Marketing Concepts That Are Used In Every Business
The term marketing is used in many different contexts, but it basically refers to the use of advertising or promotional strategies to promote a business, organization, product or service. Marketing is not only done by using the written word, but also involves the use of technology such as television, radio, movies and the internet. Marketing also involves decision-making on behalf of the marketing team about the timing and scale of marketing efforts. Marketing is generally measured by the amount of sales made during a particular period (known as a marketing season), as well as the percentage of new accounts that are created or widened.
A lot of business professionals and marketing gurus prefer the term marketing to sales and revenue. There is however considerable difference between selling and marketing, especially in the context of economic theory, sales represents the total income a firm receives while marketing reflects only a part of the overall sales volume. Marketing is primarily a function of creating awareness of potential customers, creating an awareness of the products or services being sold, and making people aware of the existence of the firm or the products it sells. Marketing therefore involves both the creation of potential clients, as well as the creation of potential buyers. The marketing manager is responsible for the coordination between these two activities, and for ensuring that the objectives of the marketing strategy are effectively met. Some of the other marketing concepts that can be used in marketing management include societal marketing, mass marketing, and brand marketing.
Society marketing refers to the marketing strategies that seek to promote the societal interests of the consumers. In the context of this concept, marketers might engage in activities such as giving information about the products or services being sold, promoting the products or services, publicizing the product or service, or engaging in public service activities such as educating the consumers on the value of their products or services. Mass marketing is often referred to as “booming” marketing strategies, because they tend to spread like wildfire. The marketing managers who master this technique become the faces of the company, because these marketing techniques require the most significant degree of organizational skill. Brand marketing involves associating a specific set of characteristics and attributes with a particular brand.