Marketing is an essential part of any business venture. It is also a crucial and strategic element that determines the survival or demise of a venture. Marketing describes the act by which an entity undertakes to interact with its target market, develop strong customer connections to generate actual value in exchange for financial investment, and create a competitive edge against similar enterprises. It is an organized process that involves a set of related activities aimed at creating a business or enhancing the profitability of a business.
The Various Activities Associated WIth Marketing
Marketing activities include collecting, organizing, analyzing, and communicating information about potential customers. These data are taken into account in formulating the marketing strategy. A good marketing strategy involves the creation of a specific mix of selling techniques, the development of attractive selling propositions, and the determination of appropriate selling prices. After the marketing research has been conducted, strategies are put into practice. Sales activities include developing a firm selling technique, marketing research, and selling techniques.
In today’s global competitive environment, it is extremely important for businesses to implement effective marketing strategies. Many businesses opt for an outsourced CMO to handle their marketing. An effective marketing strategy provides the blueprint for success. Marketing concepts like brand image building, segmentation and targeting of appropriate marketing messages all fall under the larger umbrella of marketing management. The following chapters examine these marketing concepts in more detail.
Building Reputation and Brand Image
Brand image building is the art of promoting a particular product concept to the target market. This concept involves the idea that consumers buy a particular product because of popular endorsement or positive reputation associated with the concept. One of the most common marketing myopia themes is the “green” concept. In today’s world, consumers are concerned about environmental issues and buying products that are environmentally friendly are becoming more popular. Companies that sell green concept merchandise often use a consumer concept in their marketing to develop trust with their target consumers.
Separating The Market Into Segments
Segmentation is another marketing management concept that is used to categorize customers. A segmentation strategy allows marketing managers to identify specific groups of consumers that might be interested in a product. For example, a health and wellness focus can target a specific group of people who may have certain concerns related to diet, fitness and wellness. This is an example of segmentation within a larger marketing management concept known as targeting of a consumer focus.
Targeting of a consumer requires specific actions by the seller that can be measured. Marketing research can help determine which segments of consumers are most interested in a product or service. This marketing research can also determine which groups of consumers are most receptive to a given selling concept. Marketing research can further define these segments through surveys and focus groups. This concept is key to developing strategies that will increase sales and profits.
Social Marketing
Another example of a marketing management concept that is gaining popularity is social marketing. This concept involves the practice of selling products and services to a community or group of people. This concept may involve marketing to specific ethnic groups, age groups, or geographical regions. The main goal for this marketing management concept is to reach a group of people who would not normally be exposed to a marketing message or sales pitch.
The above examples are just a few of the marketing concepts that exist. They represent a small portion of the large variety of marketing concepts that exist today. The practice of marketing varies from one person to another. This is why it is very important for an individual to learn all of the different marketing concepts. It allows a person to identify his/her specific marketing needs and find a way to meet them. Once a person has determined their needs, they will be able to market to those needs effectively.