Marketing Concepts

Sep 26, 2021 Info

marketing

Marketing Concepts

Marketing is an art and a science that is often misunderstood by people in business. Marketing refers to the systematic process by which an organization undertakes in order to engage its customer base, develop sufficient customer loyalty to make good value in return for investment, and create profitable relationships to ensure long term profits. It is a system where the primary aim of a company is to identify and then engage with the market.

The process of marketing research is where the objectives and goals of a product or service are determined, then its identification and subsequent development are carried out by engaging in marketing activities such as research, market research, testing, demonstration, and monitoring. Marketing activities, when done properly, can create long term sales opportunities and a successful company. Some key activities that form part of marketing activities are: developing product or service strategy, developing marketing materials, conducting surveys and focus group discussions, and preparing market research data. Once these activities have been completed, they form the basis of marketing plans, marketing strategy and marketing activities.

As a result of the extensive range of marketing concepts available today, marketing management is an extremely complex activity. Marketing concepts can be grouped into five broad areas. These include advertising and promotion, advertising and marketing, distribution, demand creation, and sales management. These marketing concepts are essential components of effective selling techniques, each having its own distinct contribution to making a product or service available to the consuming public and each having an important contribution to the achievement of the company’s objectives.