Marketing is the practice of promoting goods and services of a business. Marketing is a broad area and includes many practices. Marketing involves the use of communication methods to communicate the products and/or information of a business with potential clients. Marketing also involves the use of media for advertising to the general public. This article provides an introduction to marketing and brief discussion on what marketing is not.
The purpose of marketing is to acquire new customers and to retain existing customers. Marketing also refers to the act of creating a product or service that can be used by a customer in order to acquire a benefit from selling it or to attain some other goal through selling. Marketing research is the process by which organizations conduct market research to understand their target markets and to establish marketing strategies that will help them attract these markets and retain customers.
Marketing strategies are usually developed around specific objectives like increasing customer satisfaction, reducing product development costs or gaining new clients. Market research is the process by which organizations conduct market studies to understand customer needs and organize marketing activities to meet these needs. Marketing activities may include advertising and promotional activities, sales promotion activities, product positioning or establishing a credible image. Developing and coordinating marketing activities with other related business functions and activities form a coordinated marketing strategy.
Marketing is a concept that encompasses many different marketing processes and concepts. Marketing is basically the process of using the marketing concept to sell a product or service to consumers. Marketing can be defined as the process by which people are brought into direct contact with products and services that they would otherwise not know about. Marketing research helps to establish a connection between the product and the potential consumers and also helps to measure the success of marketing efforts.
Marketing management is a branch of economic theory that examines how various marketing concepts and patterns affect the production, processing, allocation and distribution of resources. Marketing management theories provide a framework for understanding marketing practices and making changes in them for the purpose of optimizing returns to stakeholders through value creation. Marketing management theories are primarily descriptive in nature and address the cultural and institutional aspects of marketing. They have to do with the interaction of buyers and sellers in markets.
Marketers use marketing strategies to gain an advantage over competitors. Marketing is an important tool for businesses to promote their products and gain profits. Marketing strategies are normally developed to target certain consumer groups and to ensure the product’s accessibility. Marketers use marketing concepts to influence consumers to purchase a particular product or service. Marketing research helps marketers develop appropriate marketing strategies, including marketing techniques, and test markets to evaluate the effectiveness of those marketing techniques.