Marketing refers to the act of an organisation undertakes to engage with its potential market, create strong bonds with customers to generate actual value for that value to be reaped, and then deliver that value to that market. It is also used in much the same way as the other concepts of strategic management: as a tool for creating and stabilising the organisation’s relative positioning in the economy. Marketers understand their competitors and the industries they operate in and know what works within the marketplace and what doesn’t, so that they can adjust their marketing accordingly. The marketing function is therefore an extremely important and crucial one for all organisations. Marketing is the process by which organizations develop and utilise the information provided by their customers and competitors to improve their products and services, to respond to and compete in markets and to promote and distribute their advertising and marketing materials.
Marketing is the science of identifying opportunities in markets to exploit them economically and attract new consumers. While the primary focus of marketing is to generate direct sales and profits, it should be understood that marketing management is just as important as the marketing itself, as it is a means to achieve these aims. It is, therefore, important to carefully assess the marketing strategies that are being put into place, as well as the budget allocation for each strategy. A good marketing strategy will increase consumer awareness and interest in the product and service, which in turn leads to increased sales. By contrast, a poorly implemented marketing strategy can have the opposite effect on the same organization, causing consumer disinterest and an overall decline in sales.
The principles of social marketing management are designed to help managers understand and implement better marketing strategies. For example, these marketing concepts include customer surveys and focus groups, as well as research and testing. These processes are designed to help managers determine what kind of messages are actually effective in generating sales, while allowing them to adjust their message based on feedback from these studies.
Another aspect of coordinated marketing is product marketing strategy. This involves the creation of a specific marketing plan that focuses on meeting the specific, targeted needs of the company’s customers. Marketing managers can create a marketing plan by gathering information from customers, analyzing how the product or service satisfies those needs, and developing a marketing approach that effectively addresses these needs. A good marketing plan will include a description of the product or service, a description of the target market, and a list of the company’s marketing objectives and methods. The plan will then be used to optimize advertising and marketing spending according to these objectives.
The company will then create a series of marketing tactics that it plans to use to reach its target market. One such tactic may be packaging. Packaging is a marketing concept that drawing consumers’ attention to a product or service, which then draws their attention again to the product once they have it. This repetition will not only draw customers’ attention to a new product concept, but will also serve to decrease the amount of time it takes consumers to find and choose that product. This, in turn, will ensure that the new concept becomes established within the marketplace, increasing the likelihood of its profitability.
Marketing concepts can also be used to promote new goods, services, and even events. For example, if a new movie has just been released, marketing managers can create a campaign that highlights the movie’s major elements while leaving out any negative elements. If consumers are interested in owning or renting the film, marketing managers can make renting the film a top priority for consumers, ensuring that the film’s visibility will increase while it simultaneously decreases the amount of time it takes consumers to find and choose it. Similarly, if consumers are interested in attending an upcoming event, marketing managers can create a website that highlights the film’s events and availability, making renting the event a top priority for attendees. By effectively using marketing techniques to promote a concept, a company can ensure that it becomes established within the marketplace and increases the profitability of that concept.