Marketing is one of the most integral parts of any business. It can be easily defined as the process by which organizations create and develop a unique selling proposition (USP) to sell their products and services to customers. Marketing also refers to the method by which an organization undertakes to identify its target customer base, develop a credible relationship with them, establish value for its products or services so as to capture compelling advantage in return for further sales growth.
Marketing Has Evolved As One Of The Major Drivers Of Organizational Growth And Development
It forms an essential component of sales, product, and service development activities. The various forms of marketing activities include direct selling, multi-level marketing, affiliate marketing, network marketing, and boutique marketing. Direct selling and multi-level marketing refer to direct selling activities by phone and mail while affiliate marketing and network marketing refer to such activities as publishing, advertising, and distribution.
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Marketing theories and concepts are dynamic. These include marketing concepts that go beyond individual marketing strategies and techniques. A unique aspect of marketing management is its focus on the processes of societal marketing that facilitate the development of a customer base, consumer preferences, and purchasing habits. Marketing theories and concepts like community marketing, customer sourcing, customer loyalty, and group buying guide organizations to develop a strategy that targets the segments of the society that spend money regularly. It is done through the promotion of the product or service of particular organizations to the target segment of society. A great example is using YouTube content to reach the targeted en-user. Many businesses even buy YouTube subscribers to increase the efficiency of their marketing efforts.
Marketers Use Marketing Theories And Concepts To Gain A Competitive Advantage Over Their Competitors
They devise marketing strategies that can successfully penetrate the targeted consumers in a targeted area. This ensures higher sales and enhanced profits. Successful marketing strategies to ensure greater participation from consumers and hence increased profit margins.
Examples Of Concepts Used By Marketers
Influencer Marketing
It refers to a marketing activity in which one business exploits the influence of another firm on consumers. The example of influencer marketing can be found in the real estate sector, where brokers exert tremendous influence on homebuyers by giving information about various homes and the locality through the agents.
The Selling Movement
It refers to a marketing concept that sees a firm selling goods and services directly to the consumer at a low price. This idea was popularized by American car manufacturers during the early twentieth century.
Consumer Insight Marketing
This concept is related to marketing research. Marketing research is used to collect data on consumer attitudes towards a particular brand or a product. This data is then used by marketers to create and promote new products. The term “consumer insight” suggests that marketers use consumer opinions on a particular brand or product to understand and manage consumer attitudes. For example, it could mean a company launching a television advertisement campaign using consumer opinions to shape its marketing strategies.
The Publicity Concept
This concept refers to the creation of public awareness about a product or service. For example, a brand might come up in the news because of a major public figure’s endorsement. In turn, this news may spark a new public concern about the product, which would result in more consumers buying it.
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Keyword Marketing And Relationship Marketing
These concepts are used to identify the right keywords that consumers will search for products on the Internet. Keyword marketing allows marketers to target specific, targeted audiences by placing key phrases that accurately describe their business on popular search engines. Meanwhile, relationship marketing involves creating a professional image for a company by using popular brands that consumers already know.
Selling And Marketing Are Closely Intertwined
Selling occurs before advertising in any case. Advertising, however, is the first step in marketing. Most companies have a marketing department that draws up marketing strategies. Marketing managers make plans for creating advertising campaigns that will reach target consumers. They also track consumer response to the advertising campaigns so that they can fine-tune the strategies to get better results.
Sales Is The Final Component Of A Marketing Plan
One effective way of getting the word out about a product is through advertisements. However, many companies fail to take advantage of this powerful marketing concept. This concept refers to the creation of enough interest in a product or service so that consumers will seek it out. An important consideration in sales is consumer psychology. It suggests that consumers feel more inclined to buy a product if they see that others are also interested in it.
