An Overview of Marketing

Marketing refers to the act that an organization undertakes in order to engage its targeted market, develop strong relations with other companies to create value for potential customers to obtain more profit in return, and to maximize its impact on the marketplace. It is also the process by which organizations facilitate the discovery of customers and create and implement strategies to assure competitive advantages. In theory, marketing is a process that is consciously planned and directed toward realizing the organization’s goals, objectives, and risks. Marketers use various techniques such as advertising, comprehensive marketing, brand building, and pricing to influence the buying decisions of customers.

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Marketing is influenced by many different theories, concepts, and patterns. Marketing concepts are developed from research in marketing, economics, communications, psychology, and marketing at the interpersonal level. Marketing theories are used to support management policies and enhance decision making. There are marketing concepts that deal with consumer satisfaction, information, product and service design, organizational behavior, and motivation. Marketing concepts such as customer needs, competitor analysis, and value add frameworks, are important components of overall marketing research.

Marketing theories are designed to provide information on what sells and what doesn’t in the marketplace and how to choose the appropriate marketing strategies for each individual case. Marketing research is the process of gathering information about consumers, the purchasing habits of those consumers, the characteristics of those products and services, and their purchasing preferences for a range of goods and services. Research is also important because it can provide information on what products and services are highly in demand, which are not, and which customers would most likely react favorably to. Understanding marketing concepts and conducting relevant research helps determine which marketing approaches are most likely to be successful. Successful marketing strategies may result in significant business profits, increased sales and market share, and a positive cash flow. Marketing strategies may also lead to reduced product development costs and the creation of new or improved goods and services.