Marketing is the process by which organizations develop and deliver their offerings to customers. Marketing deals with the generation of value in exchange for a product or service that an entity provides. In business, marketing is used to acquire new customers, to expand market share, and to promote products and services. Marketing is the primary means through which organizations obtain new clients, establish long-term relationships with these clients, attract new customers, expand market share and improve the quality of products and services offered. Marketing is a vital process for companies to survive in today’s marketplace.
The processes involved in marketing research, development, marketing and advertising are known as marketing management. These concepts are integral components of organizational strategy and play a vital role in the strategy implementation of organizations. Marketing research is the process by which organizations gather information about buyers’ preferences, motivations, buying habits and other key information that would help them develop, sell and deliver goods and services to their customers. Marketing research is essential for selling products and services because it helps them to identify target markets, collect data, organize and compare data and make strategic decisions.
The process of marketing research helps identify the ideal target customer segment, based on various parameters such as purchasing power, frequency of purchase, level of competition and purchasing history. Marketing research is a crucial process because it determines the way in which organizations should sell their products and target demographics. There are five marketing concepts that are commonly associated with marketing research. These concepts include advertising and promotional, distribution, sales, consumer behavior and social marketing. These concepts can be organized around a particular concept to derive the most appropriate marketing strategy for an organization.
Advertising and promotional marketing are the main activities of marketing research. This includes designing, selling and promoting products and services through a number of channels, including the internet, television, cinema, public events, billboards and other types of mass communication. Marketing activities are designed to generate revenue. Advertising involves the use of logos, messages, images and other forms of visual communication which influence the buying decision of consumers.
Sales promotion is another important concept of marketing. It is the process by which organizations drive sales through various channels and attract new consumers to make a purchase of a particular product or service. Marketing myopia refers to a common error committed by many marketers. They assume that marketing activities only involve distribution. This is not true because there are many other aspects of marketing that help distribute the product or service. Distribution is just one of the elements that make up the distribution chain.
Marketing strategies refer to the overall management approach towards marketing. Marketing concepts and practices can be used as a framework for creating marketing plans for organizations. There are many marketing concepts that can be used to conduct a successful marketing program. A marketing manager will consider the objectives of the organization, the competition, the resources available and the sources of demand. The overall marketing strategy then becomes one of the chief drivers of the organizational sales and profits.