The Most Common Marketing Concepts
Marketing is the process by which organizations create and deliver goods or services to their customers. Marketing is the exchange of information and media about the product or service. There are different forms of marketing such as brand, price, branding, digital marketing, internet marketing, media marketing etc. The objective of each form of marketing is to create awareness, position the organization in the market, increase the brand strength, increase profits, attract new customers, drive sales and maintain customer loyalty.
The term “Marketing” comes from the Latin phrase: “ad minus sed quo vident” means “adding or giving something” and “markus” means “to write”. Marketing therefore, means “addressing needs”. Marketing involves the development of a product or service, evaluating the available supply, identifying customers needs and analyzing the existing and potential competition. This process is further divided into various stages such as planning, conceptualizing, creating a model, testing, marketing, promotion, advertising, and funding. Marketing therefore, includes a wide range of activities and involves a number of individuals who are involved in the various stages of the marketing process.
The basic objective of marketing is to sell or obtain a profit. The marketing concepts to help an organization to be in business and to achieve its objectives. Marketing Management is the science of understanding and analyzing customer needs, evaluating competing offers and developing a marketing program that targets achieving the organization’s sales objectives while matching the attributes of a product or service to the appropriate target market. Marketing uses various marketing concepts including advertising, selling, public relations, promotions, social marketing, and societal marketing, each of which has a number of different sub-principals.
Marketing involves both direct and indirect marketing strategies. Advertising is the most obvious marketing concept. It involves the creation of a visual representation of the product or service for sale or consumption and is usually performed by means of print, electronic media, or other forms of print media. Selling is the second most common marketing concept and is generally used for products or services that are not necessarily consumed, but rather are purchased for resale purposes. It can also include offering discounts to acquire customers for future purchases.
Marketers use a variety of marketing strategies to reach their target consumers. Some of these strategies may involve mass media campaigns and other non-traditional techniques such as direct mail, television commercials, magazine promotions, and store openings. In addition, marketers use various techniques to attract new consumers to their company and increase sales by building a company’s brand name or reputation. These strategies also involve changing consumer behavior and making consumers aware of new products, services, and deals.
The third most common marketing concept is social media marketing. Social media marketing involves marketing a website, product, or service through the use of social media such as Facebook, Twitter, and the like. This concept is very popular and many marketers have made a great deal of money using this strategy. However, it is important for marketers to remember that this type of marketing requires a great deal of time and patience to build a strong social media presence. For instance, it may take months or even years to build a large, mainstream following using this strategy. Because of this, social media marketing will most likely not be the best method for small businesses or boutique companies that need to market to an immediate audience.