The term ‘Marketing' can have a number of definitions; however, what is common to all these is that marketing involves the creation of products and services that can be sold to a specific audience to meet a targeted need. Marketing also refers to the interactive process by which an organization undertakes to interact with its target audience, create a value proposition to capture the increased value for that particular audience in return for advertising or selling the product or service. Marketing is a process that is directed towards increasing sales. It is considered one of the most important components in the total sales mix of any company.
The Four Major Marketing Activities
These are product marketing, promotional activities, advertising, and selling. The product or service to be sold is identified by the market research and then marketing activities are formulated accordingly. Marketing Research The objective of marketing research is to identify, as accurately as possible, the needs and requirements of the market. This enables the development of strategies to address these needs more effectively.
Elements Of Success
The success of any marketing plan depends on two things – targeted marketing and effective communication of the strategy to the customers. If we look at affiliate marketing on YouTube, we find that the language used is often targeted to enhance communication with the consumer. Many YouTube marketers use methods to buy YouTube likes, further enhancing efficiency.
The concept of coordinated marketing has been developed out of the need to improve marketing effectiveness. Concurrently, customer satisfaction is essential for the success of any marketing program. The concept of coordinated marketing brings together the concepts of marketing, advertising, and selling.
Stages Of The Marketing Concept
The marketing concept has three stages: Research, Development, and Sales. Research is used to gather facts on the available products. Development is used to understand the buyers' preferences and tastes and identify the appropriate selling concept. Sales involve the actual selling of the product concept and the marketing activities designed to support it. Thus marketing myopia focuses only on the technical aspects of marketing.
It plays an important role in identifying the marketing needs of consumers. For a marketing concept to be feasible, it should have a broad base of consumer research. It should be based on the attitudes, purchasing decisions, purchasing behavior, and purchasing patterns of consumers. There are many different types of marketing research. Some focus directly on marketing the product while others conduct surveys to understand the purchasing pattern of consumers.
Developing Market Concepts
Marketing concepts must be able to attract consumers. It is very important to understand the psychology of consumers. Most marketers focus on selling the product concept to consumers, but marketing psychology can be much more important. Marketing psychologists concentrate on understanding what consumers need, why they need it, what they look for when purchasing a product, etc.
The development of marketing concepts, marketing management, and marketing techniques requires coordination among many people. Different disciplines including design, development, sales, human resources, marketing, advertising, public relations, etc. contribute to the overall process of selling. Marketing, as we know, is a multi-pronged strategy to reach out to consumers. Marketing management helps identify which marketing concept to follow, how to implement it, when and where to advertise, and who to target to get the greatest response.
Marketing strategies become useless if consumers do not buy the products. Marketers, therefore, have to put in considerable effort to keep the interest of consumers in mind while developing marketing concepts. All these efforts contribute to the success or failure of a marketing campaign. The development of effective marketing strategies depends on the attitude of marketers towards society in general and consumers in particular.
New Types Of Marketing
Influencer marketing is one of the most important marketing concepts. Marketing research shows that buying decisions are made by a combination of five elements namely product image, reputation, price, quality, and social perception. The product image refers to the overall physical appearance and appeal of a product. Reputation is concerned with consumers' opinions about the quality, safety, and usefulness of the product. Price is normally considered to be one of the most important factors while making a buying decision.
Keyword marketing is another important marketing strategy. Marketers use keywords to promote their products using SEO (Search Engine Optimization) strategies. In this technique, marketers exploit the strength and flexibility of keywords to target specific audiences with similar needs. They analyze the phrases used by consumers in order to find profitable keywords. Social media marketing is another internet marketing technique that helps marketers gain visibility and popularity for their brand through websites like Facebook.
Lasting Marketing Ties Together With Customer Retention
Consumers have an affinity towards brands, which they have established prior to engaging in a particular activity. Hence, relationship marketing aims at creating a long-term relationship with consumers by providing them with access to additional information, tools, and updates regularly. Its success is often dependent on how well the marketers build the trust of the consumers. Apart from the above-mentioned internet marketing strategies, relationship marketing also includes creative branding tools like video, podcast, and blogging.