Marketing refers to various activities a business undertakes to advertise the sale or purchasing of a particular product or service. In modern marketing, people’s buying habits are considered as vital data for companies to base their promotional and commercial efforts on. The New York Times has defined it as “the skill of telling tales so enthralling that individuals lose sight of their wallets.” In other words, it is the art of manipulating people into doing what you want them to do-or not. That is not all.
There is more to marketing than just telling a story, making an offer, and then walking away. Companies conducting market research must learn how to get in front of their customers with the messages they have to deliver, and how to communicate with them in a manner that will make those messages compelling to buy. A well-designed marketing campaign can have a significant positive effect on the bottom line.
Marketing has evolved as a branch of business administration and has now become one of the most important elements of corporate identity. It can encompass any marketing activity aimed at identifying new markets and generating new sales opportunities. Market research can be conducted using many channels, including traditional marketing methods such as surveys, focus groups, and b2b interactions, as well as more dynamic marketing approaches such as online advertising, social media marketing, and interactive marketing experiences. The latest trend in contemporary marketing is online marketing. Companies that have successfully adopted an online marketing strategy have seen their profit margins increase and brand awareness spread rapidly across multiple networks.
Marketing through distribution channels has long been recognized as a powerful strategy for driving sales. In fact, the concept of marketing through distribution channels has been around for decades. However, as a whole, the concept has been viewed by many people as a somewhat dated way of marketing. As one marketing executive put it: ‘The old concept about marketing being a room full of chairs is no longer relevant’.
As part of the overall concept, the marketing concept includes building consumer loyalty and trust, and as a result the strategy should also include the development of brand associations. The creation of brand associations refers to the association in the minds of the customer or potential customer between a particular product and a specific set of attributes. These attributes can include performance, quality, service, value, and other attributes. For example, one might develop a positive association between a mattress and peaceful sleep, as opposed to a negative association between a cheap mattress and shallow sleep. Developing brand associations is a complex process and requires a strong marketing strategy to ensure consistent and long term results.
Developing effective marketing strategies requires the coordination of the distribution process with the marketing approach. This is because effective marketing approaches cannot be implemented if the marketer’s goals are not aligned with the goals of the distribution company. Often, major distribution companies will carry out marketing campaigns that are incompatible with the business’s objectives, since they come from a different direction. Market research can further help to align marketing objectives with the distribution company’s goals. Apart from this, the marketing concept also requires the consistent use of various distribution channels to maximize its effects and create maximum impact on the market share of the company.