A Marketing Strategy For Success
Marketing is a way of getting the word out about a product or service. Marketing, therefore, is more than simply advertising. Marketing refers to the entire process an organization undertakes in order to engage its target consumer, develop strong customer relationships to earn value for that value, and deliver value to their customers in the form of goods and services. For this reason marketing is an ever changing field, and one characterized by constant change. While it may seem easy to define marketing, in reality it is a complex endeavor involving many different facets and influences, and marketing success depends on the ability of a firm to identify, plan, implement, and monitor these various aspects.
Although marketing management is not a fixed science, there are five basic marketing concepts that are considered to be the pillars of a sound marketing management system. These include concept of consumer/ supplier-marketing interaction, concept of market segmentation, concept of marketing programs and concept of social marketing. These fundamental concepts are interdependent, and marketing principles vary from one industry to another, so it is best to have a firm grasp of each of them in order to effectively manage any marketing program.
Consumer/ supplier-based marketing relates to those activities designed to satisfy or affirm the interests of consumers. This includes research, development of product and service, marketing to existing customers, and sales support. Market segmentation focuses on drawing together the various groups of consumers to whom the firm sells products or services. Social marketing relates to these efforts in a generalized manner, aiming to attain broader consumer awareness by including the group of people who will most appreciate the products or services offered.