Marketing is a catch-all term that can mean different things to different people. In business, marketing is a crucial component of effective sales and marketing performance. Marketing can be defined as the process by which organizations develop and establish their unique selling proposition (USP) to their target markets to generate and increase sales. Marketing is a strategic process that helps to shape consumer attitudes, which in turn, shapes consumer behavior. Marketing therefore, is an interactive and participative process by which organizations gain the acceptance, loyalty, and participation of customers.
Marketing is an important ingredient of product development. Without marketing, there is little chance that a company can develop new and improved goods and services for which to compete with rivals. Marketing Research is integral to product development in all its forms from concept to launch. Marketing Research can help in identifying suitable marketing approaches, it can foster creativity in decision making, and it can assist in finding realistic marketing solutions for companies at various stages of product development.
Marketing Process starts from the identification of a concept, which stimulates the idea generation process, product development, marketing strategy, advertising and promotion programs and other basic elements necessary to make goods available to consumers. Marketing Research helps in defining customer needs and choosing the right marketing approach. Marketing Research plays a critical role in identifying appropriate distribution channels, pricing, and promotions. Marketing Research assists in finding the most effective methods of distributing new goods and services to consumers. Marketing Research helps in finding the appropriate distribution channels, pricing, and promotions.
Marketing Research is also important in identifying the viability of a product concept. Once a concept and marketing concept are defined, they are easier to analyze and test. After testing is completed, it becomes easier to judge the financial feasibility of the marketing concept. The product concept should be tested over a broad spectrum of consumers to get a clear picture of market response. A marketing concept should be capable of satisfying the desires of a broad spectrum of consumers.
Marketing Myopia: Marketing Myopia is the tendency of marketers to focus only on selling and forgetting to test and evaluate the benefits of the product concept. Marketers tend to believe that a concept is a sure-fire winner, hence invest more time and effort in marketing and selling it rather than testing it. They do not see the business value of marketing tests. A marketing concept without a marketing test or proper evaluation is like a car without an oil change, it cannot function properly and as a result, a product concept will fail to meet customer’s requirements and demands.
coordinated marketing: A successful concept will satisfy a wide range of customers’ needs and demands, so a marketer needs to test and improve it. Once a concept has been tested and proven, it can be further developed and improved so it can satisfy a larger group of customers needs. As mentioned earlier, marketing professionals need to combine their knowledge with creative ideas. These ideas can stimulate customer satisfaction and increase sales.