Marketing refers to various activities that a business undertakes to advertise the sale or purchasing of a particular product or service. An important facet of business for marketing is to reach out to the masses and convince them to make a purchase. Marketing is an act of creating awareness about a product, service or an idea to help raise awareness amongst the targeted consumer base. It is an indirect form of advertising. Today, marketing has become an essential facet of business for it not only helps increase sales but also provides the necessary support to businesses to grow.
The term “Marketing” has various other meanings and connotations. In present times, it is known to be a process of using communication tools like electronic and digital media to persuade people to buy a particular product or service. In recent years, the concept of marketing itself has evolved into a more encompassing concept encompassing various different facets of the creative industry like design, graphic arts, merchandising, advertising, public relations, and promotions. These aspects are known as the overall marketing strategy. Marketing therefore, refers to the whole concept and execution of these different activities that help build up a company’s brand image and customer satisfaction.
Marketing involves a lot of activity by the company. At the basic level, the marketing manager lays down the strategic goals and targets for the company. Apart from this, a number of processes are instituted to assist in reaching out to the intended target market and increasing customer satisfaction levels. Most of the companies concentrate on using conventional marketing methods like advertising, selling and distribution or merchandising. However, emerging trends in the field of marketing management have seen the introduction of new marketing concepts which are commonly termed as social marketing, coordinated marketing and non-conventional marketing.
Social marketing is one of the latest marketing concepts where the marketed product or services become socially acceptable to the users. In other words, it is aimed at creating an environment where consumers feel comfortable purchasing the marketed items. This helps increase customer loyalty and interest in the products and services. Some of the marketers who are involved in developing such marketing strategies include HCL, Omron, Plaxo and Cellex. They all use various marketing approaches, including consumer research, media exposure, word of mouth, PR, events, target marketing, and packaged tours, to create consumer awareness and increase consumer loyalty.
Consumer research is considered to be one of the most important components of any marketing concept. This is because consumer research enables marketers to understand the buying behavior of the prospective customers. Marketing concepts which include consumer research to help define appropriate selling techniques, target markets, pricing, promotion, and promotions. Some of the marketing concepts which are based on consumer research include direct mail, TV commercials, magazine advertising, and radio advertising.
Marketing concepts which involve selling also have several components. The components include product development, selling activities, and commission. The product development involves conceptualizing, marketing and selling a new product. Selling activities include selling the product, collecting payment from the customer, delivering the product, and ensuring the satisfaction of the customer. Finally, the commission is given to the marketer for the activities done by him/her.