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Marketing

 

 

What lies at the heart of marketing is a good understanding of the customer and her needs. According to Lou Gerstner, former CEO of IBM, “Everything starts with the customer”. As consumers, we come into contact with marketing multiple times each day. Each time we make a purchase or watch a television show, we can observe the principles of marketing in action. Marketing is a process by which an individual or group obtains what they need or want through creating and exchanging product and value with others. The purpose of marketing is to achieve organizational goals by determining the needs and wants of customers and delivering the desired benefits more effectively and efficiently than competitors. Marketing as a subject has its roots in a diverse range of disciplines such as economics, psychology, sociology, anthropology, and statistics.

Why is Marketing Important?

Marketing is the one area of business that allows students to understand the critical importance of factors that are not just internal to the organization but also those that are external to it.  Marketing also gives students an appreciation of the value of assimilating the learning from different functional areas such as strategy, finance, production and manufacturing, manpower and human resources, and accounting. A good understanding of marketing empowers students with the overall perspective of a CEO while simultaneously endowing them with important skills necessary to take specific tactical decisions.  It is no wonder that more CEO’s started their careers in marketing than in any other functional area of business.

Marketing's Biggest Contribution: Building Brands

In fact, one of the most important contributions of marketing has been in the area of brand building and brand equity. In this age of fast changing technology and easy access of information, businesses can no longer rely on unique product offers: products can be imitated overnight. Brands, on the other hand, allow organizations to be unique and stand apart from its competitors. Brands can live for ever and cannot be copied. It has been shown that the dollar value of a brand’s equity can be a multiple factor of the value of the organization’s physical assets. Brands are what will sustain organizations in the long term.

Branding is the process of creating distinctive and enduring perceptions and preferences in the minds of consumers. A brand is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking, and more. Branding is an important component of any business strategy, helping a company to establish the recognition and preference needed in order to build strong, reliable image that increases sales and builds customer loyalty.

 

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Why Study Marketing? 

 

Marketing is one of the most exciting and dynamic field in business. The study of marketing involves a wide variety of disciplines and skills – skills that are essential for the development and successful implementation of the overall business strategy.

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Marketing Courses at U of T Scarborough 

 

Students interested in Marketing are encouraged to take:

 

MGMA01H3/(MGTB04H3) Principles of Marketing

MGMB01H3/(MGTC05H3) Marketing Mangement

For an overview linking courses to topics please review the Course Chart.

See Marketing Resources for more information on graduate study in marketing and careers.

 

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