines the needs of the customers and sets out the pattern of production of goods and services necessary to satisfy their needs. Marketing also helps to explore the export markets.

Marketing helps in improving the standards of living of people. It does so by offering a wide variety of goods and services with freedom of choice. Marketing treats the customer as the king around whom all business activities revolve. Besides product development, pricing, promotion, and physical distribution of products are carried out to satisfy the customer.

Marketing generates employment for people. A large number of people are employed by modern business houses to carry out the functions of marketing. Marketing also gives an impetus to further employment facilities. In order to ensure that the finished product reaches the customer, it passes through wholesalers and retailers and in order to perform numerous jobs, many people are employed.

On the whole, marketing leads to economic development of a nation. It increases the national income by bringing about rise in consumption, production and investment. It mobilises unknown and untapped resources and also facilitates full utilisation of production capacity and other assets. It helps in the integration of industry, agriculture and other sectors of the economy. It also contributes to the development of entrepreneurial and managerial talent in the country.

Essay # 9. Challenges and Opportunities of Marketing:

A large number of changes have taken place in the recent years which have influenced the field of marketing as discussed below:

1. Globalisation :

The term ‘globalisation’ means the process of integration of the world economy into one huge market through the removal of all trade barriers or restrictions among countries. In India, restrictions on imports and exports and inflow and outflow of capital and technology have been lifted by the Central Government so that Indian business may become globally competitive.

The broad features of globalisation are as follows:

(i) Free flow of goods and services across national frontiers through removal or reduction of trade barriers.

(ii) Free flow of capital across nations.

(iii) Free flow of technology across nations.

(iv) Free movement of human resources across nations.

(v) Global mechanism for the settlement of economic disputes.

The aim of globalisation is to look upon the world as a ‘global village’ which would allow free flow of goods, capital, technology and labour between different countries. Because of globalisation, there has been a tremendous impact on marketing strategies of business firms, particularly engaged in international marketing. They have to design product, price, promotion, place or distribution strategies to meet the challenges of global marketing.

2. Information Technology (IT) :

Information technology has enabled real-time access and sharing of digital information through digital networks, information database, and computer graphics. It has brought about many changes in the business landscape.

Electronic technology has facilitated purchase and sale of goods and services electronically. E-Commerce can be used not only to market product, but also to build better customer relationships. Thus, marketers are facing new challenges as regards booking of e-orders, e-deliveries of intangible products, receiving e-payments and Customer Relation Management (CRM).

3. Increased Leisure Time :

As a result of shorter working week, vacations, and labour-saving devices available for domestic use, most wage-earners now enjoy more leisure time. So there has grown a market for articles used for recreational purposes to enjoy the leisure time. In the developing countries also, cinema shows, holiday trips, sports and games have come into importance.

4. Changing Role of Women :

Throughout the world more and more women are taking up jobs and have gained economic independence to a large extent. They accept even challenging jobs. They also exert greater influence on buying decisions of their families. It may happen that husband buys a commodity according to the decision of the wife. This has necessitated special study of the buying motives of the working women.

5. Demand for Services :

Over the years, consumers’ demand for services is on the rise as in case of tour and travel, educational, medical, repair and maintenance services, etc. Due to growing complexity, business firms also need expert services like accounting, taxation, advertising, customer care, etc.

6. Increased Competition :

Business has become more competitive these days and this has brought about many changes in the field of marketing, e.g., product differentiation, competitive pricing, competitive advertising, customer support services, etc.

7. Social Emphasis :

Marketing is now concerned with the long-term health and happiness of consumers and well-being of society. Marketers in are getting involved in improving the quality of life of consumers and preventing or minimising the evil effects of environmental pollution on the society by practising green marketing.

Emerging Concepts in Marketing :

1. Social Marketing:

It refers to the design, implementation, and control of programs seeking to increase the acceptability of a social idea, cause, or practice among a target group. For instance, a recent publicity campaign for prohibition of smoking in Delhi explained the place where one can and can’t smoke in Delhi.

2. Relationship Marketing:

It is the process of creating, maintaining, and enhancing strong value-laden relationships with customers and other stakeholders. For example, British Airways offers special lounges with showers at many airports for frequent flyers. Thus, providing special benefits to valuable the customers to strengthen bonds will go a long way in building relationships.

To achieve relationship marketing, a marketer has to keep in touch with the regular customers, identify most loyal customers to provide additional services to them, design special recognition and reward schemes, and use them for building long-term relationships.

3. Direct Marketing:

It means marketing through various advertising media that interact directly with consumers, generally calling for the consumer to make a direct response. Direct marketing includes Catalogue Selling, Mail Order, Tele computing, Electronic Marketing, Selling, and TV Shopping.

4. Service Marketing:

It is applying the concepts, tools, and techniques, of marketing to services. Service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. Services may be financial, insurance, transportation, banking, savings, retailing, educational or utilities.

5. Non-Business Marketing:

Marketing is applied not only to business firms but also to non-business organisations. Voluntary institutions are adopting principles and practices of marketing to promote their ideologies, schemes and programs among the target groups.

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Summary and Conclusion

MARKETING IS the most exciting of all business sports. It is the heartbeat of every successful business. It is continually changing in response to the explosion of information, the expansion of technology, and the aggressiveness of competition, at all levels and everywhere.

All business strategy is marketing strategy. Your ability to think clearly and well about the very best marketing strategies, and to continually change and upgrade your activities, is the key to the future of your business.

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The state of AI in early 2024: Gen AI adoption spikes and starts to generate value

If 2023 was the year the world discovered generative AI (gen AI) , 2024 is the year organizations truly began using—and deriving business value from—this new technology. In the latest McKinsey Global Survey on AI, 65 percent of respondents report that their organizations are regularly using gen AI, nearly double the percentage from our previous survey just ten months ago. Respondents’ expectations for gen AI’s impact remain as high as they were last year , with three-quarters predicting that gen AI will lead to significant or disruptive change in their industries in the years ahead.

About the authors

This article is a collaborative effort by Alex Singla , Alexander Sukharevsky , Lareina Yee , and Michael Chui , with Bryce Hall , representing views from QuantumBlack, AI by McKinsey, and McKinsey Digital.

Organizations are already seeing material benefits from gen AI use, reporting both cost decreases and revenue jumps in the business units deploying the technology. The survey also provides insights into the kinds of risks presented by gen AI—most notably, inaccuracy—as well as the emerging practices of top performers to mitigate those challenges and capture value.

AI adoption surges

Interest in generative AI has also brightened the spotlight on a broader set of AI capabilities. For the past six years, AI adoption by respondents’ organizations has hovered at about 50 percent. This year, the survey finds that adoption has jumped to 72 percent (Exhibit 1). And the interest is truly global in scope. Our 2023 survey found that AI adoption did not reach 66 percent in any region; however, this year more than two-thirds of respondents in nearly every region say their organizations are using AI. 1 Organizations based in Central and South America are the exception, with 58 percent of respondents working for organizations based in Central and South America reporting AI adoption. Looking by industry, the biggest increase in adoption can be found in professional services. 2 Includes respondents working for organizations focused on human resources, legal services, management consulting, market research, R&D, tax preparation, and training.

Also, responses suggest that companies are now using AI in more parts of the business. Half of respondents say their organizations have adopted AI in two or more business functions, up from less than a third of respondents in 2023 (Exhibit 2).

Gen AI adoption is most common in the functions where it can create the most value

Most respondents now report that their organizations—and they as individuals—are using gen AI. Sixty-five percent of respondents say their organizations are regularly using gen AI in at least one business function, up from one-third last year. The average organization using gen AI is doing so in two functions, most often in marketing and sales and in product and service development—two functions in which previous research determined that gen AI adoption could generate the most value 3 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023. —as well as in IT (Exhibit 3). The biggest increase from 2023 is found in marketing and sales, where reported adoption has more than doubled. Yet across functions, only two use cases, both within marketing and sales, are reported by 15 percent or more of respondents.

Gen AI also is weaving its way into respondents’ personal lives. Compared with 2023, respondents are much more likely to be using gen AI at work and even more likely to be using gen AI both at work and in their personal lives (Exhibit 4). The survey finds upticks in gen AI use across all regions, with the largest increases in Asia–Pacific and Greater China. Respondents at the highest seniority levels, meanwhile, show larger jumps in the use of gen Al tools for work and outside of work compared with their midlevel-management peers. Looking at specific industries, respondents working in energy and materials and in professional services report the largest increase in gen AI use.

Investments in gen AI and analytical AI are beginning to create value

The latest survey also shows how different industries are budgeting for gen AI. Responses suggest that, in many industries, organizations are about equally as likely to be investing more than 5 percent of their digital budgets in gen AI as they are in nongenerative, analytical-AI solutions (Exhibit 5). Yet in most industries, larger shares of respondents report that their organizations spend more than 20 percent on analytical AI than on gen AI. Looking ahead, most respondents—67 percent—expect their organizations to invest more in AI over the next three years.

Where are those investments paying off? For the first time, our latest survey explored the value created by gen AI use by business function. The function in which the largest share of respondents report seeing cost decreases is human resources. Respondents most commonly report meaningful revenue increases (of more than 5 percent) in supply chain and inventory management (Exhibit 6). For analytical AI, respondents most often report seeing cost benefits in service operations—in line with what we found last year —as well as meaningful revenue increases from AI use in marketing and sales.

Inaccuracy: The most recognized and experienced risk of gen AI use

As businesses begin to see the benefits of gen AI, they’re also recognizing the diverse risks associated with the technology. These can range from data management risks such as data privacy, bias, or intellectual property (IP) infringement to model management risks, which tend to focus on inaccurate output or lack of explainability. A third big risk category is security and incorrect use.

Respondents to the latest survey are more likely than they were last year to say their organizations consider inaccuracy and IP infringement to be relevant to their use of gen AI, and about half continue to view cybersecurity as a risk (Exhibit 7).

Conversely, respondents are less likely than they were last year to say their organizations consider workforce and labor displacement to be relevant risks and are not increasing efforts to mitigate them.

In fact, inaccuracy— which can affect use cases across the gen AI value chain , ranging from customer journeys and summarization to coding and creative content—is the only risk that respondents are significantly more likely than last year to say their organizations are actively working to mitigate.

Some organizations have already experienced negative consequences from the use of gen AI, with 44 percent of respondents saying their organizations have experienced at least one consequence (Exhibit 8). Respondents most often report inaccuracy as a risk that has affected their organizations, followed by cybersecurity and explainability.

Our previous research has found that there are several elements of governance that can help in scaling gen AI use responsibly, yet few respondents report having these risk-related practices in place. 4 “ Implementing generative AI with speed and safety ,” McKinsey Quarterly , March 13, 2024. For example, just 18 percent say their organizations have an enterprise-wide council or board with the authority to make decisions involving responsible AI governance, and only one-third say gen AI risk awareness and risk mitigation controls are required skill sets for technical talent.

Bringing gen AI capabilities to bear

The latest survey also sought to understand how, and how quickly, organizations are deploying these new gen AI tools. We have found three archetypes for implementing gen AI solutions : takers use off-the-shelf, publicly available solutions; shapers customize those tools with proprietary data and systems; and makers develop their own foundation models from scratch. 5 “ Technology’s generational moment with generative AI: A CIO and CTO guide ,” McKinsey, July 11, 2023. Across most industries, the survey results suggest that organizations are finding off-the-shelf offerings applicable to their business needs—though many are pursuing opportunities to customize models or even develop their own (Exhibit 9). About half of reported gen AI uses within respondents’ business functions are utilizing off-the-shelf, publicly available models or tools, with little or no customization. Respondents in energy and materials, technology, and media and telecommunications are more likely to report significant customization or tuning of publicly available models or developing their own proprietary models to address specific business needs.

Respondents most often report that their organizations required one to four months from the start of a project to put gen AI into production, though the time it takes varies by business function (Exhibit 10). It also depends upon the approach for acquiring those capabilities. Not surprisingly, reported uses of highly customized or proprietary models are 1.5 times more likely than off-the-shelf, publicly available models to take five months or more to implement.

Gen AI high performers are excelling despite facing challenges

Gen AI is a new technology, and organizations are still early in the journey of pursuing its opportunities and scaling it across functions. So it’s little surprise that only a small subset of respondents (46 out of 876) report that a meaningful share of their organizations’ EBIT can be attributed to their deployment of gen AI. Still, these gen AI leaders are worth examining closely. These, after all, are the early movers, who already attribute more than 10 percent of their organizations’ EBIT to their use of gen AI. Forty-two percent of these high performers say more than 20 percent of their EBIT is attributable to their use of nongenerative, analytical AI, and they span industries and regions—though most are at organizations with less than $1 billion in annual revenue. The AI-related practices at these organizations can offer guidance to those looking to create value from gen AI adoption at their own organizations.

To start, gen AI high performers are using gen AI in more business functions—an average of three functions, while others average two. They, like other organizations, are most likely to use gen AI in marketing and sales and product or service development, but they’re much more likely than others to use gen AI solutions in risk, legal, and compliance; in strategy and corporate finance; and in supply chain and inventory management. They’re more than three times as likely as others to be using gen AI in activities ranging from processing of accounting documents and risk assessment to R&D testing and pricing and promotions. While, overall, about half of reported gen AI applications within business functions are utilizing publicly available models or tools, gen AI high performers are less likely to use those off-the-shelf options than to either implement significantly customized versions of those tools or to develop their own proprietary foundation models.

What else are these high performers doing differently? For one thing, they are paying more attention to gen-AI-related risks. Perhaps because they are further along on their journeys, they are more likely than others to say their organizations have experienced every negative consequence from gen AI we asked about, from cybersecurity and personal privacy to explainability and IP infringement. Given that, they are more likely than others to report that their organizations consider those risks, as well as regulatory compliance, environmental impacts, and political stability, to be relevant to their gen AI use, and they say they take steps to mitigate more risks than others do.

Gen AI high performers are also much more likely to say their organizations follow a set of risk-related best practices (Exhibit 11). For example, they are nearly twice as likely as others to involve the legal function and embed risk reviews early on in the development of gen AI solutions—that is, to “ shift left .” They’re also much more likely than others to employ a wide range of other best practices, from strategy-related practices to those related to scaling.

In addition to experiencing the risks of gen AI adoption, high performers have encountered other challenges that can serve as warnings to others (Exhibit 12). Seventy percent say they have experienced difficulties with data, including defining processes for data governance, developing the ability to quickly integrate data into AI models, and an insufficient amount of training data, highlighting the essential role that data play in capturing value. High performers are also more likely than others to report experiencing challenges with their operating models, such as implementing agile ways of working and effective sprint performance management.

About the research

The online survey was in the field from February 22 to March 5, 2024, and garnered responses from 1,363 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. Of those respondents, 981 said their organizations had adopted AI in at least one business function, and 878 said their organizations were regularly using gen AI in at least one function. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP.

Alex Singla and Alexander Sukharevsky are global coleaders of QuantumBlack, AI by McKinsey, and senior partners in McKinsey’s Chicago and London offices, respectively; Lareina Yee is a senior partner in the Bay Area office, where Michael Chui , a McKinsey Global Institute partner, is a partner; and Bryce Hall is an associate partner in the Washington, DC, office.

They wish to thank Kaitlin Noe, Larry Kanter, Mallika Jhamb, and Shinjini Srivastava for their contributions to this work.

This article was edited by Heather Hanselman, a senior editor in McKinsey’s Atlanta office.

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