What is marketing? In this fast-paced and ever-changing technological industry, marketing is one of the most important elements for businesses to stay competitive. It is considered by many as the backbone of any business activity. Marketing refers to the act by which an organization undertakes so as to engage its target market, develop relationships, create value so as to capture enough value from the market in return for the investment made by the company, and eventually make profits.
As with any business venture, marketing research plays a key role. The objective of marketing is to develop and promote goods or services that meet a company’s particular needs and wants. There are two main objectives of marketing research: marketing knowledge and marketing effectiveness. The marketing research is undertaken to determine what consumers require and what features to satisfy their needs. It also determines the factors that affect the success of marketing activities and helps identify opportunities. It helps to improve the selling concept by understanding the factors influencing consumer behavior.
The marketing concept focuses on offering consumers products or services that meet their specific needs. It is an essential element of the sales process. Marketing focuses on creating and conveying the message of the company to the public through a visible marketing strategy and product or service. It is used to influence the buying decision and to increase the profitability of sales.
In today’s global competitive market, there is a need to enhance our skills in marketing. The concept of marketing myopia limits the scope of our potential. Some marketers view the whole marketing process as a one way process. They fail to recognize that marketing has two basic but vital processes: product concept and marketing effectiveness. Many marketers today focus only on one of these processes. Thus, they fail to realize the potential of using both processes in marketing.
The main objective of marketing management is to satisfy the overall objectives of marketing. This is achieved by producing quality goods and services for the customers. The success of any business lies on its ability to successfully execute a broad range of marketing concepts. In addition, effective utilization of societal marketing concepts ensures the profitability of sales. We call this comprehensive marketing management.
Social marketing management is the process of using various social marketing techniques to promote goods and services that you are selling. It includes advertising and promoting goods and services in social media such as Facebook, Twitter, and YouTube. A good example of a social media marketing management strategy could be the creation of a Facebook fan page, which would allow you to connect directly with your audience and build your credibility as an expert in your chosen market.