Marketing refers to promotional activities that a business undertakes in order to advertise the sale or purchase of a particular product, service, or asset. Marketing also refers to promotional activities undertaken by organizations to publicize and promote their brands and products. The marketing activities of firms may be designed to create brand awareness, increase product sales, attract new customers, enhance product development, respond to customer demands, and respond to competitive threats. All these activities help in promoting the sales of the firm’s products and services.
Marketing has emerged as one of the most important factors behind the success of companies in business. It involves the process by which organizations advertise their products and services so that they are able to attract large-scale consumer base. For this reason marketing is known as the backbone of any successful company. Marketing not only provides a boost to the sales of the firm’s products and services but also helps in increasing the level of satisfaction that customers feel when purchasing the products and services of a firm.
According to the economists marketing is a concept of creating a competitive advantage by communicating to the target audience, particularly the potential customers. Marketing is an interactive process that takes place between the seller and the prospective customer. It involves the development of a message that is intended to communicate with the target customer so as to persuade him or her to make a specific purchase of a product or service from the seller. The marketing concept can be regarded as a concept of communication that brings both the seller and the customer together. It helps in identifying and satisfying customer requirements.
Satisfaction occurs when the customer buys goods/services from the seller because he or she fully satisfied him or herself through the communication process. Studies have revealed that only 20% of all the consumers to express satisfaction after making a purchase of a product. This figure surprisingly coincides with the findings of researchers who claim that a majority of the market share should be attributed to selling concept. According to the studies, marketing actually drives customers to take up further purchases which leads to increased profits. This results to increased satisfaction amongst consumers.
Marketing should be considered as a communication process that brings together the seller and potential customer. If the potential customer does not fully understand what is being offered to them, it becomes difficult for the seller to push through with his selling process. Thus, it becomes necessary to focus on creating a communication environment that helps in creating trust between both the parties. For example, it is crucial to consider establishing trust and credibility before imparting any product information. Trust and credibility can be established through various strategies such as producing catalogues, pamphlets etc that provides a clear and detailed information about the company, its products and services.
In order to create a large customer base, it is important to build a strong relationship with the consumers. Through a solid relationship marketing strategy, organizations are able to capture the attention of the potential customers and convince them into buying. The success of marketing depends on the selection of the right marketing concept. It is very important to work with a team that includes experienced professionals who have a good understanding about the marketing industry. They play an important role in ensuring that a business utilizes the best tools available to achieve its marketing goals.