Marketing is one of the most important and perhaps one of the most overlooked aspects of business management. Marketing refers to the whole process by which an organization undertakes to interact with its target audience, develop strong relationships to generate value for potential customers, and capture enough value from the customer to eventually make a sale. Therefore, if the objective is to achieve marketing objectives, then the focus has to be on marketing. However, when the marketing process is conducted through channels such as direct mail, TV commercials, billboards, public announcements, and other forms of marketing, these activities are usually referred to as Customer Marketing or Brand Marketing.
Marketing through these channels requires a systematic approach involving at least three distinct stages. The first stage involves defining the market, analyzing the competition, and identifying relevant marketing opportunities. This stage also involves gathering market information such as consumers’ age, income, purchasing power, and other factors that are necessary in formulating the marketing research questionnaire.
The second stage is concerned with evaluating the marketing concept holds for the target markets. Most businesses fail to satisfy their customers because they fail to understand what their customers want. Satisfying customers is a very important factor in the achievement of marketing objectives. A complete understanding of the desires and needs of the target markets is imperative to ensure success in marketing activities.
Finally, marketing management focuses on developing a strategy and implementing it. This includes establishing the marketing concept, collecting the appropriate data, analyzing the gathered data, formulating the appropriate marketing concept, and testing the marketing concept. In addition, a firm can also conduct additional activities such as training, giving exhibitions and presenting brochures and catalogues to maximize the marketing potential of the products. Marketing is therefore a dynamic and active process that continuously undergoes changes and improvements. However, even with these developments, there are certain concepts and elements that remain constant throughout the process of marketing.
The marketing concept should be such that it provides the consumers with the information and tools that they need and desire. For instance, if a firm sells shoes, it should not only provide information about the features of the product but should also show consumers how to care for and maintain the shoes. Marketers should therefore provide consumers with strategies that would make caring for the shoe easier. Proper distribution of information and guidelines will help in developing proper strategies and creating a favorable customer impression. Likewise, once consumers understand how to care for the product, they will definitely purchase it.
It is important for marketers to realize that marketing is a continuous process that requires constant adjustments and evolution. However, regardless of the level of change in marketing, marketers should only focus on developing their skills and maximizing their potentials. Proper and sufficient implementation of the marketing strategies and concepts is a must in order for marketers to become successful. As such, marketing does not stop with the development of the market concept and strategies but should also continue to evolve based on the desires of consumers. Furthermore, marketers should continually develop and explore new concepts so that they may improve their strategies and techniques to generate greater profit.