Market Research and Marketing
Market Research and Marketing
Marketing is the process by which organizations make their products and services accessible to their customers. It is also used to promote awareness of products and services to the general public. Marketing is a very broad category and there is considerable scope for developing different marketing plans for specific organizations. In business terms, marketing can be defined as any method used to acquire new customers, facilitate customer retention and strengthen the organizational relationship.
Marketing has a number of concepts that can be distinguished. Marketing focuses on identifying potential customers, promoting the sale of a product or service to these customers, managing customer loyalty and brand loyalty, and generating sales leads. Marketing thus has a number of fundamental aspects and these different aspects have diverse effects on the firm’s bottom line. For example, if the marketing concept focuses on building brand equity then this would have an effect on the firm’s production processes and prices, the firm’s ability to expand and its profitability, and other aspects such as control of the firm’s marketing budget.
There are several approaches to marketing, including conventional advertising and traditional marketing techniques such as direct mail, commercials, and other mass communication media. However, today many firms are turning to non-conventional marketing methods to achieve their marketing goals. This includes using various marketing concepts such as social marketing, Internet marketing, and unconventional marketing strategies. Changing consumer attitudes toward buying have had a tremendous impact on the development of marketing concepts. For example, TV commercials were seen as a nuisance in the past, but in recent years, many consumers have become intensely desirous of watching TV shows.
Marketing activities must be planned in coordination with product development. Marketing research can determine the needs of the target market and the manner in which goods and services can best satisfy those needs. Marketing research can help in product development. The importance of marketing research in product development cannot be understated. Without such research, firms would have no knowledge about the precise nature of the market place and would consequently make inappropriate product offerings.
Marketers also need to draw up a marketing strategy to ensure that their marketing efforts are effective. Properly formulated marketing strategies help in ensuring that marketers are in sync with target consumers. Marketers therefore must be cognizant of the fact that marketing is a two way street. In order for marketers to successfully sell their products to target consumers, they need to be responsive to what their target consumers need. Marketing strategies should therefore allow for flexibility and the ability of marketers to adjust their marketing activities according to changing consumer demands. The ability of marketers to adapt marketing concepts to ever-changing consumer preferences forms the basis for a sound marketing philosophy.
The concept of marketing refers to marketing a product or service to the target consumers. Marketers use marketing to build a relationship with their target consumers. A firm should endeavor to build and maintain a relationship with consumers. Through this relationship, firms are able to enhance their bottom-line profits. Marketing therefore is a crucial factor that determines a firm’s ultimate success. Firms therefore have to continuously keep in tune with the changing trends in the market to stay relevant and viable.