Marketing is one of the key elements of business success. The basics of marketing are very similar for most businesses; it involves the development of a plan and the ability to communicate that plan to customers effectively. Marketing also refers to the strategic process that an organization undertakes to interact with its target market, build relationships to make value from the exchange of that value, and eventually capture that value to enhance company profitability. The three components of marketing comprise research, assessment and communication.
Research is the process by which organizations learn what their customers needs and wants are so that they can develop a strategy to meet these needs. For a successful marketing strategy, an organization needs to understand the essence of its industry, identify the channels through which it can sell its products or services, and determine which message will be most effective in communicating with potential customers. There are two complementary concepts that can be used to measure marketing effectiveness: coordinated marketing and direct marketing. Coordinated marketing refers to the use of multiple channels to achieve the same goals; while direct marketing is a more specific form of marketing, focused on a single customer. While these concepts overlap, they are not the same concept and the reality is that coordinated marketing often requires a coordinated marketing strategy.
Marketing has evolved into an essential component of business success as it has become one of the drivers behind selling. Companies use marketing management tools such as market surveys, product positioning, and advertising. They also engage in other forms of societal marketing such as public relations, strategic branding, and transactional marketing. These marketing techniques help to shape the buying decisions of customers and shape the structure of the buying decision. Marketing managers therefore need to have a comprehensive understanding of the concept of marketing management along with solid understanding of the diverse methods and tools available for the promotion of a business.
The concept of marketing research is central to the achievement of a successful selling effort because it helps companies to develop and refine strategies and tactics to take advantage of existing customer buying behavior. Marketing research thus is very important and is required at all stages of the selling process. Companies should always conduct extensive research and marketing analysis.
Companies should use market research to understand consumer buying behavior. It is also important to develop and employ effective marketing strategies. Marketing managers should therefore spend time understanding the factors influencing the selling behavior of consumers, identify the barriers that hinder effective selling, and evaluate the marketing activities of their organizations. This enables them to develop strategies to overcome these obstacles and strengthen their overall selling performance.
Developing an integrated marketing concept is a key requirement if a company is to succeed. The concept should be consistent across all departments within the organization such as marketing, sales, and finance. It should also cover contingency marketing activities and post sale support. The above strategies are helpful to a company in achieving its marketing objectives.