Marketing Management Theory
Marketing is a general term that covers a variety of activities aimed at creating awareness, informing and engaging customers. Marketing can be broadly classified into three main channels: advertising/promotion, marketing and sales. Marketing actually refers to the strategic process an organisation undertakes in order to engage its target market, create value for customers in return for selling some product or service, and capture additional value for clients, such as brand name recognition, through persuasive communication or reputation management. Thus, marketing encompasses a wide variety of activities. The key drivers of marketing activities are the creation of value for the customer, creation of a need or a satisfaction for the client, and measurement of these results.
Within marketing there are two main channels of activity: promoting services and products and selling goods. Within these channels there are many subcategories and sub-categories, including: social marketing, non-profit marketing, and institutional marketing, branding, and societal marketing. In addition, there are also some additional channels of marketing activities. These include: advertising and promotion, which include conventional and digital advertising, electronic and online marketing, direct mail marketing, television marketing, and packaged marketing.
In order to understand marketing, it is helpful to understand what the basic marketing concepts are. Most marketing concepts rest on the fact that people make buying decisions based on a variety of criteria, including the cost of the item and the perceived benefit; the presence and behavior of other consumers, and the reputation of the seller among his peers. Marketing research helps understand these various factors and their effect on purchasing behaviour, as well as helping to construct marketing campaigns that are likely to yield desirable results. One important concept that is central to marketing research is the concept of the marketing concept, which refers to a set of assumptions and concepts that have an effect on buying decisions and on the achievement of marketing goals.
In most cases, marketing strategies assume that consumers will make purchasing decisions based on a number of different concepts and attributes. These concepts and attributes include the price of the product or service, the product’s design or characteristics, and the manufacturer’s reputation for quality. The concepts and attributes that are studied in marketing research can help marketers determine how to build marketing campaigns that will be most successful.
One of the important concepts in marketing research is the marketing concept, which refers to a set of assumptions about what consumers are looking for and why they are buying a product. Marketing concepts are typically empirical in nature and are based on consumer behaviour. This means that what a consumer is looking for does not exist in a vacuum. For example, while most people would consider the price of a product to be a major driving factor behind their purchase decisions, what they are actually looking for is the overall quality of the product. What consumers are looking for is a product that matches their existing needs and is reasonably priced. Therefore, the marketing research focus should be on understanding what the customer needs and why they need it, rather than what the marketer thinks the customer needs or is looking for.
Another important concept that is explored in marketing management theory is the marketing concept that everything in marketing is learnt as learning progresses. Marketers learn through trial and error, which is simply the observation that what works in one area of marketing may not work elsewhere. In other words, every marketing concept that has been tried before in the past may not work in this new environment. This is why the emphasis should always be on trying to find innovative ways to increase conversion rates, improve sales and reduce marketing costs.