Marketing is a key element to the success of any business. It can help you increase sales and profits, attract new customers, and promote your brand in a very cost effective manner. However, for every dollar you spend on marketing, three dollars can be saved. This simple marketing fact has made marketing a vital part of every business.
Marketing refers to that process by which an organization undertakes to interact with its target market, develop a meaningful relationship to generate value for its customers, and create real value to convert into profits so as to gain maximum profit in return. When we talk about marketing, we are actually talking about a set of activities that are undertaken in order to promote your products or services to customers so as to drive sales and profits. Marketing can be regarded as one of the most critical elements of business management; however, it should never be taken lightly. Below is a list of seven important marketing concepts that should be understood and implemented by all organizations:
Target Market Finding out your customer’s needs is the first and foremost of all the marketing concepts. In this marketing management concept, you must understand what type of customers you are looking for and how you can target them. Your market may include people who buy your products and services on impulse, people who are in need of specific services, people who shop online, etc. Once you know about your target market, you can then design your marketing strategies accordingly. You can also use your marketing strategies to find out what kind of products your potential customers are looking for.
Selling Customer Orientation Selling is a marketing concept which involves creating a buying attitude among customers. To do this, you should create a positive selling message that encourages potential customers to make a purchase. For instance, if you are selling shoes, your selling message should tell your potential customers that they would look good in these shoes. Another important aspect of selling is customer service. It is advisable that you train your staff on the best possible sales techniques so that they can give sincere service to all your customers.
Branding There are various brands and marketers who play the role of brand creators. This concept requires creating a positive image of a product so that customers will consider it when buying it. The most important thing is to ensure that your product is unique, has high quality and is affordable. If you are able to maintain these aspects, then you are half way to a successful marketing strategy.
Marketing Research One of the most important aspects of marketing is market research. Market research helps you understand your competition and learn how you can beat them. Before marketing campaigns are launched, marketers perform market research so that they are prepared for what is ahead. There are many kinds of market research that can be performed. It includes product development, supplier selection, competitor analysis, and more.