Marketing is an important key to business success. The marketing strategy will allow you to set your sales and reach out to your potential consumers or clients. Marketing is defined by Merriam Webster as the procedure used to advertise or promote products or services. Marketing also refers to the procedure by which an organization undertakes to interact with its target audience, develop relationships, create value so as to obtain profit in return, and create awareness to the public.
The Key Marketing Concepts
There are four key marketing concepts, namely Product Development, Marketing, Branding and Advertising. These four concepts overlap significantly and it can be said that there is a significant interchange of these four concepts within the marketing arena. As a matter of fact, marketing incorporates many other activities, such as advertising, consumer surveys, research and even public relations. The focus is on creating and promoting new products or services, and maintaining or improving on existing ones.
Marketing management includes many aspects of business management, such as planning, organizing, motivating, creating goals, determining appropriate methods, ensuring adequate resources, and maintaining quality and productivity. Many businesses spend a lot of money on marketing management, and even allocate a budget towards pinkoffice just to find the right tools to organize themselves.
In addition, marketing management considers financial issues, such as planning, allocation of resources, budgeting, and monitoring results. It also involves social marketing concepts, such as building customer relations, creating consumer awareness, promoting goods and services, and disseminating information. Marketing also covers the promotion and the marketing of printed materials and other electronic media, as well as promotional activities.
Marketing Theory Vs. Marketing Practice
The concept of marketing is often interdisciplinary, referring to both marketing theory and practice. Marketing theory is a general approach to marketing practice that views marketing activity as a process involving customer satisfaction and organizational goal setting. Marketing theories, therefore, include a framework for analyzing market situations, developing marketing strategies, measuring customer satisfaction, identifying and establishing customer needs, marketing to a specific audience, planning marketing activities, managing marketing schedules, and defining and measuring marketing goals. Marketing theories further include the principles of strategic management, marketing research, advertising techniques, and the concepts of economics, technology, telecommunications, and psychology. Marketing management is the discipline that applies these theories and models of marketing to promote goods and services, and facilitate customer satisfaction.
Informing Consumers About A Product
The other main perspective of marketing is geared towards providing information to consumers. Marketing research defines marketing research as the process of collecting, recording, analyzing, and communicating data related to marketing programs and products to consumers. Marketing research can provide insights on potential problems consumers may be facing, and help resolve them. In addition, it can provide estimates of the profitability of different marketing programs. In marketing research, marketers use various techniques, including consumer surveys, market distribution surveys, target markets analysis, and market research tools, among others.
Product development involves the process of looking into new ideas and products for the market, determining their feasibility, testing their viability, and eventually making them available for sale. Marketers engage in product development activities to make sure that their offerings are different from those of their competitors. This allows marketers to establish their unique position in the market, allowing them to provide a better product or service than their competition.
Influencing Consumer Behavior
Influencer marketing focuses on discovering consumer behavior. Influencer marketing targets common consumer behaviors, such as purchasing decisions, preferences, and purchasing decisions based on trust and other factors. These behaviors dictate what consumers purchase and how they behave when they purchase it. As such, influencer marketing focuses on the identification of influencers, or “key drivers” of purchasing behaviors. Marketers use these consumer behaviors to gain access to these consumers through the various marketing activities described above.
The marketing management philosophies discussed above are just five of the many marketing management concepts used to help businesses promote their offerings. When determining which marketing concept is right for a business, marketers must consider not only the theory itself, but the actions necessary to implement it. All marketing concepts work together to promote selling activities, which then drive sales and revenue to all involved. In order to best promote their business and increase profits, all business owners must be dedicated to implementing these concepts.