What Is Marketing?
Marketing is one of the key elements that form a successful business. It is a very important element which forms part of any business planning, development and growth and if not properly planned, implemented and managed can have adverse effects on the business. Marketing is a way of communicating your product or service to make it more available to potential customers and clients. The purpose of marketing is to generate new customers, increase brand awareness and drive sales.
Marketing is also known as brand building, customer relations management, and coordinated marketing. Marketing is a holistic approach that takes into consideration the unique attributes of each customer i.e. their shopping habits, purchasing power, demographics, buying habits and purchasing preferences, buying environment, channel mix, channels, target customers, target markets, etc. Marketing therefore focuses on the concept of offering what the customer needs rather than offering what the market or the competition has to offer. Marketers believe that the challenge is to find a balance between what the market wants and what the customers needs.
Marketing is the process whereby organizations address the purchasing behaviors of consumers. This process involves gathering information about consumers, studying their buying decisions and developing marketing strategies based on the gathered data. This enables marketers to understand what consumers are looking for and what they buy on a regular basis. This concept is what is called the science of marketing research.