Marketing Theory and Concepts

Marketing is an extremely broad term, encompassing a wide range of disciplines. It is one of the most important marketing aspects that has a significant direct impact on business profits. Marketing is basically the use of communication with customers in order to inform them of services or products and why they should buy it. Marketing uses a wide variety of different channels, including the media (such as radio, television, films and the internet), and informal communication, such as hand-written note or telephone message.

A marketing concept is described as a set of marketing activities in order to sell a product or service. Marketing activities may include research, development, advertising, sales, distribution or marketing. Marketing is an important part of the sales process and plays a vital role in every business. Marketing research is conducted to gain insight into what customers need and want, to develop products that meet these needs, and to determine competitive advantages.

The Marketing Research Association (MRA) defines marketing research as the process by which organizations conduct objective, scientific evaluations of marketing research. These evaluations provide an understanding of consumer attitudes toward various products and services so that organizations can design programs to meet customer needs. The objective of marketing research is to create effective marketing solutions through research. Marketing research is also used to establish the financial status and profitability of companies, identify new products or services, and establish the marketing plan for a company.

The marketing concept has a number of different theories and concepts. These concepts and theories are based on the assumption that customers are the driving force behind marketing decisions. It is important to attract customers, keep them, and then turn them into loyal and repeat customers over again. This process is called segmentation. Different segments of customers exist at different stages of the purchasing decision, marketing management focuses on these segments to enhance product or service effectiveness.

Marketing research is a valuable tool for defining new goals and objectives in the marketing arena. A marketing concept called societal marketing was developed by marketers who recognized that a marketing plan could not only be directed to individual consumers; it also had to be directed at the social behaviors and preferences of consumers within a particular market niche. According to this concept, marketing plans should be oriented towards creating, promoting, and marketing products and services that appeal to specific groups of people. This group should have a common bond, including their culture, their financial situation, and their basic needs and wants. This concept is designed to assist marketers in providing goods and services that improve the lives of other consumers.

Social media is a powerful marketing strategy because consumers tend to purchase products or services based on recommendations from their friends and family. Marketers use social media websites such as Facebook and Twitter to connect with these consumers, which is why they are an important component of the overall marketing strategy. For example, a popular campaign for an ice cream store might include photos from social media sites showing customers what products are offered. By doing this, the consumers begin to form a relationship with the business, which is important in the overall marketing process.