Marketing is the art of communicating a message to customers effectively to influence their buying decisions. It is also known as the promotion of products and services to potential clients or the identification of new prospects. The art of marketing has evolved over time with the aid of technology and social media. Marketing is an important element to any business, large or small. As such, it is not only used to sell products or services, but also to build brand awareness and establish a connection with customers.
Marketers believe that marketing must be done using creative and technical concepts in order to be successful. Marketing is the exchange of information and interactions between people, institutions and organizations. It refers to the act of coming up with marketing strategies so as to engage an audience, create interest, create value for customers and get them to make purchases. Marketing is about understanding the needs and interests of potential target consumers.
Marketing is an umbrella term that includes different elements that are used to promote products and services in the marketplace. Marketing concepts are used by marketers to determine the effectiveness of promotional activities. The marketing concept that is being employed should be able to address and take into consideration the factors such as market, product concept, target audience, competition, motivation and other factors. The marketing concept should therefore provide a clear picture of what the market wants, where the market is and how the market is going to react to a specific marketing activity.
Marketing concepts help in identifying the goals and objectives of a company. They also help in ensuring that the objectives are aligned with the company’s own objectives. A good marketing management concept should be able to determine the key drivers of the organization and how these drivers can be translated into marketing activities. Marketing myopia is the tendency to focus on a single concept and neglect all other ideas. This leads to ineffective implementation of the marketing concepts.
Marketing concepts must also incorporate the concept of value for money. Marketing myopia suggests that all costs of marketing activities should be considered and all efforts should be directed towards selling goods. This results in under-pricing the goods and over-charging the customers. This can have serious consequences on the bottom line, as the company will not make any profits and will suffer losses in terms of sales, employees and profits. Good marketing management concepts such as value for money should be incorporated into all actions and activities of the organization.
Marketing is a very broad subject and hence marketing principles are always changing. A well thought out marketing concept should therefore focus on developing customer loyalty, influencing behavior, creating awareness and influencing decision making among customers. Overall, a well-coordinated marketing program involves developing customer satisfaction, making a profit, providing a better service to the customers and improving the overall efficiency of the company. In fact, the success of any marketing program depends upon the extent of its involvement in meeting the customer needs and expectations.