Marketing is a business activity that is practiced to promote products or services. The marketing strategy depends on the type of merchandise or service and involves the development of an attractive image, market acceptance and a reputation for quality. Marketing therefore refers to the act by which an organization undertakes so as to engage its targeted consumer base, develop brand awareness, create value through the production of goods or services, acquire and maintain market trust, and acquire and retain customers. These activities are done in order to meet the needs and interests of consumers and to achieve the organization’s marketing goals.
Marketing activities thus include research, analysis, designing and creating marketing strategies, implementing marketing programs and testing marketing systems. It also includes developing the financial position of the firm and controlling marketing costs. Marketing involves various channels such as advertising and promotions, selling and buying, selling techniques and product development. Other important channels include public relations, sales and distribution, and selling technology.
A marketing concept is nothing but a set of procedures, techniques, and formulas adopted by organizations in order to improve the productivity, quality, and effectiveness of their activities, and to make them popular among customers. Marketing is also known as the marketing process and is part of the strategy of the management of buying behaviour. Marketing concepts help companies in the following ways: (a) increase sales, (b) reduce cost, (c) gain market share, (d) influence customer behavior, (e) provide customers with new and improved products, (f) promote customer loyalty and (g) satisfy customers. Therefore, marketing starts with identifying the needs of customers, analyzing those needs, developing a product or service to meet them, creating and promoting a marketing program, and testing and evaluating marketing methods. Marketing also involves collecting, organizing, and using information that will be useful for its purpose.
Marketing is an ever changing concept. Marketers are continuously looking for ways to improve the effectiveness of their marketing campaigns and also to find ways to increase their profit margins. In recent times, marketing has become a more comprehensive term involving not only selling, but also incorporating design and technology into the marketing mix. With globalization, more companies have come to realize the importance of international marketing and tend to include marketing in their overall business strategy.
Marketing concepts have undergone several changes in recent years. The main changes have been towards customer orientation. Most companies now place a lot of emphasis on building a strong customer relationship. As such, selling customer orientation plays a greater role than in the past. This customer relationship marketing concept entails various aspects of selling, which are helpful for companies in growing their businesses and making them profitable.
Another important marketing concept is selling a product concept. This concept focuses on promoting a product through the marketing practices of a company. Usually, marketers sell advertising space or time to marketers who specialize in selling the product. Selling a product allows marketers to reach out to potential customers. By selling a product, marketers try to meet all the needs and desires of their customers.