The term marketing signifies the performance of the organizational operations that direct the movement of products and services from manufacturing to consumption. Marketing is identified as a function of an organization. Marketing is a method for delivering value and creating communication with customers. It also helps in boosting the customer relationship so that the business is more profitable. Marketing plays a significant role in various natures of business starting from service, manufacturing, profit, and non-profit organization. A good marketing approach can be a very beneficial and important aspect of the business. Marketing has two-fold objectives for attracting potential customers by offering superior value and quality of products. The article is mainly based on the concept of marketing as it is considered to be essential for various aspects of organizational activities.
Concept of marketing
Product concept
The respective concept mainly emphasizes customers rather than business or production. The potential customers usually get more attracted towards the product which offers innovative features, quality, and performance. It focuses on the loyalty of customers towards the brand. Manufacturing superior products are the main focus of business under this concept.
Production concept
This concept is more operations-oriented when compared to other concepts of marketing. As per this concept, the product needs to cost at a reasonable price with easy accessibility. This principle indicated that the company is more likely to produce a sizably voluminous number of goods at a lower cost to maximize profitability.
Marketing concept
The concept of marketing is stated as a philosophy that should be employed by the business to study the customer requirements and then take decisions. It is considered as the competition concept. According to the idea, a company's productivity is primarily determined by marketing efforts that offer a higher level of a value proposition.
The definition focuses on meeting the needs of targeted consumers and then offering better value than rivals.
Selling concept
Customers' requirements and desires, as well as their satisfaction, are given less priority than beating the competition. It is believed that customers will not purchase a higher volume of goods when the organization does not start promotion and selling efforts.
Process of marketing
Marketing is stated as a process with the help of which the organization creates value for potential customers and develops customer relations. There are mainly five different marketing processes in which value formed for customers so that in return the marketers could attain the value from them.
- Understanding the needs and wants of the marketplace and customers
- Developing a marketing strategy that is mainly driven by customers
- Developing strong relationships
- Gathering customer values
Environment
The marketing environment is usually described as the factors, internal and external that affect the functioning of the organization. It helps the organization to maintain a relationship between the interior and outside atmosphere and maintain customer satisfaction greatly. The marketing environment is mainly differentiated as internal and external. The external environment is subdivided into the macro-environment and microenvironment. The microenvironment is based upon the production, distribution, promotion, and offering while, the macro environment is based upon the demographic, economic, physical, political, and legal, socio-cultural aspects, and technological. The environment analysis helps the organization to seek international business with understanding the competitive market and proliferates the best productivity (Pahwa, 2020).
Research
Market research is the procedure to determine the variability of the new products and the services that are trending in the market. Market research helps the company to reach the target customers and get a review from the customers about the products and services.
Market analysis can be carried out by the organization itself, or they can employ market research specialists. The research includes product testing to surveys and the holding of the focus groups. It serves as a useful tool for businesses to better understand their customers' needs and market their products and services accordingly. This acts as an advantageous tool too in the competitive market (TWIN, 2020).
Segmentation
Market segmentation is the process of understanding each section of the market and executes the product and services accordingly. One has to understand the needs of that particular segment of individuals and has to sell its product. This will increase the product value and also the profit margin for the company. The several kinds of market segmentation are geographic segmentation which divides the customers based upon the geographical boundaries, as the preferences and interests differ from country to country (Qualtrics, 2020). The demographic segmentation separates the market by age, gender family, and income. Psychographic and behavioral segmentation is focused on the consumers' thought processes and behavioral characteristics, as well as their lifestyle.
Promotional mix
The promotional mix is the several tactics and approaches used by the company to promote its product in the market. The main task is to find the right promotional mix for particular product branding. There are various components of the promotional mix like sales promotion, public relations, advertisement, and the direct selling approach. The promotional mix is important as it improves the relationship with the clients and also helps to segment the audiences. In modern days the companies are using technological aspects to do their promotions (SendPulse, 2020). For the development of a proper promotion mix, the companies should recruit skillful and experienced marketing individuals. A good study of the market is essential for proper promotion, here the market research acts well.
The above-mentioned aspects of marketing are some of the basic attributes that an organization should follow to do a good business domestically and internationally. This will help them to satisfy their target audiences and gaining profitability.
Types of Marketing:
We all know that marketing refers to the activities of promoting and selling products based on the needs, wants, and demands of consumers, which results in customer satisfaction and benefit for the business.
Every business and organization today engage in two forms of marketing activities: offline or conventional marketing and online or digital marketing.
Traditional Marketing:
Traditional marketing is a promotional activity of marketing that is not online. That means any kind of promotional channel which is the advent of the internet. Print, broadcast, direct mail, phone, and outdoor advertisement are only a few examples of conventional marketing. Traditional marketing is a vital part of reaching the local market. These promotional activities can be kept for a long period. It is not only one of the oldest types of marketing promotion, but also one of the most comprehensive ways to provide customers with long-term knowledge. In traditional marketing, marketers identify their potential customers and place where their target customers will see and analyses their ad.
An example is a billboard beside the road, television advertising, and also printing media about the product.
Digital Marketing:
Digital marketing refers to a company's promotional activities via online, social media, and websites, etc. It helps to promote the marketer's business and make good communication with target customers. Recently, Digital marketing has become more popular than traditional marketing. Technological advantages and changing cultural activities lead marketers to promote their business via digital marketing. Today internet uses rate is high and people are more comfortable buying their product through online media. So digital marketing is the easiest way to promote products and increase sales.
There have many types of promotional ways in digital marketing.
- Social media marketing
- Search engine optimization
- Email marketing
- Blogging
- Video Advertising etc.
Social media marketing:
At present social media marketing is a popular way of promoting products and developed businesses. Social media helps to interact with customers about brand value and marketers directly speak with the audience and provide information about the product on social media like Facebook, Twitter, and Instagram, etc. It can make a remarkable success in a marketer's business.
Search engine optimization:
SEO is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. SEO considers how search engines operate, the computer-programmed algorithms that govern search engine behavior, what people search for, the actual search terms or keywords entered into search engines, and the search engines are favored by their targeted audience as an Internet marketing strategy. SEO is performed because a website will receive more visitors from a search engine when websites rank higher on the search engine results page. These visitors can then potentially be converted into customers.
Email marketing:
Email marketing is a marketing channel that sending a commercial message to promote your business products or service. It can help to access the latest information to customers. Nowadays it is a decent way of communicate with customers. It includes customers with a business via sending advertisements, request business, or provide sell information about the product.
Blogging:
The original name of blogging comes from the word weblog. Blogging means writing, photography that self-published online. Blogging is an opportunity for marketers to write business information. Blogging needs a frequent update for readers to engage and start a conversation.
Video Advertising:
Video advertising is a promotional activity that promotes business via videos. Some marketers display ads with video context.
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Market segmentation with examples
References
Hatch, C., 2020. 5 Essential Marketing Concepts You Should Know. [online] Disruptive Advertising. Available at: [Accessed 7 October 2020].
Pahwa, A., 2020. Marketing Environment: Explanation, Components, & Importance. [online] Feedough. Available at: [Accessed 7 October 2020].
Qualtrics, 2020. What Is Market Segmentation? Different Types Explained | Qualtrics. [online] Qualtrics. Available at: [Accessed 7 October 2020].
SendPulse, 2020. What Is Promotion Mix: Definition, Tips, Examples | Sendpulse. [online] SendPulse. Available at: [Accessed 7 October 2020].
TWIN, A., 2020. What Market Research Tells Companies About New Products And Services. [online] Investopedia. Available at: [Accessed 7 October 2020].