Marketing is the process by which organisations develop their product or service and market it to customers. Marketing can be defined as the science of creating and promoting goods and services to identify their sale potential and to make money. Marketing is an important part of business for it establishes the organisation’s position in the marketplace and it also helps to determine the organization’s future growth and penetration. Marketing therefore, plays a key role in building a business’s reputation and generates sales.
Marketing, therefore, involves knowing the needs of your customers and addressing those needs through a coordinated marketing program. That said, in order to learn about the needs of the customers, businesses often employ methods similar to Conjoint Analysis that can uncover consumers’ preferences. This information is then used by businesses to select product features, assess sensitivity to price, forecast market shares, and predict the adoption of new products or services.
Anyway, coming back to the topic, marketing is a very broad concept and there are many sub-topics that go into it. Marketing is a process that focuses on attracting new customers, increasing brand awareness, identifying the right target audience, analyzing the competition, preparing the company for new market entrants, improving profitability and the quality and productivity of production, extending the reach of products, developing and introducing new products and services, and maintaining effective customer relations. Marketing therefore, encompasses all of these activities and it is an overall aspect of the marketing function. Marketing is an integrated discipline that involves evaluating, assessing, synthesizing and acting upon the data obtained to meet the objectives of an organisation in terms of product and service development, market research, consumer behaviour and product features, customer satisfaction, and competitor analysis.
Marketing is an action or process aimed at gathering information about prospective consumers, which is used to make marketing decisions. Marketing is the process of selling something designed to sell. The concept of marketing is not a unique concept to marketers but actually originated with the Ancient Greek economists who believed that people would buy products that were desirable and that would persuade them to pay for them. Thus, marketing started from this idea and evolved into a more scientific concept in the 19th century when marketing became known as a science. Today, marketing is considered to be the most effective way of advertising a product or service, especially since the internet has made communication between buyers and sellers easier.
Marketing myopia refers to marketers focusing on only a few components of the product concept and ignoring other important aspects. Some marketers may also apply the concept of marketing myopia because they are not very good at coming up with effective marketing ideas because they do not fully understand every aspect of the product concept that they are working on. Marketers should therefore be very careful when formulating their marketing concepts as they will have to take into consideration the various needs of consumers and use all of these needs to come up with effective marketing ideas like taking help from Video Production Services, social media, etc.
Another example of a concept that is being ignored by marketers is social marketing. This concept refers to marketing concepts and practices that promote the interests of society as a whole and are therefore likely to appeal to a larger number of consumers. In some ways, this is similar to market psychology, which is also used to create consumer awareness. However, marketers who do incorporate social marketing concepts into their marketing management philosophies may find themselves missing the boat because it will not be possible for them to attract a large number of buyers to their business without attracting a significant number of potential customers to the business as well. There are ways to help marketers with this however – be it by going to buy Instagram likes to boost their posts on the platform to hiring a social media manager to keep up to date with the latest trends, or any other of the myriad options out there.
Marketers should therefore pay close attention to the needs of consumers as they come up with a marketing concept or product concept. They must try and identify the general thoughts and feelings of consumers, including their needs and wants. After which, marketers should consider the preferences and individuality of different individuals within this group. For example, will your target market prefer communicating by text, by letters, or through email? Though it is all dependent on what type of business you own, in this day and age, nearly all age groups would prefer receiving marketing updates via text messaging than emails and letters. This is especially the case for the real estate industry, which is why many realtors look to somewhere like https://www.heymarket.com/realestate/ and their marketing software to give them a helping hand to personalize their strategies to each individual group. As such, everyone should take all these aspects into consideration before developing a marketing or product concept in order for them to be able to come up with something that will successfully sell products. In doing so, marketers will be able to attract more consumers to their businesses.