What is Marketing? This question may have crossed your mind if you are looking for a job. Marketing refers to the act an organization undertakes to interact with its target audience, develop positive relations to generate more value in return for investment, and make a profit. Marketing is not just about creating products and services that meet the needs of the customer but also about engaging with the market. Marketing managers are tasked to build and maintain long-term relationships with their target customers and this involves understanding the psychology of buying.
The above mentioned factors are important factors to consider in building a successful marketing concept. However, it is very important to make sure that each of these components is clearly defined. A vague marketing concept that is capable of satisfying consumers will likely be one that is not sustainable. Likewise, developing and implementing a good marketing concept will be futile without coordinating marketing efforts between different departments. In addition to coordinating marketing strategies, there are also other elements that need to be considered such as market research, identifying customers’ preferences, analyzing competitors, developing quality standards and constantly updating the company website.
A firm that does not monitor its marketing activities or sales performance is like a man who has a dream of driving a car without any preparation and then taking it for a spin. Although a well-planned marketing research and development strategy will make it easier to identify selling potentials and minimize losses in selling processes, no strategy would work without conducting adequate market research. Most of the sales strategies developed by marketers fall under marketing research and development which involves collecting information about consumers’ buying behaviors and patterns; analyzing the strengths and weaknesses of the product or service and developing a strategy around these factors. Market research is used by companies to determine the demand for a product or service before deciding on the most effective selling approach.