Marketing is basically the act of deliberately stimulating demand for products and services; possibly including precise target of a specific market, selection of a target consumer group; allocation of certain characteristics or traits to an identity or persona; and finally, the attraction of others to the identity. Marketing is an art, and an important part of business practice. There are five marketing principles, which are instrumental in making marketing successful. These are: Identification based marketing is all about matching a specific product with a specifically identified consumer group. Demand-based marketing revolves around creating a general impression of the marketability of a product by including it in the market mix.
Research-based marketing definitions describe marketing activities that go beyond the defining of the marketplace and analyzing audience response. Marketers test the assumptions and validity of ideas presented to them and test customers’ reactions before presenting their ideas to the general audience. Content-based marketing is all about providing information to the audience. Advertising is all about getting the customer to notice you. The balance between these three factors, called marketing triangle, generates the significant part of marketing success.
Marketing success is frequently measured by the amount of product sales, but in fact, marketing success is measured by the health of the marketing system itself, not by the volume of sales. A marketing effectiveness study measures marketing performance as a whole, focusing on the relationships among audience, advertisers, and marketers. A marketing effectiveness study includes a survey of the audience and an active participation by the advertisers in the development of the intended marketing message, including both direct and implied messages.
Successful marketing campaigns must address both the immediate and future needs of the target audience. Marketers must identify the needs of the target audience in their context, as well as the ways in which they can be addressed. This requires market research. Market research provides a rich source of data that can help marketers understand consumer needs and motivations. The value of market research in marketing campaigns cannot be underestimated.
The marketing managers responsible for product development should also pay close attention to market research. The marketing manager should use the results of market research to determine which advertising media are more likely to attract the target market, which types of media will produce the most impact, which demographic groups will be the most responsive to advertising, and so forth. In addition, a marketing manager who is responsible for product development should pay close attention to the results of market research. The marketing manager can use the results of this research to refine his or her advertising strategies. For example, if a marketing manager finds that a particular media is not as effective as planned, the manager might try a different media, or start an advertising campaign using less effective methods.
Market research provides an invaluable service to the product development team. Without market research, product development teams may miss opportunities to connect with target consumers and build a strong customer base. Without market research, product development teams may invest too much time and effort in activities that may not prove to be effective. In short, without market research, marketing and advertising efforts may be ineffective. Marketing and advertising managers who ignore market research may risk missing out on an excellent marketing and advertising source.