The concept of Marketing tells about an Advertising a company’s products in the best and achiveable way. It includes identification of a product and demand, deciding its price, and selecting channels of distribution.
Meaning of Marketing:
Marketing is concerned with the activities of a business related to buying and selling products or services. It helps in finding out what consumers want and determining whether it is possible to produce it at the right price and at right time. Then the company makes and sells it.
Concept of Marketing is an understanding of what the customers are actually want.
Definitions related to the concept of Marketing:
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
-American Marketing Association
The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
–Dr. Philip Kotler
Marketing is traditionally the means by which an organization communicates to, connects with, and engages its target audience to convey the value of and ultimately sell its products and services. However, since the emergence of digital media, in particular social media and technology innovations, it has increasingly become more about companies building deeper, more meaningful and lasting relationships with the people that they want to buy their products and services. The ever-increasingly fragmented world of media complicates marketers’ ability connect and, at the same, time presents incredible opportunity to forge new territory.
Process of Marketing:
It includes various steps which explains that how marketing is executed :
1.Understanding the Marketplace And Customer’s Prefrences:
It is important to understand customer needs, which includes the physical need for necessities like food, clothing, shelter, wants (described in terms of objects that will satisfy needs)f or example, an American in Netherland needs food but wants McDonald’s. and demands (people demand products with benefits that add to the most value and satisfaction). This increases long-term customer relations.
2.Designing A Customer-Driven Marketing Strategy:
The company decides who it will serve and divides the market into segments of the customer. Then it focuses on specific sections of the market or its target market. For designing a marketing strategy the Focus Areas are:
- Defining the target market
- Choosing a value proposition(Deciding how to serve customers in the best way)
3.Constructing an integrated marketing plan:
The concept of marketing explains that the marketer develops integrated marketing plans which will the intended value to target customers. It is concerned with the firm’s marketing mix (4Ps), the set of marketing tools for implement its marketing strategy.
4.Build Profitable Relationships:
Customer relationship management is covered under the concept of marketing which emphasises for performing the overall function of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
CRM try to produce high customer equity, the total combined customer lifetime values for its all customers.
5.Capturing Value From Customers:
Marketers cannot build and create customerv relationships by themselves. They need to work closely with the other departments of the company and with outside partners of the firm.
To being good at customer relationship, they need to be good at partner relationship management.
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