What Is Marketing?
What Is Marketing?
Marketing refers to the act by which an organization undertakes to interact with its target market, establish long-term relationships in order to acquire new value in exchange for money. It can be regarded as a strategic management tool that is used to increase market share, reduce product differentiation, and attract new customers. Marketing has emerged as one of the most crucial elements of business management. Therefore, any organization that is looking to establish itself in the global markets should understand this principle.
In today’s competitive world, marketing plays a vital role. The concept of marketing includes all the processes that are concerned with gaining access to customers or clientele. For example, marketing is related to the research and development activities undertaken by marketers. Apart from that, marketing also refers to the use of advertising media such as television commercials, radio, and print media.
A firm’s marketing strategy focuses on two important factors; one is to obtain a target market and the second is to draw consumers who are interested in a particular product. The concept of marketing is related to the concept of media planning, which involves the creation of an advertising message that will be transmitted to consumers. These messages are designed in such a manner so as to appeal to consumers. Therefore, the concept of marketing also refers to the concept of media planning and this refers to the way in which different forms of media are used in the process of marketing.
Any firm can benefit from a marketing strategy. A well-planned marketing strategy is necessary to reach out to a large target audience. Moreover, it is also essential for businesses to have a comprehensive understanding of the market in which they are operating. This comprehensive understanding is necessary because a firm cannot rely on a single source of information and should also make efforts to gather information from various sources. For instance, a marketing strategy that involves creating television advertisements should not only address the needs of the target audience but it should also incorporate the needs of the audience that the advertisement is intended to reach. This is because such television advertisements tend to cater for a larger section of the population than any other source of information.
The marketing mix refers to the promotional activities that a firm adopts for the execution of a marketing strategy. Marketing mix basically refers to the strategies adopted to draw as many consumers as possible. These activities include distribution of samples and literature, creation of logos and slogans, giving away products at affordable prices, giving discounts to customers and providing testimonials. Thus, marketing mix basically refers to the whole gamut of activities that are used to draw in as many prospective clients as possible. These activities form the heart of a marketing plan because they are designed to ensure that a firm establishes a good image in the minds of consumers.
Marketing and business development go hand in hand. The success of both these strategies is dependent upon the type of consumers that a firm intends to attract. Business development tends to be more focused towards drawing more clients whereas marketing tends to be more geared towards increasing profitability. While a firm cannot do much without marketing, it is important to have a clear understanding of what marketing is and how it affects a business. Knowing how to implement an effective marketing plan will help a business in many ways including increasing profits.