Marketing is a word that may be new to you. However, it has always been a key part of business and human interaction for as long as people have been trading. What is marketing? According to Merriam Webster, marketing is “the process by which goods are promoted to sale.” This definition may seem simple, but marketing is much more complex than that. Understanding what marketing is taking more than defining it.
The way marketing is used by a company depends on whether it is for a product or service. If it is for a product, then it would fall under direct marketing management while if it is for a service, then it would fall under indirect marketing management. Direct marketing management refers to the act of selling directly to customers while at the same time attempting to build customer loyalty by offering discounts and freebies. On the other hand, indirect marketing involves the use of mass media in the hopes of building societal marketing awareness.
A great example of this concept is television advertising. Television advertisements are typically used to attract consumers because the cost per thousand viewings is higher than other mediums of advertisement like newspapers, magazines and billboards. In order to reach the targeted market, companies rely on well-coordinated marketing techniques. For instance, a television ad campaign may be developed to fit the particular TV show audience while still staying true to the company’s overall goals.
However, when it comes to marketing, not all companies and marketers are on the same page. Smaller companies often adopt a “clash of styles” marketing strategy that involves competing with other companies that specialize in similar services and products. Many marketers argue that there are two distinct types of consumers: the first category consists of customers who only care about price; the second category consists of consumers who care about both price and service. Therefore, different marketing strategies are employed depending on the type of consumer market one is trying to tap.
The second category, actually encompasses both first and second categories: consumers who want both price and service and marketers who attempt to appeal to this demanding group. This concept is what is known as multilevel marketing; hence, marketing research firms have been developed in order to test and analyze various multilevel selling programs. They have found this concept to be more effective in increasing sales and profits and less costly in terms of advertising costs.
Marketing research has helped us to develop a number of marketing concepts that suit the needs of today’s market. These concepts include product concept, which deals with creating a particular product or service that will meet the specific needs and expectations of the target consumer; distribution concept, which deal with reaching consumers through various channels; and advertising concept, which aim to make a product appear in various outlets in order to make it easier for consumers to purchase it. The last two concepts – distribution and advertising – form the basis of modern marketing. Furthermore, marketing research has also helped to develop a number of marketing strategies that help marketers reach out to as many possible customers as possible.