Marketing is the process by which organizations create a product or service that they believe will meet a need and then seek to promote it. Marketing therefore refers to the entire process by which an organization undertakes to identify its target audience, develop strategies to reach out to them, and build relationships so as to acquire and maintain control over a particular supply. This control may be partial or complete. Marketers seek to influence the decision of the target audience by producing and marketing products or services that meet their requirements. Marketing therefore involves both the direct and indirect methods of promotion. Marketing is an important element in the achievement of organizational objectives.
The Concepts Of Marketing
Today, many people are involved in marketing activities for profit, earning money, or simply as a means of livelihood. But, there are marketing concepts that have been around since ancient times and these concepts are marketing management concepts. The concepts of marketing management include social marketing, environmental marketing, institutional marketing, niche marketing, brand marketing, and corporate marketing. These concepts are used in every sector of the business and help in the development of a product or service. So whether you’re providing a simple service such as topping off gas a tank, or a more elaborate product such as digital services —the concepts of marketing apply just the same.
Social marketing refers to public relations activities undertaken to enhance the interest of the public in a product or service. Public relations’ activities include advertising, public relations, and public information. This concept deals with the marketing of products and services to the community at large. In this concept, the marketing research is conducted by gathering the opinion and preference of the consumers. The social marketing concept helps in attracting large communities and involving all the consumers.
An environmental marketing concept is concerned with selling a product or service that is environment friendly. This concept encourages consumers to purchase a product that is not polluting the environment. Pollution in the environment is a major concern and companies engaged in selling such products and services try to go beyond conventional marketing techniques and advertise their services in a more eco-friendly manner. This is a very popular concept that is practiced in many countries around the world. The environmental marketing concept involves various measures and solutions like creating awareness about pollution, creating a consumer base for the product, and providing substitute goods if any part of the product is found to be detrimental to the environment.
Another marketing concept is that of brand marketing. This concept places a brand on the consumers of a product or service. A brand is a unique identification symbol or name for a company or an organization. Brand marketing helps companies to increase their sales and create a loyal customer base. In this concept, marketers try to make a positive impression on the consumers. They advertise the product or service using catchy words, images, and symbols.
Marketing myopia refers to a marketing perspective that discounts the significance of quality in promotion and selling a product or service. Many marketers believe that quality alone leads to large sales and profits. However, in practice marketing myopia has resulted in unfulfilled goals and empty pockets. Since quality is not a constant factor in marketing, marketers do not use them to judge the effectiveness of their marketing techniques. Since quality is not a constant factor in selling, many marketers remain deprived of the profits they deserve.
Marketing research is an important tool for those engaged in selling. Researching helps in formulating marketing strategies, testing market reactions, evaluating consumer behavior, and testing consumer preferences. Marketers can conduct market research through surveys, focus groups, and experiments. In addition, marketing research helps in formulating realistic selling programs and monitoring the performance of sales professionals.
Marketing concepts are applicable in all types of industries. However, marketing strategies used by marketers must always bear in mind the special needs of the particular industry. The marketing strategies should always conform to the needs of the consumers, to ensure successful promotions.