Marketing is a process whereby people or a company creates and disseminates information to make it accessible to others. It is also used to obtain new customers. Marketing can be direct or indirect. Direct marketing deals with selling the product directly, while indirect marketing is used to improve the marketability of a product to the public through various means.
Marketing involves various channels: direct, Indirect, and Social. Each of these channels has its own characteristics which distinguish it from the other. These include cost and time, range of application, and effectiveness. Below are the four major types of marketing activities that are applied in the field of Product Development:
Marketing Research: A marketing research program deals with gathering information on potential consumers, identifying their purchasing behavior, reviewing market research data, analyzing consumer reaction to marketing concepts and developing ideas based on the results. A concept for a new product, a new advertising campaign, a new public relations campaign, or a new packaging strategy may require extensive research and analysis before it is launched. Marketing research is a vital part of product development. In fact, it forms an essential part of the long-term planning process of marketing programs.
Marketing Execution: This is the creation of a marketing concept and the measurement of its success. By monitoring the success of a concept, marketers are able to improve it or modify it to suit changing circumstances. Some of the measuring techniques used include qualitative and quantitative survey techniques. Marketing execution always involves some sort of consumer testing or observation program. This helps identify the right concept to implement for improving customer satisfaction. The marketer would use the data collected to develop improved designs and prices or conduct market research to understand why certain concepts are more successful than the rest.
Consumer Testing and Customer Satisfaction: Marketers often measure marketing success by conducting qualitative and quantitative surveys and interaction with customers. Qualitative analysis, in particular, asks customers to complete questions about their satisfaction on various aspects of the concept. Quantitative analysis compares and contrast the level of customer satisfaction to that of the marketer’s expectations. In most cases, both qualitative and quantitative methods are used to derive a basic understanding of the concept and build upon this to form the foundation for further development and improvement. These methods allow marketers to establish whether the marketing program that they have developed is in line with the desired goals of customers needs.
Marketing Communication: There are various channels of marketing communication that are essential to the success of any promotional activity. Advertising on television, radio and the internet is a major component of most marketing campaigns. Each of these forms of media has its own strengths and limitations. Marketers therefore need to determine which of these media to use to reach their targeted audience. They should also ensure that the chosen method of marketing is compatible with the marketing approach that they have developed to generate new customers.