The definition of marketing is the act or business of promoting and selling products or services, including market research as well as advertising. Today, marketing is something which every company and organisation needs to implement in its growth strategy.
Many companies utilise marketing techniques to attain their goals without even realising it, as they work to promote themselves as well as increase sales of their product or service. These days, marketing is one of the major aspects of businesses.
People frequently do not know precisely what marketing is. When asked, they define ‘marketing’ as selling or advertising. While these answers are not incorrect, they are only a small part of marketing. There are many other aspects to marketing such as product distribution, promotion, designing and creating materials such as landing pages and social media content, bettering customer experience, performing market research, cementing market segments and so much more.
Marketing is very wide and encompasses all the strategies that assist a company, brand or individual to achieve its objectives.
What are the fundamentals of modern marketing?
Modern marketing is a holistic, responsive, data-driven methodology which connects brands with their ideal customers in order to drive targeted business results. Although the elements can be assembled in an endless number of ways, a modern marketing approach always combines creative thinking and execution together with research, strategy, technology, and analysis to attain organisational goals.
For many reasons, almost every business aspires to variants of one thing: growth. Increasing customer numbers, expanding market share, growing profitability, adding employees, etc. To support these goals, the most effective modern marketing teams build brand awareness, shape perceptions, nurture key audiences, and propel action by adhering to eight core principles.
What is the concept of marketing?
Five orientations (philosophical concepts) to marketing have guided – and continue to guide – organisational activities. These are:
- The Production Concept
- The Product Concept
- The Selling Concept
- The Marketing Concept
- The Societal Marketing Concept
The Production Concept
This is the oldest of the concepts in business. It states that consumers will prefer products which are widely available as well as inexpensive. Managers who focus on this concept concentrate on attaining:
- High production efficiency,
- Low costs, and
- Mass distribution.
They make the assumption that consumers are mainly interested in product availability as well as low prices. This orientation makes a lot of sense in developing countries, where consumers are more interested in getting the product than in its features.
The Product Concept
This orientation maintains that consumers will favour those products which offer the most quality, performance, or innovative features. Managers who focus on this concept concentrate on making superior products and enhancing them over time.
They make the assumption that buyers admire well-made products and are able to appraise quality and performance. However, these managers are at times caught up in a love affair with their product and do not realise what the market really needs. Management may commit the “better-mousetrap” fallacy, believing that an improved mousetrap will lead individuals to beat a path to its door.
The Selling Concept
This is another common business orientation. It holds that consumers and organisations, if left alone, will generally not buy enough of the selling company’s products. The organisation needs to, therefore, undertake an aggressive selling and promotion effort. This concept makes the assumption that consumers usually show buying inertia or resistance. This means that they need to be coaxed into buying. It also makes the assumption that the company has a whole battery of effective selling and promotional tools to encourage more buying. Most firms practise the selling concept when they have overcapacity. Their objective is to sell what they make rather than manufacture what the market wants.
The Marketing Concept
This is a business philosophy which challenges the above three business orientations. Its central tenets crystallised in the 1950s. It holds that the key to attaining its organizational goals (goals of the selling company) involves the company being more effective – as opposed to competitors – in creating, delivering, and communicating customer value to its selected target customers. The marketing concept lies on four pillars: target market, customer needs, integrated marketing as well as profitability.
What are the main objectives of marketing?
Marketing mainly focuses on achieving consumer satisfaction together with maximising profits. The following is an illustration of different aims of marketing practices:
- Customer Satisfaction: The main motive of a company is to satisfy the requirements of customers.
- Ensure Profitability: Every organisation is run for profit, and so goes for marketing.
- Building Organisational Goodwill: It shows the product and the company’s positive image in front of the customers.
- Create Demand: It works for creating the demand for products and services among the customers.
- Increase Sales Volume: It is a thorough process of increasing the sale of product or service to generate revenue.
- Enhance Product Quality: Marketing prompts customer feedback and reviews in order to implement them for the purposes of product improvement.
- Create Time and Place Utility: It ensures that the product or service is available to the consumer whenever and wherever they require it.
Our Marketing Fundamentals course is perfectly poised to suit anyone from any industry, with clear and concise explanations of the most important factors about marketing. Get in touch if you’d like to find out more!
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