Marketing is the act of creating and promoting products and services so as to earn revenue. Marketing is the practice of promoting goods and/or services so as to meet their needs and create profit for the business. Marketing involves the use of communication methods such as advertising or marketing through media such as newspapers, magazines, websites, and television. The goal of marketing is to identify prospective customers, gain new customers, expand market share and retain existing customers. Marketing is a critical and often decisive factor in business development.
Marketing is a tool every business uses to acquire new customers, attract new customers, enhance organizational performance, manage product mix and competition. Marketing is the process by which a company takes its position relative to competitors, develops the most favorable relationship with consumers, and makes its products and services easily accessible to consumers. Marketing is a combination of research, analysis, and the determination of the appropriate strategy to satisfy the customer’s need. Marketing is an important part of the promotion process and plays a crucial role in consumer behavior and buying decisions.
The marketing concept is not limited to any one sector; rather it applies to all aspects of business activity. The concept of marketing can be divided into five key elements; Sales, Advertising, Customer Relations, Marketing Research and Promotion. The five elements of this concept are self-explanatory.
Sales: The selling process is the central activity of Marketing. Marketing research should be able to show what people buy and why they buy it, what kind of products are bought most often, and how marketing activities can improve the selling process. For example, by understanding the buying habits of consumers, companies can improve their selling procedures so that product development is made easier and more profitable.
Advertising: Advertising is the most visible component of the sales process. Marketing research must determine what kinds of advertisements appeal most to customers. Knowing what kinds of advertisement interests customers are half the battle won. It also enables organizations to reach their target customers where they are. By understanding what types of advertisements customers find appealing, organizations can then design advertisements that will best benefit them.
Customer relations: Marketing is about creating positive relationships with customers. The success of any advertising or marketing concept is dependent on how well customers feel that they are being treated. Positive relationships are necessary to build trust and loyalty. By understanding how customers perceive the service from an organization, companies can tailor their approach to better serve consumers. They can create a positive advertising concept that is appropriate for the organization’s type of industry and target consumers. In essence, by creating an advertising concept tailored to a company’s needs, customers tend to experience a more pleasant shopping experience.