Understanding Marketing Concepts

Marketing refers to a process that an organisation undertakes in order to engage with its targeted audience, develop strong relations to generate value in return and create value for its customers so as to gain profit. The objective of marketing is to meet the needs and expectations of consumers or potential customers, whether these needs and expectations are fulfilled by a company’s products or service or not. This involves creative strategies, research and evaluation, and the use of technology in order to promote products and services.

Marketing myopia refers to a lack of perspective that prevents a company from seeing its opportunities and challenges, and therefore from developing an innovative product concept that can meet the needs and expectations of consumers or potential customers. For example, if you go to your local supermarket and look around, you will find all types of packaged food available, including dried fruits, frozen fish, sugar and spice racks, ready mixes, and so on. However, if we were to take a closer look, we would see that most of these items are highly processed and have very little nutritional value. In fact, many of these processed or packaged foods are highly inedible, especially when compared to their natural and unprocessed counterpart. Thus, marketing myopia results when companies fail to identify and prioritise their needs and expectations from their consumers in general.

In marketing terms, promotion relates to the timing, method and form of promotion of a product or service so as to meet the specific marketing goals of a company. The promotion mix therefore is an important aspect of marketing. Marketing is often referred to as the art of getting the most out of the limited number of seconds in which a consumer’s attention can be captured. Thus, when we talk about marketing, we come across concepts such as the branding of products and services, the creation of new identities for products and services, the promotion of sales channels, the promotion of new packaging designs, promotional activities, the development of brand value and so on.

Within the context of selling and marketing, the term marketing research is usually applied to the field of market research. This field seeks to understand consumer buying behaviour. Market research is useful in making changes to the selling mix, identifying and addressing issues in the selling mix and evaluating the effectiveness of marketing campaigns. As per the Marketing Research Association (MRA), marketing research covers a variety of approaches including market study, qualitative research, web based research, consumer surveys, product testing, and market analysis.

As per Wikipedia, marketing is the process of “marketing to improve the quality or quantity of something sold by an institution or group of people”. It is also regarded as the discipline of “buying and selling in the service industry”, “the analysis of customer needs” and “the production of information and knowledge for the support of business activities”. It includes a wide range of practices aiming at the coordination of buying and selling between buyers and sellers, and between producers and consumers. As per Wikipedia, marketing strategies draw on the resources of science, technology, medicine, economics, and other fields to provide information about the quality and/or quantity of a product or service and their effects on the market. Some marketing concepts are based on scientific research; others on economic theory.

In the light of all the foregoing, it is safe to say that marketing has achieved its purpose of increasing sales. However, marketing does not end with this. The ultimate aim of marketing is to promote a product or service to the masses, so that they will make an investment in that product or service and increase sales. Marketing research helps to achieve this ultimate aim.