Marketing is one of the most important aspects of business. Marketing is also known as advertising or promotional activities in order to acquire new customers and drive sales. Marketing involves the use of communication techniques to communicate information about a product or service with potential customers. The marketing strategy is designed to maximize the company’s exposure to the marketplace. Marketing is not only used for obtaining new clients or customers but also to retain existing ones.
Marketing is a very broad concept and it includes a wide range of activities. Marketing involves the development of a marketing strategy, implementation of that strategy, analysis of the marketing performance of the company and tracking of results to identify any changes that can be made to optimize the success of the marketing plan. Market research is an integral part of marketing. Market research refers to the procedure by which an organization undertakes to identify its target customer, build strong relations to generate potential for sales, create value for customers and then capture that value in exchange for payments. These activities are required to build a solid, consistent and long term relationship with the end users of the goods or services offered by the organization.
There are many factors that contribute to the development of a marketing concept. One of these factors is competition from other organizations in the same particular industry. Other factors include the introduction of new goods and services, introduction of new marketing concepts, introduction of new distribution channels and/or methods and change in consumer preferences of buying behavior. A successful marketing concept should meet the objectives of the organization. These objectives are changeable and should be in the hands of a marketing manager who should be able to adapt to changing conditions.
Marketing concept development should include marketing research. It is the primary means of understanding the market needs and buying behavior of customers. The primary objective of marketing research is to determine the demand, and hence the scope for profit. Marketers use the data derived from marketing research in order to design a marketing strategy. This marketing strategy is implemented by way of production planning, advertising programs, sales promotion, pricing, product positioning and other relevant activities.
Marketing managers have to combine the production, selling, and marketing aspects of the business in an effective manner. Some of the elements included in the design of a marketing management philosophy are the following: first, the product concept; second, the production concept; third, the selling concept; and finally, the marketing concept. A well-built marketing management philosophy lays down the foundation for a good business. Marketing managers should take care to not only maximize profits but should also minimize costs and risks. All aspects of the business need to be developed in harmony with one another.
Marketing focuses on the identification, analysis, and the elimination of potential customers. The elimination of potential buyers allows marketers to focus on selling the existing customer base. Marketing focuses on the promotion of products, and the prevention of the introduction of competitors into the market. Marketing also focuses on the creation of brand loyalty, and the determination of appropriate prices. Marketing involves the research and analysis of marketing theories and practices, and the use of statistical methods to determine the profitability of a venture.