What is Marketing and why Is It Important for Any Business?

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marketing-teamMarketing involves communicating the value of a service or product to its target market in a bid to selling the consequent service or product. Apparently, the target market comprises of the ensuing customers who effectively use products or services. Marketing establishes a link between a business and its customers’ material requirements by providing an economic pattern account on the societal response to a product or service by building an intermediary relationship. Marketing builds an intermediary relationship between the service or product and the customers by amalgamating processes of communication, delivering and creating value to the customers. The ultimate organizational function behind marketing results to an understanding on aspects like customer value and consumer buying behavior.

Marketing involves processes like branding where the branding image gives a representation on consumer perspectives to an organization. Marketing through branding brings about a personality for a service, product or an organization altogether. It involves communication methods such as promotion and advertising that rely on consistency in developing designs, colors and images which reflect on an organization. Marketing comprises processes of identifying customer requirements and needs, and consequently determines the most suitable methods of meeting the latter needs in a suitable manner than competitors. This is achieved by determining the potential customers, their needs and maneuvering the most suitable product, price and promotion strategy. Researching on the target market provides ample information on customers and prompts a consumer oriented service production that results to consumer loyalty.

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It is important to note that customers have choices on products. They also have a variety of ways in spending their monies. Developing fashionable and attractive products based on customer requirements is not always enough. As a result, marketing has to be continuous and consistence in monitoring customer preferences. This calls for the invention and innovation of new products, phasing out the old products as time goes by. Marketing also determines the customer’s impression on value and the ultimate prices charged. Customers develop psychological connotations and a metal picture on a product’s worth. This reflects on the danger behind using low prices as a marketing advantage as it may compromise the perspective on quality. Marketing sets in as a remedy in such an instance by providing necessary market information that orients the right prices based on integrity and the consequent brand.

Promotion as an aspect in marketing involves advertising on radio, TV, cinema, poster sites, online and in the press. Secondary promotional methods include merchandising, sale display, telemarketing, direct mail, seminars, exhibitions, door drops and loyalty schemes. The main skill in marketing communications involves developing campaigns that incorporate a variety of these methods for effective results. Nonetheless, it is imperative that the messages communicated will be consistent and support each other such that customers do not get confused. From this perspective, a clear understanding of what the brand represents gives a clear consistency in the message. The main objects behind advertising involve creating awareness, positivity or reminding people of the product or service. This achieved through gaining customer attention and maintaining their interests. Consequently, the right messages should be directed to the right audience. For instance, the right media will depend on who the listeners, readers and viewers are and how closely the relate or resemble the target audience.

Marketing should also give a description of the distribution points of the products and their physical location. It can also encompass the management behind the processes encountered in bringing the products to the end consumer. Proper marketing involves constant evaluation since marketing cannot be launched and left to swim or sink on its own. Various monitoring strategies should be put in place for the realization of maximum benefits while eradicating costly errors and the risk of market share loss. Monitoring will involve surveys that enable one discover customer perspective on marketing campaigns. This can be achieved by requesting for verbal, written or online survey from the customers.

Results can be vital in customizing the apparent marketing such that it suits and attracts customers even more. One can also interview salespeople and vendors on the impact behind their marketing initiatives since they have a better idea on the target market at the ground. The same can be amalgamated by studying competitor actions by determining whether your marketing is of effect to them in any way. If they amend their marketing strategies your way, then you probably are in the right course, otherwise a counter would reflect on a demerit.

A post by Kidal Delonix (2506 Posts)

Kidal Delonix is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.
Chief editor and author at LERAblog, writing useful articles and HOW TOs on various topics. Particularly interested in topics such as Internet, advertising, SEO, web development, and business.

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