Marketing is one of the most important aspects of business that determines its success or failure. Marketing refers to the act by which an organization undertakes to interact with its target audience, develop strong relationships to make good value from the transaction, and create demand so as to receive return on investment. The marketing function in any organization is therefore one of the key drivers of its performance.
Consumer Demands
Marketing is an ever-changing discipline that takes into account the changing consumer demands. Marketing orientations often cross disciplinary borders, as they integrate knowledge, skills and strategies from diverse disciplines. There are five distinct marketing concepts: Production concept, consumption concept, distribution concept, information technology concept and social marketing. Marketing is an integrated set of practices that involve the different activities of a business. Marketing is not limited to traditional marketing techniques, but rather encompasses a wide range of strategies including online marketing, web promotion, e-marketing, data-driven marketing, and other methods. Let’s take the example of a shop that sells pool equipment and hot tubs. They may need research consumer opinions, or even create content on hottubsspa in order to lure customers.
Marketing Assumptions
Marketing theories are based on the following assumptions: there is a known market for a product or service, the market is segmented into distinct groups with comparable buying power, advertising can be efficiently targeted, and the marketing message can be effectively communicated to customers. Marketing approaches depend on the marketing goal, the degree to which the market is segmented, and the size and reach of that segment. Marketing strategies are directed at satisfying the customer need and increasing the product or service’s perceived value. Marketing theories assume that marketing should be the vehicle through which goods and services are offered to potential customers. In addition, marketing theories also assume that marketing should be consistent with the nature of the goods or services that are being sold.
The production concept of marketing is focused on creating a favorable image of the organization through an effective production process. Production oriented marketing tends to be economically and productively organized and controlled. Production oriented marketing also focuses on meeting the organizational priority, i.e., the needs of the customers. Unlike sales oriented marketing, production oriented marketing is oriented to meeting organizational goals, rather than achieving individual profit goals. Production oriented marketing therefore focuses on providing customers with the products or services that meet their needs.
Customer Needs
Marketing theories generally view marketing as a process of defining and realizing the customer’s needs. Marketing therefore tends to be a collaborative process between the marketing department and the sales department. The concepts of marketing tend to be relatively constant among various marketers even within firms where different departments are located. Most marketing concepts however, reflect changing organizational priorities, evolving definition of customers needs, and competing definitions of marketing budgets. Marketers therefore have to keep up with changing definitions of marketing budgets and objectives and adapt marketing activities according to the changing priorities and competitive environments.
Benefits Of Marketing Research
Marketing research enables marketers to ascertain what goods and services a particular firm provides. By engaging in detailed market research, marketers become better acquainted with the preferences and buying power of customers. This allows marketers to tailor their marketing activities towards meeting the desired objectives. This then enables the firm to devise a marketing program that focuses on providing goods and services meeting the identified needs of the customers.
Changing Consumer Purchasing Behavior
Influencer marketing refers to using customers’ behaviors to shape their buying decisions. In an Influencer marketing program, the marketing team creates a marketing plan that will be influenced by the customers. An example of an influencer marketing program is a consumer goods company that produces health and fitness products that appeal to a particular health and fitness niche. The marketing team would then send brochures, print advertisements, or use other media to target this niche. The brochures would contain information about the products and links to customer’s websites where they can learn more about the product.
Marketing research enables marketers to fine tune their marketing strategies to better serve customers. It gives marketers insights into the real desires of consumers. It is through market research that marketers can determine which advertising techniques work and which ones do not. Marketers can also determine which strategies are more likely to generate sales and which are less effective.
