What is marketing? Marketing refers to many activities that a business undertakes in order to advertise the sale or purchase of a certain product, service, or even good. The word ‘marketing’ was first used in this context in the early 20th century and has since then been used repeatedly in a lot of various ways in lots of different contexts. So, what exactly is marketing?
Marketing in the wider sense of the term relates to the process of discovering, anticipating, and satisfying the market requirements of consumers. Marketing therefore involves the study of targeted markets, the evaluation of marketing strategies, and the creation of marketable products, services, and events. Marketing thus includes a variety of activities. One of these activities is that of identifying, as envisaged by marketers, the appropriate consumers for a given product, event, or concept.
Identification of the target market is an important activity in marketing theory. However, identification of the appropriate consumers for any given product or concept is only the first step of the whole process. The next step is therefore the process of persuading consumers that the product, concept, or service is acceptable to them, i.e., that it will satisfy their needs and they will be willing to pay for it. This is where marketing concepts like quality, price, and a credible warranty come into play. A good marketing concept will therefore take into consideration the cultural norms regarding the purchase of a particular good or service and incorporate these into its definition.
Quality in marketing is an aspect often considered to be separate from the process of marketing itself. However, quality in marketing is just a part of the larger set of aspects related to the marketer’s goal of satisfying the needs and expectations of consumers. Marketers therefore need to be able to provide consumers with a range of goods and services that are of a high enough quality level to satisfy potential customers. This, in turn, leads to marketing strategies that aim to ensure products are purchased by consumers at a price that is reasonable enough to fit their budget.
In order to implement a successful marketing strategy, marketers should be able to carefully identify the key consumers in their particular industry. Once identified, marketers should then develop a marketing mix that effectively targets these consumers. The marketing mix consists of the marketing approach as well as the specific channels that are being used to reach these consumers. This involves the creation of a business strategy, the selection of relevant media, and the monitoring and evaluation of these efforts. In addition, marketing mix also involves the allocation of appropriate resources to strengthen marketing efforts.
Developing a marketing strategy is not an easy task. There are many factors that marketers should consider to successfully implement a marketing strategy. These factors include the nature of the product that they are selling, the target audience for which the product is being targeted, and the appropriate channels that are being used to reach out to this target audience. For instance, if a market is divided into two categories – one that buys gadgets and another that buy clothing, then a marketing strategy that caters to only gadgets would not be effective. On the other hand, a marketing strategy that targets both clothing and gadgets would be more likely to yield good results. With a comprehensive understanding of all the factors involved, marketers will be able to create a marketing strategy that will meet their company’s objectives and bring in good results.