An Introduction To The Marketing Concepts Used By Business
Marketing is the art of creating a demand for a product or service. Marketing is a word that has many different definitions and, depending on who you ask, can mean very different things. In a broad sense, marketing is any activity by which an organisation attempts to engage its customer base, create a need for a product or service, and create a value proposition so that the customer will choose that product or service over other similar options. Marketing can also be used to refer to the processes involved in creating, packaging, and sending marketing material to customers. Marketing is often considered one of the more important marketing functions within a business as it serves as a way of building brand loyalty, increasing sales, establishing a relationship with potential clients and providing information about the company to its audience.
Within this article we will be exploring some of the marketing concepts which are used across various industries. Marketing by its very nature is a highly creative function. It requires creative ideas, marketing research, market analysis and a systematic approach to implementation. The overall objective of marketing management is to build and maintain long term sustainable relations between an organisation and its clients. In essence, marketing management seeks to achieve a set number of sales, which is required to compensate for the cost of marketing activities and this objective should be continuously achieved through the provision of services, products or information to customers.
Market research is an essential aspect of a marketing strategy. This involves gathering and comparing information relating to the target market, the competition and the characteristics of the goods or services to be sold. Market research is generally carried out before introducing a new product, before releasing a new service or before offering goods or services to the market. It is typically carried out by companies either by using independent market research companies or by utilising internal processes such as target setting and market analysis.