Marketing Research and Understanding It
In today’s world, marketing is an indispensable part of business life. Marketing is the practice of consciously inducing sales of products and services; including assortment of a target consumer; allocation of financial, technical or managerial resources to advertise; and other forms of physical communication designed to influence buying behavior. Marketing is therefore, more than just making something sell. It is about understanding consumer needs, which is determined by a combination of economic theory and creative strategy.
The concept of marketing is not as easy to define as it may sound. Marketing is a very broad field, in which there are numerous concepts, which, though they overlap, can be presented separately, and in which marketing activities can take many forms. One must therefore understand marketing definitions, in order to determine what marketing is. One way of classifying marketing is by using a diagram called a marketing triad; where three distinct elements are distinguished: purchasing, selling and society.
Marketing is a process and not a product. Marketers approach marketing in different ways, but the essential ingredients that marketers use are determined by factors such as the size of a market, target market, competition and methodology. This article presents the 72 marketing definitions that marketers commonly employ in their activity.
Brand marketing: The marketing strategy and the brand are essentially the same thing. Brand marketing involves creating a “name” for a company or product, so that consumers recognize it when they have a need. Branding involves defining the association between the product and a specific “voice,” so that it becomes a familiar symbol for consumers. For example, a well known manufacturer might create a television commercial that begins, ” filmed in the studios of X corporation in New York City”, in order to associate the television with the manufacturer.
Direct marketing: In direct marketing, marketers use various techniques to attract consumers. It can be in the form of physical advertisements in newspapers, magazines and telephone directories. This marketing strategy can also include sampling, which means that consumers are invited to take product samples. There can also be a combination of sampling and direct mail marketing.
Advertising and marketing research: The advertising and marketing research focus on the identification of consumers needs, preferences and capabilities. It is an aspect of marketing that has been used since mass production first began. The major categories include research design, market research, target market analysis, brand development and promotions. These categories are essential if marketers are to successfully use the resources available to them to help in the creation and refinement of new and improved products and services.
Business objectives: The business objectives are those goals and objectives that a company wishes to achieve throughout its existence. A chief executive officer is responsible for the overall direction of marketing. Marketing managers are required to report annually to the board of directors of the company. The chief executive officer is also responsible for approving new marketing programs that have been approved by the board of directors.
Influencer marketing: The relationship marketing is a marketing strategy that involves building a positive image of the company or brand through influential consumer contacts. This is done by creating a positive feedback cycle from consumers who become familiar with the products and services offered by the brand. In addition to the traditional marketing techniques such as television, radio, print and internet advertising; the brand can also establish a presence through social networking sites. Examples of the influencer marketing strategies include celebrity endorsements, fashion campaigns and music sales.