A Comprehensive Approach to Marketing
Marketing is one of the most important concepts for any business to understand. It covers a wide range of activities that help to promote a company or a product to potential customers. Marketing generally refers to the promotional activity an organization undertakes in order to engage its potential market, create awareness among target consumers, create value for the consumer to acquire or at least deserve, and generate return on investment. This article will discuss marketing activities and their importance in the overall marketing strategy of any company.
The primary aim of marketing is to meet the needs and requirements of the customer in the best possible manner. With this objective in mind, the marketing concept has evolved as the key to success. This marketing concept is very important and plays a crucial role in any business. Without any marketing concept in place, a company cannot expect to generate any profits and maintain a competitive edge over its competitors. Therefore, it is very important that a company establishes a strong marketing management system to achieve all these goals.
In today’s scenario, most businesses adopt a customer-orientation approach to satisfy consumers in any business. The basic idea behind this marketing concept is to provide goods and services to satisfy customers in the best possible manner. This is achieved through a systematic approach that incorporates comprehensive marketing aspects from top to bottom. This enables a company to satisfy its customers by providing them quality products and/or services in the most cost effective and efficient manner. The concept of customer orientation also enables a company to build trust and credibility with consumers. A good marketing strategy tends to build a positive image and helps a brand to overcome challenging situations.
Consumer marketing concept is further subdivided into two major categories: product concept and service concept. Product concept generally focuses on offering consumers what they are looking for in terms of a product or a service. Therefore, all marketing activities should focus on offering a product or a service to the target consumers. On the other hand, service concept deals with the interaction consumers have with service providers. This may include call center support, website design and many others.
It is essential to implement a holistic approach to marketing activities, as the execution of a particular marketing concept may not yield desired results. It is better to carry out a series of marketing research studies aimed at understanding consumer behavior and their preferences and tastes. This enables a company to understand the demand and supply chain priorities of the consuming public. Once the required target market is identified, the next step involves creating relevant marketing strategies based on the identified parameters. These marketing strategies are used to introduce new products and services, as well as implement complementary strategies such as cross selling and affiliate marketing.
Some of the common marketing concepts that are used include social marketing, consumer marketing, lifestyle marketing management. A successful marketing management system not only provides a platform for effective selling and reselling but also develops a sense of loyalty among the consumers. Such a system helps in reducing wastage of marketing resources such as time, money and effort. This also reduces the operational costs and the profitability. Overall, the key benefit of societal marketing is that it builds a long lasting relationship between the seller and the buying consumer.