Marketing is a business strategy that aims to promote a product or service and its existence to the market. It also involves the creation of advertising or promotional materials. In advertising, the marketing involves the use of media such as print, electronic media and television to inform people about a certain product or service. Marketing also refers to this process by which an organization undertakes to identify its target market, build strong relations with them to create value for the company, and then take advantage of the opportunity to grab the customer’s purchasing power in return for payments made. This is done by gathering data on customers and analyzing it to decide what kind of advertisement will work in order to build a profitable relationship with the customer.
Marketing Research The research concept is the core component of marketing. This concept takes into consideration the current state of the consumers, past purchases and behavior of consumers, and any other relevant information that can be used to make the best decision possible. It is very important for the company to conduct a thorough marketing research before trying to launch a new product or advertising campaign because a wrong concept can actually do more harm than good.
Marketing Management A marketing management concept is an overall concept that is inclusive of all of the above discussed principles. This includes the planning and developing of a marketing strategy, execution of that strategy, monitoring and measuring of the success of the strategy, measuring the success of the marketing efforts, using evaluation and other resources to determine if the marketing concept is being effectively implemented, creating reports and analyzing the reports to determine the success or failure of the marketing management concept. This concept is very important to any company because without having knowledge of how marketing is conducted, how can you accurately measure its effectiveness. Also, without having an idea on the effectiveness of marketing, how will you tell if your marketing efforts are yielding results?
Marketing Research Another important concept in marketing is research. Marketers should always be interested in collecting as much data as they can about their clients’ consumers, customers’ preferences and purchasing habits. This is to know what is selling, why it’s selling and that consumers are buying it. The more data you have, the better decisions you can make when creating your marketing concept. Also, the more informed decisions you make regarding the improvement of your marketing concepts, the more effective it will be.
Marketers should never forget that marketing is a science that requires information to be gathered and analyzed. Without this, marketing concepts will never work and marketers will be forced to make poor choices regarding what marketing strategies to employ. Marketers must know their consumers; know their needs, wants and goals. Knowing your consumers will enable marketers to come up with marketing strategies that will cater to these needs, wants and goals. Knowing your consumers will also help marketers determine which marketing strategies are best suited for your target market and which ones are not.
There are still other concepts that are related to marketing. One of these is product development. Product development is the process by which companies bring out new products for the market. Usually, a new product has to undergo market research in order for companies to develop them. The purpose of product development is to test the market’s demands and see if there are things that consumers would want to have.