Marketing describes the act of generating customer interest and attracting sales in a marketplace. It is the process by which organizations develop and test their advertising, selling, and promotional programs to maximize return on investment. Marketing is an important element of business that cannot be overlooked. As marketing is about developing strong relationships with customers, it is an essential element of every organization. For the businesses, it is also an important channel to introduce new products and services to their potential customers
The Concept Of Marketing Is Derived From Economics
The concept of coordinated marketing explains that companies take similar actions at similar times to achieve similar results. In addition, marketing considers the segment of the market that you are targeting to gain maximum advantage. For example, if you are into the manufacturing of watches, then you would spend time on advertising the product and ensuring that your potential customers have access to it. Similarly, if you are into wholesale apparel, then you would spend time and money creating various advertisements in various mediums to attract new customers.
What Is Marketing Myopia?
However, many business owners and managers fail to understand the importance of marketing and fail to exploit the powerful concept that it has. Some fail to realize that marketing myopia prevents them from focusing on the small areas of the product concept. This myopia results in the creation of a product concept that includes all the small elements but fails to give sufficient attention to the major elements that will make the product concept unique and attractive. Therefore, they fail to develop and launch a product in the right direction. As a result, they lose their foothold in the market and fail to penetrate into the consumers’ mind and heart.
Evolution Of Marketing
In the early years of marketing, market evolution was primarily considered a process of consumer consciousness development. Consumer consciousness development was focused on creating awareness among the audience about the product or service concept. Today, marketing management and selling concepts are undergoing different trends. Whereas in earlier days, marketing concepts were developed for creating awareness about products or services, today’s marketing management concentrates on creating an atmosphere of social marketing. Social marketing involves selling the product or service through social networks. It includes a number of strategies like PR News, Word of Mouth, Social Networking, Blogs, Forums, E-marketing, Public Relations, Mobile Marketing, Video Marketing and Social Marketing.
Developing A Marketing Concept Or Selling Strategy Depends Upon The Target Market
The market is defined as the group of consumers having similar buying power. Then marketing concepts and selling strategies are developed accordingly to suit the profile of the target group. Nowadays, the marketing concept has evolved to incorporate the individual buying power of each customer. This means, when a customer searches for a particular product, his buying power is considered in context of the marketability of that product. This an important distinction when comparing online vs offline sales.
Market Research Is One Of The Most Important Aspects Of Marketing Management
Research has proved that the marketing concept that emphasizes selling to a large segment of people who have purchasing power tends to be more effective than selling to people who do not have purchasing power. Similarly, marketing strategies that cater to a segment of people having low purchasing power turn out to be more profitable. There are various techniques for assessing market segmentation. One such technique is the so-called consumer insight survey. A consumer insight survey not only assesses the buying habits of the consumer but also gives a comprehensive idea of the attitudes and preferences of the customers towards a particular product.
Market Segmentation Through Focus Groups
Research work done in this context focuses on identifying the particular segments of consumers for whom a specific product or service has the highest appeal. Through focus groups, marketers learn about the specific needs of the consumers. One very important aspect of selling is to recognize the potential customers before launching a campaign. For this, market research has come to play a vital role.
Research works in two phases. The first phase, which is market research, helps gain an in-depth understanding of the selling process and the customer’s response to it. The second phase, which is the selling process itself, involves identifying the right way of selling the product. For example, if the product is intended to be sold for teenagers, it makes sense to conduct a marketing research among teenagers. This helps determine the ideal ways and mediums of selling the product. In addition to market research, marketing activities may involve conducting consumer insight surveys and evaluating the effectiveness of marketing strategies.