When it comes to getting out the word about your product or service, marketing is an essential part of the success. Marketing is defined by Webster. “The practice of making available to the public information designed to promote a business, person, idea, or product”.
Marketing is simply the process by which an individual or company uses marketing techniques to create the awareness of its product or service so that consumers will make a buying decision. The concept of marketing itself stems from the marketing research and advertising technique known as Branding. Marketing is the science of creating a sense of well being in consumers through effective promotion of a product, service, or brand. Marketing describes the creative process by which an individual or company undertakes to engage its targeted consumer base, create strong bonds with consumers to create profit in exchange for the investment of their time, money, and other resources, and establish a credible reputation in the marketplace.
Marketing is not only confined to traditional marketing such as advertising, sales, and product development. Marketing is also used by many non-traditional marketers such as consultants, and agents, and educational institutions. It is also referred to as advertising, but has a broader meaning. The term marketing can have a more concrete definition in the field of Business and Marketing. Marketing research and analysis is conducted to generate and track prospective opportunities for clients. The results are used to select the most feasible marketing approaches and techniques from a range of potentials.
Marketing research is carried out to determine the selling potential of a product or service. It includes conducting surveys, experiments, and tests, as well as using and evaluating marketing materials and practices. Marketers use various marketing activities to reach their goals for promoting a product or service. Some of these activities include selling, demonstration, and buying. These activities help marketers evaluate and test the selling potential of a new product or service, to enhance the selling procedure, and to improve the quality and quantity of sales.
Marketing is an important tool in business and marketing, because it enables marketers to acquire, position, and maintain consumers’ attention. Consumers are targeted according to marketing objectives and strategies. In addition, marketing helps to create awareness about a brand or product and enables consumers to make buying decisions. It is one of the most important factors in making sales because it provides a venue for consumers to purchase products and services. With the aid of marketing research, marketers find out the factors influencing consumers’ buying decisions and develop marketing strategies that will satisfy those demands.
Marketing concepts are complex. However, they can be understood using the three-step process described above. The primary goal of marketing is to acquire, position, and sustain consumers’ interest and loyalty. Successful marketing strategy should be based on market research, effective product development, and good communication with customers.