Marketing is the most effective method by which organizations can enhance their market share. It is the first and most crucial step in business development. Marketing is the process by which organizations achieve customer loyalty and create a sense of brand loyalty. Marketing refers to various activities that a business undertakes to advertise the sale or purchase of a particular product, service, or asset.
Marketing involves the process by which organizations develop and test new products, services, and strategies to sell products or encourage people to purchase a particular brand. It also involves the research involved in the development of advertising campaigns. Marketing has become a very essential part of business activities and is now a major source of revenue generation for businesses. Businesses today require a variety of marketing activities to remain competitive in the market. Some of the most important activities included in marketing activities are:
Marketing Research A marketing research company conducts market research for a range of reasons including product testing and compiling statistical data to analyze trends. Marketing research helps organizations to understand their target audience better and to determine what they expect from the selling process. Marketing research plays an important role in determining what products and services are profitable and what are not. In fact, this concept has become so important to organizations that they nowadays perform the entire process themselves instead of hiring marketing agencies.
Marketing Management The concept of marketing management involves the whole-sale selling process. It is a branch of advertising that concentrates on the identification, analysis, elimination, and smooth running of all marketing processes from the planning to the sales to the disposal of the product to customers. Marketing management is basically concerned with the satisfaction of customers by means of persuasive marketing messages. Marketing management seeks to satisfy customers through the presentation of advertising material, the availability of products to potential customers, and the creation of a well-informed customer base. Marketing management also involves the study of market patterns, competition, and the effectiveness of advertising techniques.
Sales Marketing As its name suggests, sales marketing deals with bringing in and encouraging customers to purchase a particular product line. Marketing is actually the communication of a business idea to potential customers. Sales promotion is meant to increase the sale of a firm’s products and services to the end user. By selling better, a company is able to realize greater profits. There are three basic elements of sales marketing: identifying potential customers, developing a sales pitch, and offering products or services to the customers.
These three marketing concepts – identifying potential customers, developing a sales pitch, and providing products or services – form the basis of effective selling programs. Successful marketing management is dependent on using all these three marketing strategies. It is also necessary to update and revise the strategies once in a while in order to keep pace with changing consumer demands.