Marketing refers to various activities a business undertakes in order to promote the sale or purchase of a particular product or service to the end users. In recent times, The New York Times has described it as “a branch of advertising devoted to selling”. In simple terms, marketing is about making available to customers or potential customers the services or products that your company or business is offering. Marketing also aims at building brand awareness or recognition with the help of the various media like print, television, radio and the Internet. It is this awareness which gives rise to the concept of marketing.
There are various theories on the subject of marketing. The theory of organized marketing deals with the development of a specific pattern of communication between the seller and the customer at an early stage of the process called branding. Under this concept, a set of marketing tools and actions are designed and tested to meet the customer needs. This is followed by the consistent modification of this system to take into account changing market conditions. Marketing is also related to other concepts like advertising, where there is a coordinated activity between the marketing organization and the customers to increase their awareness of the services and products offered by the company.
One important concept in the field of marketing is that of the consumer demand concept, which defines marketing as the ability to meet the needs of the consumers. In other words, marketing is an effort to satisfy the customer demands in the best possible manner at the lowest possible cost to the company. Marketing Research or Marketing Management is also another important concept which focuses on the process of collecting, managing and disseminating data and information to support the objectives of marketing. Marketing Research can be either a process of research intended to support the planning of marketing activities or a process undertaken to improve the marketing performance. Another important concept is that of market evolution, which refers to the gradual change in the nature of the buyers’ preferences and requirements.
A marketing strategy is developed that will meet the changing needs of the customers. The aim of marketers is to satisfy customers through a better product offering, at the lowest possible cost to them. Marketing is considered to be one of the most critical processes of modern business. Marketing Research or Marketing Management attempts to ascertain these needs, desires and preferences of customers. This helps marketers create a unique product concept that will be patronized by the consuming public. In order to create such a unique product concept, marketers conduct a variety of marketing research activities.
The most important marketing research activities include direct marketing, influencer marketing, and online marketing. Direct marketing is one of the most popular forms of marketing activities which is performed directly by the marketers. The marketers use promotional means to reach out to the customers and encourage them to make purchases of the product being marketed. Influencer marketing on the other hand, is an indirect form of marketing where it uses the reputation of the customers to market the product and make them aware of the product. Online marketing is the most important form of marketing, since it reaches out to the potential customers who can access the internet.
The success of marketers largely depends upon the attitudes of the consumers. It should be understood that the attitudes of the consumers are highly influential in the market strategy development. Attitude of the customers is primarily established through customer surveys, which help the marketers identify the strong as well as weak points in the consumer’s behavior. These factors then influence the marketers to create marketing strategies that will be most appropriate for the target consumers. Thus, marketing is defined as a combination of various activities aimed at identifying and satisfying consumer requirements.