Marketing is one of the most important activities undertaken by businesses and organizations and involves the use of the media, consumers and other channels to promote products and services of an enterprise. Marketing therefore refers to the act by which an organization undertakes to engaging its target audience to create value for it in order to acquire and create value for itself. Marketing is influenced by various factors such as the time of the market, its structure and the scale of the marketing function. Marketing is the primary instrument for identifying prospective customers, evaluating the market potential, preparing advertising materials, managing competitors and developing and improving customer loyalty.
Marketing plays a vital role in product development. Marketing involves various processes such as research and evaluation, concept marketing, research and development, testing, modifying and redesigning packaging, advertising and promotions. Market research is an essential part of any marketing program and should be completed before planning any new marketing strategy or execution. Marketers conduct market research to gain information about the existing and potential consumer market, the nature of the product to be marketed, potential of channels and methods of selling the product, the consumers who are likely to purchase the product, the channels to sell the product and the prices and benefits of each channel. Market research helps marketers to evaluate the options and choose the most appropriate one.
Marketing managers are involved in the process of identifying the proper marketing concepts and strategies to sell a particular product or service. They ensure that there is a balanced mix of traditional and contemporary methods of selling. Marketing concepts and strategies include advertising, promoting, selling, and gathering customers. Social marketing theories and practices refer to elements of social marketing practice that seek to increase the prevalence and relevance of goods and services through the informal social and community networks. Marketers who adopt various marketing concepts and strategies to help businesses expand their markets, minimize product risks, increase brand loyalty, and maximize returns.