Marketing Theory And The Concept Of Marketing

The marketing function of a company is to promote its goods and services to the targeted audiences so that they can make purchases. The various marketing functions constitute a strong strategy to increase sales. Marketing thus describes the process by which an organization undertakes to identify its target audience, develop meaningful relationships with them to generate financial value for the firm in return for spending, and build recognition and reputation in the marketplace so that customers decide to purchase the firm’s products or services. Marketing is therefore a very important function of business life.

marketing

In marketing activities, marketers try to understand the desires and needs of the end users. They conduct market research to find out what people want to buy, where they are buying it, what price is reasonable for it, and what marketing tools are available to meet their requirements. Marketers also conduct product research to discover how consumers feel about a particular product or service, what they expect from it, and what motivates them to use it. After having conducted market research, marketers use the information to develop and deliver solutions to their clients. Another important marketing function of a company is product development, which is done by the marketing department to improve upon the existing products or services being supplied by the company.

The marketing function of a company is therefore not limited to providing a product or service to consumers. It should be understood that marketing is a process and understanding the purpose of marketing is necessary. This is to ensure that the objectives of marketing are met, that quality is maintained, and that competition is reduced. As such, a firm should conduct a wide variety of marketing activities, such as product development, research, and consumer communication.