WHAT IS MARKETING?

Marketing can be described as the strategy adopted by individuals, organizations, and corporate bodies to promote their products and services. Marketing can be done through extensive research and advertisement. It is a step by step process that involves teaching consumers or a targeted audience the reason to choose or use a particular product or service offered by an individual, a firm or an organization over those provided by the competitors in the same industry. 

Concept of Marketing

This can be described as the concept an organization uses to carry out their marketing strategy. They include the following

  1. Production Concept: This is a marketing concept that allows consumers and users of a particular product or service prefer a product that is available and highly affordable. It is one of the oldest and most commonly used marketing concepts. The primary disadvantage this marketing concept pose to organizations is the risk of focusing on a particular set of people or operation thereby causing them to lose the real market or the principal goal of marketing. Organizations can improve on this concept by finding ways to enhance production and distribution efficiently.
  2. Product Concept: This is a marketing concept that allows consumers focus on quality, performance, and features that are innovative. It is aimed at continuous improvement on products and services.
  3. Selling Concept: This is a marketing concept that allows consumers the chance not to buy a firm’s product unless such products are sold on a large scale. This marketing concept focuses on organization building a strong portfolio that will allow continuous patronage from consumers of their product over an extended period. It is usually practiced with unsought goods. Unsought goods are the ones that a consumer will not buy except he has a significant reason to. Such goods include insurance on cars and houses.
  4. Marketing Concept: This marketing concept deals with organizations knowing and understanding the specific needs and wants of their target market and delivering far above their competitors to stay in the market. Here, the primary focus of the marketers is directed at the consumers and the feedback they get from them. The idea behind this marketing concept is to find the right product for your consumer and not to find the right consumer for a particular product.
  5. Societal Marketing Concept: This is a marketing concept that studies the relationship between the wants of a consumer in the short run and their desires on a long term. It focuses on delivering products and services that are of societal values to the consumer. It tends to meet the need of every consumer socially and environmentally while ensuring that the ability of future generations to use a particular product or services is enhanced.

Purpose of Marketing

Every marketing strategy employed has a significant aim to serve. The three principal mission good marketing strategy should serve are:

  • Draw the attention of the target audience and market
  • Accelerate a consumer prospect of deciding on a particular product or services
  • Offer potential customers with a detailed and precise call to Action

Marketing is regarded as the key foundation of every business enterprise. Selling more product and services through marketing is important.

Types of Marketing.

Depending on the product or services to be marketed, there are different types of marketing model that a business can adopt to make it scale and grow. Marketing can be carried out through print adverts, radio jingles, television advertisement and many more. Individuals and organizations use direct emails and internet marketing to reach their target audience.

Other types of marketing strategies used by companies include referral marketing, social media marketing which allows them to get positive feedback from their customers.

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