A Brief Outline of the Marketing Management Concept
Marketing is one of the oldest forms of advertising and is still considered to be a powerful marketing tool. It enables organizations to compete with other organizations and reach their objectives. It is a set of processes that are used by companies in order to acquire new customers, promote existing customers and to reduce cost. Marketing is a set of tactics that are applied to promote and create awareness about products and services to the target market. The marketing strategy draws focus on the key benefits that one can derive from the product or service being offered.
Marketing refers to the strategic process that an organization undertakes in order to engage with its target audience, develop strong ties to generate compelling value for consumers, and ultimately capture enough value from the market to make a sale. The marketing activities may include distribution of promotional material, offering discounts to customers or opening new outlets. Some forms of marketing are internet marketing, search engine marketing, electronic media marketing, personal selling, brand marketing and influencer marketing. In any form of marketing, the primary objective is the creation of awareness about a product or service. The objective in all forms of marketing is to persuade the consuming public that a certain good/service is essential, desirable, useful and necessary for their respective needs.
The marketing research is conducted to identify the need, the wants and the expectation of the targeted consumer sector, as well as the sources of potential demand. Research is primarily performed to gather information that will assist marketers in providing a better service or product to their customers. For example, if the marketer is planning to launch a television program in the city where the product was manufactured, the marketing research will determine how many people are likely to purchase the product within a specified geographical area. This information is important because it helps in determining the price range and the marketing activities that need to be carried out to attract maximum sales.
The marketing concept helps in the preparation of advertising and marketing strategy and the formulation of a marketing plan. The marketing research is used to understand the competition in the marketplace, and the factors that influence the acceptance of a particular brand or service. The marketing concept furthermore assists in the selection of marketing instruments and platforms that best meet the company’s marketing goals and objectives. For instance, in case the aim is to obtain publicity, it is crucial to make use of conventional means and methods such as newspaper ads, trade magazines, etc. However, in cases where there is no or very little competition, social media, blogs, viral marketing, mobile marketing and interactive marketing could also be considered.
Marketing concept is important because it influences the acceptance of the product concept and the selling concept. Marketing myopia refers to a tendency to focus on a single marketing concept and under-valuing other marketing concepts that are relevant to the target consumer sector. Consequently, many marketing types are observed in many marketing programs. For example, the selling concept may be centered on the development of products that are unique and require a high level of technological sophistication, whereas the marketing concept may be centered on offering the most desirable product or service, without considering other relevant factors that may affect the product’s desirability.
There are numerous pitfalls for marketers who ignore marketing concepts and fail to gain desired sales. The primary reason behind this is that marketing management is an ever changing field with new ideas being introduced and utilized every day. Consequently, it is necessary for marketers to evaluate the prevailing marketing concepts and apply them appropriately so that they can exploit the maximum potential of their products. This article provides a brief overview of marketing management and its various marketing concepts that can be effectively applied by both small-scale and large-scale businesses.