Marketing is the process by which organizations create and deliver value to their customers, distributors, suppliers, and other associates in the industry. It also refers to the act of conveying messages intended to achieve some objective. Marketing is a key strategy for organizations that seek to establish themselves in the marketplace. The marketing strategies of companies range from advertising to sales promotion to gifting and gift-giving. In business, marketing is one of the most important aspects of customer relations management.
Marketing has three components: research, analysis, and marketing. Research is the process of gathering information from consumers, including sampling, surveys, and interviews; analyzing the data; and developing a marketing strategy. Analysis is the process of using the collected data to develop and implement a marketing plan. Marketing research is important, because the marketing research can help predict the demand and interest in a product. This will enable marketers to design the appropriate marketing program that will be most likely to yield positive results.
Market research, on the other hand, is the study of the buying behavior of the target market or consumer population. It includes the study of buying habits, their preferences, buying patterns, purchasing decisions, and the factors that contribute to these buying decisions. It also involves the design and development of advertising programs. A market study draws upon the accumulated facts and data of the previous marketing campaigns, and it analyzes these to determine what works and what doesn’t. By combining market research and analysis with creative marketing ideas, organizations can increase sales and increase profitability.