Marketing is the process by which organizations create and develop a product or service and introduce it into the market. It is the primary channel of communication between a firm and potential customers. Marketing also refers to the entire process an organization undertakes, from its conception to its successful marketing and distribution to establish a firm’s credibility and marketability. Marketing includes all efforts used to acquire new customers, expand current customer base, minimize costs and promote a product or service innovation. The marketing research conducted by organizations helps them in identifying opportunities and threats and plan their marketing strategy and activities.
A coordinated marketing strategy is one of the most important elements of marketing. A coordinated marketing strategy is developed keeping in mind the marketing objectives of the firm. The objectives are determined according to the products and services offered by the firm, target customers, competition and other factors. Marketing activities should be such that they are able to bring about a higher level of customer satisfaction. The activities should be in line with the definition of goals and objectives of the firm. If such objectives are not properly defined and if the marketing activities do not have any effect on the customers, then these factors will not be considered as key drivers for the firm’s success.
Marketers use various marketing concepts to enhance the popularity and acceptability of their products and services. There are various marketing strategies that marketers follow to get popular among consumers. These strategies include usage of advertising media, marketing strategies, promotion of products and services, retail marketing, publicity of new products and services, and other promotional activities. Social media is one of the latest marketing concepts that is widely adopted by marketers these days. Social media has gained a lot of popularity these days as many individuals prefer to communicate and interact through this medium rather than communicating through phone, fax, and mail. Hence, social media enables marketers to create online as well as offline networks to gather information from consumers and persuade them to purchase the products and services being offered by the firm.
Product development and marketing research are other important factors that affect the popularity and acceptability of the product or service being offered by the firm. When a firm starts selling a product or service, it hires marketing firms to help them develop a marketing strategy that will enable them to sell their products and services. Marketing firms carry out marketing research to identify target market, know the features of the product or service, and study the competition. Marketing firms may also use consumer opinion surveys to find out what the consumers think about the products and services being offered by the firm.
Another marketing concept is product development, which involves the research and development of new products and services. A firm will usually set up a R&D department to develop new products for sale. As new products are developed, it becomes easier to sell them to consumers. The idea of selling products is usually combined with selling a concept, such as value for money or quality for value. This concept enables consumers to buy a product that is durable and of high quality at low prices.
Marketing concepts in marketing management are very essential because they allow businesses to cater to consumers on their own terms. By understanding and applying these marketing concepts, businesses can ensure that they are making the best use of their marketing budget. It is also necessary for marketers to understand the concept of social marketing so that they can use it effectively to promote their products and services in a socially acceptable way.