Importance of Marketing

Question: Discuss about theImportance of Marketing. Answer: Introduction: Media is defined as the communication channels that help to disseminate the news, education, entertainment, data and promotional messages[1]. Media involves every narrowcasting and broadcasting medium like magazines, newspapers, television, billboards, radio, telephone, direct mail, internet and fax. In other words, it can also be said that media is the collective outlets or tools of communication, which are used for storing and delivering the data and information. In order to analyze the importance of marketing, an article Southern Cross Austereo Profit Jumps 19 % on higher ad Sales, Lower Debt Expenses from Brisbane Times has been selected. As per the particular article, the Southern Cross Media had posted a 19% increase in the net profit to $ 77.2 million due to the higher revenue from advertising at its regional television stations and metropolitan radio stations[2]. It has been found that due to the increased advertising revenue, the financing costs for the debt also decreased. In addition to this, it has also been noted that the shares price of the firm closed at $ 1.38 and this is considered as the highest price in more than two years after expanding 11.7 % on an optimistic viewpoint[3]. The operating earnings of the firm increased by 2.8 % to $ 167.7 million, whereas, it has been found that the firm expects to increase its operating profit by 6 to 9% in the present financial year[4]. In addition to this, advertising revenue from the met ropolitan radio stations of Southern Cross has also increased from $ 204 million to $ 222 million in the prior year. The sales of advertisements in the regional TV stations have also increased from $ 337 million to $ 352 million. Therefore, it has been noted that the radio and television businesses of Southern Cross Austero are consistently outperforming in the market. However, it has been identified that the particular company mainly serves the local regions of Australia, including Queensland, regional Victoria and southern NSW with a network of television stations. As per the article, the key marketing issues that have been identified are the product services, the prices and distribution, promotion and adjustment to the market demand. The particular company has a limited numbers of products that is advertisements through regional television and radio stations. In addition to this, the prices should be lowered and the distribution channel of the firm should be widened[5]. The particular company only provides its services to the regional area; therefore, in order to overcome the issues and to increase the sales and profit of the firm, the particular company should select accurate distribution channels in order to make global business. The firm should also implement various promotional strategies in order to attain future goals and objectives. References "Southern Cross Austereo Profit Jumps 19 Per Cent On Higher Ad Sales, Lower Debt Expenses".Brisbane Times. Last modified 2016. Accessed September 4, 2016. https://www.brisbanetimes.com.au/business/media-and-marketing/southern-cross-austereo-profit-jumps-19-per-cent-on-higher-ad-sales-lower-debt-expenses-20160825-gr0nfr.html. Grewal, Dhruv and Michael Levy.Marketing. New York: McGraw-Hill/Irwin, 2012. Kotler, Philip and Kevin Lane Keller.Marketing Management. Upper Saddle River, N.J.: Prentice Hall, 2012. Pride, William M and O. C Ferrell.Marketing 2012. Mason, Ohio: Cengage Learning, 2012.