Marketing describes various activities a business undertakes to advertise the sale or purchase of a specific product, service, or item. Marketing involves the use of media to publicize the selling or purchasing of an item or service. It is the most visible method for creating and projecting the image of the seller or the brand in the marketplace. Marketing can be done through advertising in print media, television, radio, and internet. However, television, radio, and print media are considered the best as they reach the targeted audiences at the most convenient time.
In order to implement marketing concepts successfully, the seller should clearly identify the competing interests and demands of the consuming public. A firm should have a plan on how to satisfy the consumer needs. The marketing concept should be flexible and able to adapt to changing consumer needs. In addition, the marketing concept should also allow room for price innovation. It should be able to take into consideration new market demands and the fluctuations in commodity prices. This would result to significant cost reductions in the production of goods and services.
Another important factor to be taken into consideration in the marketing concept is market research. A market research report is needed for every business that wishes to make a mark in the market. It gives the business owner’s an overall view of the market, giving them the ability to see the demand and supply situation. Knowing this, they could adjust their marketing strategies accordingly and come up with effective products and services to answer the consumer’s needs. A market research report also allows entrepreneurs to get acquainted with their competition, thus enabling them to strengthen their foothold in the market.
Influencer marketing refers to a new form of online advertising wherein businesses seek to gain the favor of consumers by giving out free stuff to encourage them to patronize their goods and services. However, this does not mean that a business would simply give out promotional items and give away their secrets. Instead, a business would seek to leave a positive impact on consumers by doing things that can create brand loyalty or trust. For instance, it might target small businesses and start their advertising campaign through them because these establishments have a greater chance of being successful in the business. They are more likely to become loyal customers than larger corporations who may be competing against a smaller business.
Another type of marketing strategy is Relationship Marketing. In this marketing strategy, marketers seek to create a relationship with consumers by offering them something that they need like coupons or freebies. The marketers’ aim is to build loyalty in consumers by continuously providing them with products or services that consumers are likely to use in the future.
All the three concepts mentioned above pertain to various aspects of marketing. All these factors contribute to one ultimate goal of advertising: marketing the product or service successfully. This is where product development and advertising come into play. Without the proper marketing strategy, there will be no success in advertising or product development.