Marketing is a simple word that conveys a complex procedure. On one hand, marketing is the process through which people and companies come up with ways to make their product or service known to potential buyers. Marketers use marketing to develop a strong awareness of their offerings. Marketing refers to the promotional process whereby an organization undertakes to engage its target audience to produce value for the company so as to obtain a return on investment in the form of increased sales and revenues.
Targeted Messages
Marketing involves developing and refining a targeted message focused on customers’ needs and interests. The message must be communicated in a manner that is capable of influencing consumers to react positively. It also allows customers to evaluate and assess products or services from a positive perspective, which in turn, promotes increased loyalty. Overall, marketing is focused on creating and building customer loyalty. One very effective way to do this is by engaging your target market by podcasting. You can easily buy Spotify plays to reach a wider audience and build loyalty among more customers.
Marketing Is The Study Of Customer Needs And Wants
The market research and development conducted in marketing helps in understanding the buying pattern of the target consumers. Research is based on the understanding that people buy goods and services based on five key criteria: usability, appearance, social acceptance, quality, and price. Marketing, therefore, focuses on understanding customer needs and wants, and developing a product or service according to these criteria. In order to sell a product or service, marketing focuses on the following elements:
The marketing research involves collecting customer information, analyzing this data, using analysis tools to identify patterns, features that are unique to customers, matching these against past marketing results to identify trends and objectives. The resulting information is used to design an appropriate marketing program. The elements included in a marketing program are the message, the medium (such as print, electronic media, television, radio, etc. ), sources of attractions (such as personal stories, credibility, reputation, and innovation), methods of marketing (such as advertising, selling incentives, branding, public relations, personal selling, and selling concepts), and exchanging offerings (such as discounts, rewards, gifts, free products or services).
Breaking Down Marketing Management
Marketing management consists of the following subtopics: exchange rates, non-exchange rates, purchasing incentives, direct marketing, and societal marketing. Exchange rate marketing involves setting a price for selling a particular good or service on a particular date. For example, a company may set a minimum purchase amount from a customer. The customer then buys a minimum number of units during a specified period of time. This concept can be used to motivate consumers.
Non-exchange rate marketing strategies involve activities to create a sense of urgency for consumers to take action. Such strategies may include an offer that would expire on a specific date such as “first 100 purchases must be made by the end of x% of x days”. This is a classic incentive for consumers to take immediate action. Such incentives create the need for marketers to develop different methods of attracting customers. These marketing concepts have proven to be quite effective when it comes to encouraging sales.
Direct marketing, on the other hand, is focused on promoting the sale of a good to a person rather than focusing on creating a sense of urgency for consumers. This concept focuses on developing a relationship between the seller and the consumer such as a catalog. For this concept to work well, the products being sold should fit perfectly with what the catalog promises.
Marketing Myopia Among Marketers Hinders Them From Realizing Their Full Potential In Promoting Products
A marketer should not only focus on developing one marketing concept but should incorporate all marketing concepts into his or her strategy. By doing so, marketers do not just limit themselves to selling one product but can cater to a specific consumer base as well. This will allow marketers to reach a wide range of potential consumers.