Marketing Theory


Marketing Theory

Marketing is a subset of advertising that focuses on promoting goods and services of a business to the end users. Marketing is a part of the comprehensive strategy of a company to make its product or service known to as large a share of the market as possible. Marketing is a tool to reach out to prospective customers, inform them about products and services, and set up relationships with them for the future. There are several sub-types of marketing that include retail marketing, mass marketing, brand marketing, non-traditional marketing, and interactive marketing. Each of these sub-types has different attributes that help it perform better than the rest.

As per Wikipedia: “Marketing (marketing management) is the management of the exchange of information and influence for the purpose of sales.” Marketing is an integral part of every successful enterprise and plays a crucial role in the achievement of organizational objectives. Marketing is the driving force that drives sales. Without marketing, companies run the risk of failing to remain at the forefront of their respective industries. Marketing is one of the most important aspects of business that can be successfully implemented by the right management team.

One of the most important aspects of marketing is selling. Selling is a component of every marketing concept. A firm’s marketing concept depends a lot on the type of product being sold as well as the kind of services being offered. A marketing concept is nothing but a set of strategies and techniques that help in selling a product or service to potential buyers. The marketing management involves various processes such as the research and analysis of market trends, analysis of competitors, and the designing of advertising campaigns, selling techniques, selling tools, customer servicing, and selling mechanisms.

In order to be successful, the marketing concept has to be sound. Marketing is an art that is largely affected by culture, technology, and society in general. Marketing has the potential to shape the future of the consumer’s choice. For example, there are new products on the market almost every week. This kind of innovation and creation demands innovative marketing concepts that take into account the needs of the consumers.

It goes without saying that any concept that is practiced for three years will eventually be outmoded. Innovation is required to remain relevant. Marketers have to develop new approaches and ways of marketing that keep up with the fast-changing changes in the marketing world. The need for innovation in marketing has become essential in the modern era.

It is not uncommon for marketing to cross borders between advertising. For example, a recent case in point involved the placement of pay-per-click advertisements on websites visited by children. This practice was criticized by parents who had begun to vocally oppose this practice, claiming that it was not good for children to be exposed to such aggressive marketing techniques. However, in view of the fact that the parent’s main concern was the fact that their children were becoming prey for internet predators, the government finally banned the practice of placing advertisements on websites visited by children.