In the world of marketing, there are many diverse definitions and variations. Marketing is a unique branch of the business world that revolves around the marketing processes, practices, and concepts of a business enterprise. Marketing refers to the strategic process an organization undertakes in order to identify its target market, develop relationships with those markets, create value to capture that value in exchange for money, and make available to the market the best products or services that meet that market’s needs.
Marketing thus encompasses the different aspects of research, development of marketing strategies, collection of data, analysis, and formulating strategies for implementation and timing. Some businesses use social media in their marketing research because it is easier. Also, they may use websites such as YouTubeStorm to reach a wider audience and get better results from their research. The focus in marketing therefore is on identifying opportunities and threats in the marketplace, formulating strategies to counter those opportunities and counter those threats, and finally, executing the plans.
Marketing Concepts
Some organizations focus on providing goods or services directly to customers, whereas others offer their products or services to a third party. There are also marketing concepts that apply to both selling products or services and promoting products or services. A prime example of this is societal marketing, which applies to marketing activities that tend to promote a community, government, or other group. Marketing management focuses on these types of marketing concepts.
For marketers, a good marketing concept is one that is flexible enough to meet the changing needs of consumers, yet consistent with established marketing practices. This allows for marketing managers to respond to consumer preferences over time. Consumer attitudes toward new products and services can vary considerably over time. Thus, in order for marketing managers to be successful, a marketing concept that is flexible enough to incorporate current trends as well as potential threats is needed. Therefore, a marketer needs to choose a marketing concept that is capable of evolving as the needs of consumers themselves do.
Consumers Should Understand Marketing Communication
Another important quality of a good marketing concept is that it should be easy to understand and use by consumers. Marketing concepts that have too many complicated concepts for laymen to understand are likely to result in marketing myopia. Consumers simply become confused by the various legalese in a marketing concept and choose a product concept that is easy to understand. However, this does not mean that the concept should have limited appeal to the layperson; it simply means that it should be simple enough to be understood by most people.
A final quality of a good marketing concept is that it should be highly targeted. It is impossible to market a product or service effectively if it is not highly targeted. A marketing concept should be designed so that it is effective at targeting its audience. Some concepts target a broad range of customers and fail to convert them into buyers. Other concepts target a specific audience and very few customers satisfy with them.
Matching Marketing Goals
When looking at a marketing concept, a marketer should take into consideration how well the concept matches up with market goals. For instance, a marketing concept that is intended to sell lingerie may not be well-suited to selling clothes. Marketing goals should be clearly defined and aligned with the objectives of the company. The best marketing concepts will integrate all aspects of the company’s business and help it to achieve measurable objectives. If a marketing concept does not align with company objectives, it simply will not work.
Once a concept has been chosen and implemented, it should undergo some form of marketing research. Marketing research is a systematic approach to finding new ways of selling the products of a company. By conducting thorough research, a marketing research concept can identify the successful selling practices of other companies. The same can be applied to a concept by a company in order to identify the factors that helped the company to sell more shirts, make more money or attract more consumers. Such information helps the company to improve upon its marketing practices so that it can achieve similar results.
Factors Of Effective Marketing Research
There are many other factors involved in making effective marketing research. For instance, choosing the right company to conduct the market research depends largely on whether the company is a start-up, a small or a large enterprise. Market research also helps a start-up to determine the appropriate selling techniques for their products. The effectiveness of such marketing activities ultimately depends upon the level of trust that consumers have in the company conducting the marketing activities.
