Marketing is one of the most important aspects of any business venture. Marketing refers to the methodologies, processes and models that an organization undertakes in order to engage its customer base, create strong relationships with customers to create value for the company in exchange for their purchase and ultimately capture profit from the sale of products or services to customers. The term marketing therefore, encompasses a diverse range of activities that are undertaken by organizations in order to enhance their client base and sales through a combination of marketing and advertising initiatives, product promotions, and customer relationship management systems. As a result of these activities, organizations are able to meet their client’s needs and increase customer satisfaction.
Marketing strategies can be used to communicate the product or service that an organization provides to its consumers, attract new customers, provide assistance to current customers, and create a positive image that promotes future sales. In all three areas, an organization must have a sound understanding of its market, be aware of its competition, and implement marketing concepts that will effectively promote its goals. In addition, marketing principles should also take into consideration issues such as social marketing concepts, such as building consumer loyalty, generating mass customer buying impulse, and developing and maintaining long-term relationships with consumers. It is also crucial to incorporate these same principles in the workplace because the workplace is a place where people come to work and play, making it a key environment in which to conduct marketing campaigns.
Marketing managers should be focusing on three things: fulfilling client needs, driving sales, and building organizational capital. The last point refers to evaluating marketing strategies and implementing them to improve a company’s bottom line. Most marketers spend a great deal of time implementing marketing tactics, which often leaves them with little time for the other crucial aspects of the job – meeting the needs of consumers and building organizational capital. Because marketing is a critical component to organizations, marketers need to develop skills in managing their own time, juggling priorities between their own efforts and that of their marketing departments, and identifying opportunities to build relationships with consumers. Marketers need to be willing to adapt their marketing strategies to match those of their organization, as well as finding ways to increase productivity and build consumer loyalty.