Marketing is a term that can encompass many things. However, when used to refer to advertising or promoting products, it refers to the practice an organization undertakes to engage its target market, develop relationships with consumers, create value for customers, and then extract value from this relationship in order to earn more profit. It can be considered to be a subset of advertising. Marketing can be done through print, electronic media, or a combination of these.
How Modern Marketing Came To Be
The marketing concept has evolved through the ages. In ancient times, marketers would develop advertisements based on animal images to entice consumers to buy. Today, the image of cowboys, or athletes, is far removed from our traditional ways of thinking. Instead marketers have developed a concept that is more complex, yet essential to the success of any marketing effort.
Nowadays, consider how quickly and efficiently a consumer can reach the products and services they want. One click and a biker can find balance bike races near them, and they are likely to encounter many brand logos if companies are looking to convert the biker into a prospective customer. Branding and targering are a large part of modern marketing strategies, and they are highly effective.
Comprehensive Marketing Management
Marketing management requires the development of a comprehensive social marketing concept. This concept must include core elements such as selling, advertising, and promotions. However, there are other secondary components that are equally as important. These components include customer service, motivation, and the production process itself.
- Selling: The selling concept is at the core of all marketing efforts. Without selling techniques, it is impossible to generate consumer interest in any product. It is imperative that marketers explore creative ways in which they can sell to their target consumers. Many times marketers will use a number of marketing techniques to get their messages across to consumers. However, many times these techniques fail to resonate with some consumers because of marketing myopia.
- Advertising: Advertising plays an important role in a marketing campaign. The success of any advertising effort depends on a well-designed and executed advertising campaign. Advertisers research and should test a number of advertising techniques before implementing them. Once tested, these advertisements should be refined and altered in order to reach a wider audience. When a successful advertisement is produced, it can spark a consumer’s curiosity and inspire him or her to purchase the product being advertised.
- Motivation: In order for a business to succeed in any competitive industry, it is necessary to have a strong sense of purpose. Business owners and managers should conduct a thorough marketing research in order to determine what motivates consumers to purchase their products. The marketing research should identify both positive and negative aspects of the selling process and explore options that will increase overall profitability. Once a strategy is developed that increases profitability, it should be used in all marketing activities.
- Consumer service and satisfaction: Marketing strategies should incorporate measures that will help marketers improve the level of consumer satisfaction. Satisfied consumers have a higher rate of purchasing repeat business from the same source and are more likely to refer others to purchase the product being promoted. Marketers should also explore ways in which they can improve their service to their customers. When consumers feel better about buying a product or service, they are more likely to make future purchases from the same company.
Summary
Marketing management starts with the conception of a marketing concept that can drive the business forward. The marketing concept must define the product and the services it will provide. It must determine the target market and explore ways in which it can attract these consumers. It should be able to quantify the effectiveness of its efforts by tracking customer satisfaction and market share. Once these concepts are decided, marketing managers should set up a system that will allow them to track and measure these concepts on a regular basis. This system should be continuously evaluated in order to optimize its effectiveness.
