Marketing refers to various activities that a business undertakes in order to advertise the sale or purchasing of a particular item, service, or product. In modern use, marketing is generally used to refer to the advertising of products and services. The New York Times defined it as “the discipline of conveying information to a large number of people so that they make a buying decision”. This type of marketing takes a wide range of forms, ranging from television commercials to online reviews. Sales and marketing managers have come to regard marketing as an important tool in increasing profitability. As such, organizations have put a greater emphasis on understanding what makes a customer purchase a particular product.
Understanding customers is one of the cornerstones of successful marketing. According to Richard F.onis, author of Marketing Management, Marketing Mix, Marketing Strategies,”…a firm that does not understand the customer’s buying process will never be able to establish its authority in the marketplace.” Marketing managers must therefore be keenly aware of the cultural norms and beliefs of customers and formulate a strategy which is in line with the way they think. A prime example of this can be found in the value of promotions. Marketing professionals believe that most customers appreciate some sort of incentive to purchase products. In fact, for many customers, it is possible to buy something free – or at very little cost – if the promotion is well executed.
In addition to understanding the psychology of customers, a Marketing Mix specialist also needs to understand the marketing mix in place. Marketing managers must ensure that there is an adequate mix of traditional and contemporary promotional media, such as print, television, radio, and internet. One of the cornerstones of successful marketing is the consistent exposure of products and services to the public. For this reason, a Marketing Mix specialist must understand where the public is likely to look before they look for a particular product. This involves research, observation, and knowledge of the target market, as well as familiarity of the advertising techniques being used.
It is important for a Marketing Manager to gather market research and data on potential customers and competitors. Doing this will allow a Marketing Manager to determine which activities produce the best results, and which have the least chance of losing money. Market research is usually conducted through surveys, focus groups, and interviews. It should be noted that in the past market research has been conducted using mailed questionnaires.
Marketing is defined by Webster as the act or process of promoting or marketing something. As defined by Merriam Webster, it is “the process of selling something and receiving payment”. Clearly marketing is a broad and confusing field. It is for this reason that it is always good to consult with a Marketing Consultant who can explain in layman’s terms what exactly marketing is. A Marketing Consultant can also define specific marketing tactics, help you design an advertising campaign, and determine if the market is worth investing in. It is important to note that Marketing Consultants is not Marketing Executives, they are consultants who help you run your business efficiently.