Marketing describes the act by which an organization undertakes to interact with its target audience, develop strong connections to generate value in return, and create competitive advantage. The term is often used as a broad brushstroke to describe the many elements of strategic management that involve identifying, managing, and supporting the exchange of information and influence among various groups or individuals. There are many theories that underlie marketing. These include social science perspectives, political economy, and marketing-oriented research. Marketing theories also include the development of theories in advertising, economics, communications, and sociology.
Marketing theories describe marketing as a process that involves identifying the needs of consumers, formulating ways to meet these needs, testing and evaluating these needs, and marketing products and services to consumers. Marketing concepts also include marketing strategies, which are the techniques and methods marketers use to sell their products and attract customers. Marketing strategies can include public relations, advertising, and promotions. Marketing strategies are also categorized into core marketing strategies, intermediary marketing strategies, and wide-ranging marketing strategies.
Marketing theories are also divided into two main categories: marketing theories and marketing concepts. The marketing concept is the idea that a product concept or message is a gold mine waiting to be discovered. Marketing concepts describe how marketers use the ideas they have identified in their studies and research to help them design and deliver messages that are effective to consumers. Marketing concepts are valuable because it helps marketers identify what works and what doesn’t. However, it also makes marketing myopia the key to not being able to identify the real benefits consumers get from marketing activities.
Marketing theories provide insight on how people react when exposed to a marketing message. Marketers use a variety of marketing concepts to determine the response of the audience to their message. These marketing concepts can be classified under four categories: societal marketing, mass marketing, direct marketing, and product branding. The marketing concepts are grouped because they all refer to selling activities that are carried out by marketers either to consumers or to other businesses and organizations.
The term “social marketing” refers to a different type of marketing concept, which involves establishing a relationship with customers through mass media such as television advertisements. When companies are involved in this type of media, they use various techniques to gain the attention of consumers. For instance, TV commercials and print ads can be used to satisfy consumers. Companies that satisfy consumers through social marketing concept will make use of various strategies such as creating a brand identity, creating an image, making a promise, providing services, competing against others, and presenting products that can meet consumer’s needs. A major goal of these types of marketing concept is to develop and establish a company’s place in the society.
The term “group marketing” refers to another type of marketing concept that emphasizes the development of a common buying pattern among a group of consumers. This concept, however, differs from the above mentioned concepts as it focuses on the development of a consistent buying pattern among a group of people. Group buying concept was introduced to eliminate the differences in prices among groups of consumers and at the same time promote better purchasing power among groups. Marketing research that is carried out on this concept will attempt to establish a common set of standards so as to provide a reasonable price to groups of consumers. A major objective of this concept is to develop better relations among the groups of people within a particular organization.