A Few Basic Concepts of Marketing
Marketing is an overall term that encompasses a wide array of activities aimed at the communication of information to customers, the creation and development of products and services, management of the firm’s financial assets and also the promotion of those goods and services. Marketing refers to the entire process an organization undertakes to engaged its target audience, develop strong relations to make value out of the assets in return for investment, and create value for the firm to gain profit. In simpler terms marketing is about creating and distributing a product or service so that people are willing to buy it and eventually return it to you. A firm can either create the market or promote their products and services through marketing strategies.
One of the most important marketing concepts is marketing research, which is basically the process of gathering information from the consumers about what they need and want. This information is used by marketers to understand what consumers need and want and use this knowledge to produce something that meets consumer demands. Marketing also involves studying consumer behavior and their buying tendencies and preferences so that marketers can use the appropriate marketing strategies in their products and services so that consumers will purchase these products and services. The basic concepts of marketing include the design and creation of products and services, research in the target market, customer analysis, pricing and promotions, etc. It also includes other activities such as controlling distribution channels, publicizing the firm’s offerings, etc.
Marketing also incorporates various concepts like advertising, branding, research and development, and coordinating marketing with the other aspects of the firm. These concepts include planning, developing, executing, and controlling the various aspects of marketing. Planning involves the strategy and timing of introduction of marketing techniques, analyzing customer needs, designing the marketing mix, measuring and monitoring results, and developing appropriate measures to achieve desired results. Branded branding on the other hand refers to creating and maintaining a distinctive brand image for products and services that help to increase customer satisfaction.