The world of marketing has evolved over the years into a complex set of concepts and overtime marketing has become one of the most important marketing strategies for business. Marketing involves the process by which an entity creates a product or service to provide a product or service to the market and then engages in marketing the product or service to the targeted market. Marketing is not just about creating a product or service to sell but also about engaging with potential customers and creating a positive image about the organization. In today’s competitive business environment, marketing is one of the most important factors that impact the overall success of any business.
Marketing activities should always aim at providing an advantage to the organization over its competitors. A good marketing strategy should be able to determine the needs of the market, establish relevant facts about those needs, and then develop relevant marketing activities that address those needs. A wide range of marketing activities takes place in all organizations, including research, development of products and services, handling complaints and disputes, and developing public relations programs. Marketing research is an important part of all marketing activities.
Consumer oriented marketing concept is one of the most important marketing concepts around. Consumers are generally satisfied when buying good quality goods and services. A wide range of integrated marketing practices such as advertising, sales promotion, sales promotion, and marketing support are required to satisfy consumers. Developing a coordinated marketing program to reach the mass consumer base is very important to the overall development of an organization.
Developing comprehensive marketing management policies requires systematic application of various marketing concepts. A comprehensive marketing management policy can be categorized into five basic marketing concepts namely; societal marketing, institutional marketing, consumer marketing, pro-active marketing, and integrated marketing. Society-oriented marketing involves the development of brand awareness for the purpose of selling goods and services through socially responsible marketing campaigns. Institutions-oriented marketing involves developing good corporate policies to promote learning and growth within the organization.
Consumer marketing concept focuses on the needs and aspirations of the consumers. It seeks to meet the changing needs of the consumers and thus attempts to provide goods and services with new and improved designs and qualities. This type of marketing management concept concentrates on creating awareness of the new products and designs, as well as the new brands and styles of goods and services that will suit the people in the target market. Pro-active marketing involves taking necessary steps to respond to the changing consumer preferences to avail of improved products and services. Integrated marketing involves a greater involvement of planning and organizing in order to provide better products and services to the target market.
A wide range of marketing research is conducted to study consumer attitudes towards different goods and services and also to examine the marketing ideas and concepts that are most suitable for promoting goods and services in the market. These concepts are combined with relevant market research to formulate a strategy for promoting products and services. A marketing strategy is designed to achieve the overall marketing goals and thus includes strategies for reaching out to a larger audience. A marketing plan includes a description of the goals, objectives, measures, and procedures and a timetable for implementation of the plan.