Marketing is described by Wikipedia as “The practice of selling a product or service to make profit”. The definition of marketing can be seen as a way of identifying new opportunities and markets, analyzing competitors, developing strategies for competing effectively, marketing new products and services, advertising and promoting products and services. In short, marketing reflects the process by which an organization undertakes to interact with its target audience, develop sufficient recognition so as to gain profitable compensation in return for the value that has been invested.
The Core Ingredients Of Effective Marketing Management
These include Branding, selling, promotion and social marketing. Branding involves creating a distinctive selling proposition that is consistent with the target market, creating a name for the product or service, and building customer loyalty to enable sales. Selling involves attracting customers to a product or service through various channels including advertising and promotions. Promotion involves the use of media to attract more clients or consumers and social marketing involves using targeted social channels to advertise products and services. Promotion nowadays often uses search engine optimization(SEO) to help reach consumers, and power seo ranker is an excellent resource used by businesses everywhere.
Marketing Research
There is a need for comprehensive marketing research that allows for the identification of appropriate marketing activities. A variety of factors affect the performance of organizations in terms of selling and marketing activities. They include product attributes, the nature of the buyer, competition, the marketing mix and quality, and other factors. Marketing research seeks to understand these fundamental aspects that affect the selling performance. Marketing research is an important part of the overall business process and involves compiling, managing and analyzing the results of marketing activities. Marketing research is a powerful tool that enables companies to make decisions that have far reaching effects on their bottom line.
Selling To Buyers
The main aspect of selling is to identify and capture the attention of buyers. The concept of marketing research helps companies to sell their products to their target consumers. The core concept of marketing means to sell a product to consumers. There are various marketing concepts – selling is the interaction of the buyers and sellers with each other and it is associated with advertising and selling of a product to consumers. Marketing research helps to identify which concept best defines the selling concept in the context of a particular industry and product.
Promoting Products
Marketing is the practice of promoting a product to acquire control of a market or group of consumers. Marketing has evolved as a branch of business management with an aim to increase company sales through the accumulation of market share. Businesses use marketing strategies to compete with other companies in the same line of business. Companies use different marketing concepts to differentiate themselves from competitors. There are many marketing concepts that companies can choose to define their positioning in the industry.
Marketing Concepts
Marketing is divided into different marketing concepts such as advertising, selling, and promotion and the way they interact with customers. Advertising is the process of bringing together the marketing concept and consumers so that they will be attracted to purchase a particular product concept. Selling on the other hand is the direct method of creating and distributing a product concept to consumers. Promotion is the indirect method of increasing awareness of a product concept to consumers through various means.
Coordinating Marketing Concept
Companies adopt a coordinated marketing concept that caters to the specific needs of the company. A customer’s behavior is very crucial in determining the success of a product or service. Companies therefore pay attention to customer behavior to design a product or service that will satisfy consumers. The main focus of developing coordinated marketing concept is to satisfy consumers by providing them quality products at affordable prices. Companies also develop a customer orientation towards their product concept so that consumers will be more responsive to their marketing strategies.
Summary
Developing a winning marketing concept that satisfies the selling consumer needs is a challenging task. The execution of a marketing concept requires extensive research, development of target markets, assessment of competing brands, evaluation of consumer behavior and information, and the integration of the above mentioned aspects with existing marketing tools such as television commercials, print ads, and other types of marketing tools. The development of a winning marketing concept that satisfies the selling consumer needs requires detailed market research that involves gathering information about the buying habits of target consumers. Marketing research helps companies identify their target customers for a particular product. It also helps in the identification of target marketing tools that can be used for a particular product.