Marketing is a concept which has become crucial for survival in today’s competitive market environment. It is not easy to survive in today’s market with so many players around and each of them claiming to be better than the other, and therefore it is imperative to keep up with them and find a solution to your problems. Marketing is all about communicating with the prospective customers so that they are aware of your products and services in the best possible manner and make a decision as to how and in what way they would like to buy it.
Marketing refers to the interactive process that an organisation undertakes to engage with its targeted audience, build brand awareness to create actual value to create an edge over competitors, and capture market share in the developing markets. It is one of the basic pillars on which business activity is organized and executed. It can either be done formally through market research and surveys, informal techniques such as using social media, or even through simple television advertisements. It is a process through which brand awareness is created, customers are made aware of new launches, goods and services are marketed and benefits are garnered.
Marketing uses the concept of marketing research to gather information about the needs and interests of the consuming public. The concept of marketing started in the industrial revolution, where mass production of manufactured goods took place. The concept caught on and soon thereafter, marketing became a part of everyday business activity and it started capturing the attention of consumers who started expecting a regular influx of fresh goods and services in their lives. The concept of marketing developed because of the increasing competition between organisations and the need to create a competitive edge against their competitors.