Marketing is an art, and marketing is an art that has been around since time immemorial. Marketing is nothing but using the media and other available instruments effectively to promote a business, a product or a service of any kind. Marketing can be formal or informal, top-down or bottom-up, targeted or non-targeted. Marketing is a powerful tool to channel collective human behaviour and create social capital. Marketing is the process of consciously driving demand for and sales of products and services; potentially including choice of a specific target audience; determination of certain characteristics or themes to be exploited in the marketing effort; and ways to measure those chosen characteristics or themes. Marketing is used by all kinds of businesses to promote new goods or services, by organizations to improve internal functioning, or by governments to promote awareness, prevention or cure for a disease or to design public works.
The marketing concept is a tool used by marketers to analyze and predict the demand for a product or a service. It can be quantitative or qualitative. Marketing utilizes the idea of brand equity to create a relationship between the customers and the existing brands. Brand equity refers to consumers’ perception of the value of a product, which may be based on factual information or on bias from previous experience. It may also be influenced by the way customers are perceived by firms, their organizations and their customers.
Marketing managers use customer relationships management (CRM) tools to build and maintain long-term relationships with customers by offering them a variety of alternative channel choices. CRM enables marketers to manage and monitor customer interactions with various entities such as vendors, marketing agencies, and third-party organizations. This helps in the identification and creation of channels that best serve the needs of customers, and which can be leveraged to foster better business relationships. Customer relationship marketing strategies include identification and evaluation of opportunities, creation of new opportunities, maintaining existing relationships, and measuring and monitoring results.
Social marketing has emerged as another important concept that is related to the larger field of marketing management. The goal of social marketing is to promote products, services and social behaviors through the exchange of user information and consumer responses. It can also be applied to selling products and services online. The key marketing management concept in social marketing is the creation of a positive relationship between the seller and the buyer.
One of the major concepts in marketing is the marketing concept of selling to the unsolicited. This is often called cold calling. It involves contacting consumers who do not know who you are, setting up a preliminary discussion, and then asking for potential business. After the sale, the process of settlement will usually occur. Many firms adopt this selling concept in order to reach out to potential consumers who are not yet included in their sales force. For example, a health care company could develop a campaign that would allow a representative to call prospective consumers who are not currently interested in purchasing medical services.
The core components that make up effective marketing strategies for companies include research, the development of strategies, and the implementation of those strategies. It is essential that businesses carefully study market trends, consumer behavior, and competition before they develop and implement marketing strategies. The marketing strategies should be tailor-made to address the goals and objectives of the company. It is also important that marketers consider how the marketing strategies will affect the company in terms of profits, reputation, and customer service. All these aspects are very important when developing an effective marketing plan that will be effective in promoting the business and reaching out to the consumers.