(Partner Content) Marketing studies the interactions between buyers and sellers and the factors that affect the choice and sale of a product or service.
Marketing is an essential component of a business that enables it to exist and grow. Marketers are hired by organisations and they make their own business strategies and work on advertising and sales to drive the product or service into the market. Marketing is a set of creative activities that are carried out in pursuit of a specific goal. Marketing is a branch of economics that studies the techniques and tools used by organisations to attract customers.
Marketing, therefore, includes the use of mass media such as advertising, promotions, sales, and public relations to reach a target audience. Marketing also refers to the creative process by which an organisation undertakes to engage its target audience, develop value based on the customers’ needs, create value for its clients, and capture satisfaction from buying or receiving goods and services. In business, marketing involves different components such as selling, buying, customer behaviour, and societal marketing. Selling involves the communication and selling practices between a seller and a buyer and buying includes the supply, management, and allocation of buying decisions.
The objective of marketing lies in meeting the requirements and expectations of the market. For example, gamers’ needs are met by marketing efforts on Twitch channels, and many businesses in the gaming industry buy Twitch viewers to boost these efforts. This objective is accomplished through the identification of the needs and interests of the target customer. The marketing concept is then measured against the objectives by determining what will bring profit to the organisation. The marketing concepts of the marketing strategies refer to the creation of products and services, the promotion of these products and services, and the ways in which these products and services will be delivered to the end-users. The marketing concept also includes the development of the marketing plan, the measurement of the success of the marketing plan, and the control of the marketing plan.
Consumerism is about promoting a product or service intended to be appealing to a wide variety of customers. In most cases, the marketing concept is not linked to the satisfaction of consumers but with the satisfaction of the marketing organisation. The elements of a consumer-oriented marketing concept include creating a positive image of the company, building customer loyalty, generating sales, providing discounts, and delivering a product or service to the appropriate target consumers. Other elements of a consumer-oriented marketing concept include advertising and promotions.
Many marketing strategies employ elements of the other marketing concepts to ensure the achievement of the primary goal of marketing, which is to satisfy consumers. Marketing strategies related to satisfaction of consumers include the following. One of the techniques that are used to satisfy consumers is the use of direct marketing. This technique is based on the idea that consumers are able to make purchases decisions when a product or service is offered face to face with them. Another technique that satisfies consumers is the use of television advertisements.
Direct marketing is based on the belief that consumers react more to a specific situation than to an advertisement. A prime example of using this marketing concept is television advertising. TV advertisements allow a company to reach a specific group of individuals quickly.
The marketing concept of selling involves the sale of a product or service to a specific group of consumers. Selling concepts are very similar to consumer-oriented selling concepts. Selling concepts include the following. Promoting a product or service can be done through marketing research. Selling can also be done by using the influence of advertising. Advertising is used to popularize a new concept or to introduce a new product or service.
Each of these marketing activities has its own benefits and drawbacks. A combination of these activities is referred to as marketing research. Marketing research determines the viability of different marketing activities by determining what kinds of products and services would be profitable and effective.