Understanding the Marketing Concepts
Marketing refers to the act of doing things a business does in order to advertise the sale or purchase of a particular product or Service. Marketing makes great use of the four Ps product, location, price, place, and marketing. At its most basic level, marketing seeks to bring the public’s attention to a product or services, identify its target audience, and then draw that audience’s attention to the offered product or services. The marketing efforts of a business could encompass the use of advertising media, including the design and printing of promotional literature, television and radio commercials, trade shows, out of home marketing methods such as brochures and postcards, catalogs, flyers, etc., and events such as conferences, exhibitions, trade shows, business-related seminars or fairs.
Selling involves both the purchasing and selling of a particular product. In the process of selling, a firm seeks to maximize its profits through a clear understanding of its market needs and requirements. A firm should engage in research to understand the current marketplace, consumer behavior, and potential hurdles in order to craft an appropriate marketing strategy. Marketing research, product development, and selling are closely related. Marketing research involves compiling information that will help a firm determine what the needs of the marketplace are and how to meet those needs, while product development involves drawing up a plan for marketing research that focuses on gathering facts that will inform the development of a planned marketing strategy.
Marketing concepts include advertising, selling, research and sampling. Advertising and selling are marketing strategies designed to promote a particular product by creating visibility and building awareness, usually through the use of media. Advertising, in the broadest sense, can be considered the first phase of marketing. It typically uses the most visible medium, such as print, television, or radio, to communicate to prospective customers and build brand recognition. Selling, on the other hand, involves creating a tangible product that complements the message conveyed by the advertising.
A third marketing concept is marketing research. This is closely related to marketing strategies, but instead of marketing a particular product, this concept pertains to gathering data on customers so that a company can better understand what drives customers to a certain choice or decision. Gathering this data allows a firm to better understand the desires and preferences of customers and formulate relevant marketing strategies. Customer orientation is an important aspect of selling customer orientation encompasses customer response to advertising and sales techniques, including research and sampling.
The fourth marketing concept is marketing research. This concept encompasses all the elements of selling and is often considered the root concept of marketing. Marketing research entails collecting information about consumers, compiling this data, analyzing it, synthesizing it, formulating an effective message, presenting it, analyzing the results of the marketing campaign, and testing it. Analysis is critical to any successful marketing campaign because it tells a firm whether the message is reaching the target audience. Marketing research is also essential because it gives a marketing professional an opportunity to find out what works and what doesn’t. Once again, this allows a firm to create and devise better techniques for selling.
Finally, marketing is a practice that encompasses not only the distribution of products but also their promotion. Promotional activities help to enhance the marketing concept by increasing awareness among customers, drawing attention to a specific product, attracting customers to special offers, and enticing customers to frequent a given business. The promotion of a product involves the creation of a market, creating a need, creating a medium through which the need can be known and measured, and then satisfying that need. Marketing strategies are implemented to fulfill this need by appealing directly to customers, by creating a market, and by satisfying it. Marketing managers work with marketing professionals to determine how best to satisfy customers