Marketing refers to the act of using advertising media to inform or promote the sale or purchasing of a particular product or service. In recent times, the term has been increasingly used by businesses and marketers as a way of communicating their unique selling proposition to customers. In business terms, marketing is defined as the use of communication to promote services and products that meet a specific need. This need may be for the development of new or improved products, services, or data or information.
In the world of marketing, there are many goals and objectives. For example, marketing seeks to satisfy customer demand, increase sales, improve brand awareness, decrease marketing costs, gain an edge in an industry, improve profitability, improve brand recognition, or build customer loyalty. In a corporate setting, marketing is a part of creating a long-term business strategy that can yield tangible results over a number of years. These results are usually measured in terms of customer satisfaction and loyalty. In terms of satisfaction, a satisfied customer is one that buys goods and/or services from the same company in the future at a price that is acceptable to him or her.
Marketers try to attract customers through a range of marketing strategies. These strategies can include advertisements in newspapers, television, radio, and other electronic media, mass mailing of brochures, promotional events, trade shows, and distributing literature to customers in the neighborhood. Marketing can also involve sampling and surveys of consumers, creating and presenting commercials, and organizing contests and award ceremonies to increase sales. Although most marketers use several marketing techniques, some of the most common are advertising, promotion, and sales. All these can be effective in achieving the desired marketing objectives.
In addition, all these efforts can help marketers in developing a comprehensive marketing strategy. Marketing strategies can be categorized in four categories, which are focused, integrated, incentive, and coordinated marketing. A focused marketing approach concentrates on providing customers with the best possible products and services at an affordable price. Integrated marketing strategies provide customers with the best of multiple offers and opportunities. On the other hand, coordinated marketing involves setting up a number of measurable results and outcomes in a single campaign.
Marketing research should be conducted to obtain information on the target market, the competition, customers’ preferences, buying habits, and purchasing power. The market research can also help marketers determine the marketing needs of the prospective customers. This involves collecting and analyzing data from a variety of sources. Market research is especially important for product testing. Through this method, marketers can discover the most profitable marketing strategies and product versions.
Marketing management involves managing marketing expenditures, developing marketing plans, monitoring marketing performance, and creating strategic alliances. Marketing managers are responsible for making decisions regarding marketing programs, materials, and projects. The marketing managers create marketing plans by assessing the current strengths and weaknesses of the company’s goods and services, as well as the customers. Marketing managers are also involved in coordinating advertising efforts. They oversee advertising campaigns and make sure that the costs are justified.