Marketing is one of the most important aspects of business. Marketing literally means to advertise something. Marketing also refers to a procedure that an organization undertakes in order to engage its targeted customer base, establish strong relationships with customers so as to acquire new customers in return for providing old customers with enhanced services, and to maximize profits by using marketing effectiveness to influence buying behaviour of customers. The three elements of marketing are research, evaluation and advertising.
Marketing Research: The process of gathering information about customers, their needs and buying patterns is called marketing research. This research assists organizations in identifying their target markets, developing marketing campaigns that are tailored to meet these markets’ buying needs, assessing the impact of marketing efforts on performance and identifying ways to improve performance. Market Research: This is a vital ingredient of marketing. Market research helps organizations understand the competition, the buying pattern and the motivations of the target consumers. It is done by performing surveys, asking questions and analyzing the response data.
Marketing Evaluation: This refers to comparing the marketing efforts of organizations with those of other organizations that are similar to it in the field of marketing. Marketing Evaluation involves defining the target group for which the marketing strategy is designed, formulating the marketing approach and evaluating the results of the marketing approach. This evaluation in turn helps organizations develop and fine tune their strategies based on the needs and behavior of the consumers. This is an important ingredient of marketing.