An Overview of Marketing
What is marketing? Marketing is the process by which organizations develop a particular solution to a problem, develop a product or service that solves a customer’s problem and promotes its use to the target customer base. Marketing also refers to the interactive process by which an organization undertakes to engaged its target audience to develop product, deliver value to customers and build relationships for the future. In today’s world, marketing has become an integrated discipline that incorporates all the different aspects of the business life. It is also known as the study of how people interact with each other and what channels they use to purchase products and services.
Marketing has become an important aspect of businesses because it drives customer behaviour and influences the purchase decisions of customers. The marketing concept aims at enhancing business performance by creating awareness about products and promoting them through various channels. It is also responsible for helping companies develop and establish long-term customer relations that will reduce churning within the firm and increase sales and profitability. Although there are numerous marketing concepts that have evolved over the years, the four most significant marketing concepts are segmentation, positioning, consolidation and adaptation. These four concepts form the basis of a successful marketing management approach and help to make organizations respond quickly to their customers’ changing needs and requirements.
In today’s increasingly competitive market, marketers spend a lot of time thinking how to reach out to their customers. As consumers become savvy to various marketing schemes, marketers are finding it increasingly difficult to retain customers. The introduction of marketing strategy to help create consumer awareness, create new customers and develop new channels of marketing is thus essential to help achieve the desired success of any organization.