Marketing Research And Marketing Concepts Are The foundations Of Any Successful Business
Marketing refers to the act by which an organization undertakes so as to engage its target market, build relations with other organizations to generate utility in return for investment, and deliver goods and services to the end users. It is often regarded as the lifeblood of the organization since it drives sales, shapes customer preferences, and develops target markets. The term marketing is not uniformly used and the meaning of marketing varies among different people. In business for instance, it is not uncommon for marketing to mean promoting and advertising one’s products and/or services to the target customers. However, marketing may also mean a wide range of activities such as introducing a new product, developing and marketing a strategy, creating a brand, announcing the launch of a product or service, and so on.
Marketing myopia occurs when a business tends to focus only on one aspect of marketing. For example, a business may focus on developing the product concept, marketing it effectively, and after which, forgetting about the needs of the customers. Such a business will not be able to develop and provide quality services to its customers. Similarly, there are many instances where companies have marketed their products and services aggressively without paying sufficient attention to the needs of the customers. Such companies are then at a disadvantage when compared to other companies that invested in promoting their products and services and provided them with quality products and services.
These marketing concepts are interconnected. A business that concentrates on developing the product concept may be able to achieve its objective. However, this does not imply that it can achieve success without paying particular attention to the selling concept, the selling proposition, and the development of the product marketing strategies. This leads to social marketing myopia.
Another example is when a company ignores the principles of marketing research and develops conventional marketing strategies without considering the interests of the consumers. Consumers are very sensitive to marketing concepts and marketing strategies that they do not like. When such concepts and strategies are not favored by the consumers, then there is a chance that the company might lose a considerable number of customers. Again, ignoring the various aspects of marketing can lead to failure. Hence, a company has to pay a lot of attention to the various aspects of marketing in order to get the best results.
In terms of product marketing, the marketing concept has to cater to specific needs of consumers. If the product does not satisfy the consumers or the market, then this will have a negative effect on the business. Thus, before any marketing strategy is developed, it should first be determined what the product needs of the customers are and only then the marketing concept should be formulated.
A balanced approach between traditional market research as well as innovative marketing strategies is the key for effective marketing. This also involves the involvement of various experts in the field of selling. There are various approaches that have been used successfully by marketing firms in the past. Some of these include incorporating social marketing research and selling concept in the marketing activities. The various techniques that are based on selling have benefited a lot of people in the past.