Marketing is a concept that has evolved over the years with new technologies and the introduction of various tools and media that allow for the fast and efficient distribution of information. The importance of marketing is becoming increasingly evident with the increase in disposable income of the average person. Marketing involves the use of a wide variety of communication systems to make known a business opportunity or promote a new product. Marketing also consists of the collection of data, used to evaluate customer needs or the viability of a new venture.
Marketing is a way of identifying, anticipating and satisfying customer needs. Marketing is a tool to enhance the performance of an organization by using creative methods to acquire, organize, channel and plan for customer needs. Marketing is basically the process by which organizations utilize their competitive advantage by discovering, anticipating and satisfying customer needs. Marketing therefore, refers to the strategic process an organization undertakes in order to engage its clientele, develop rapport with customers to generate positive value for sales, establish customer loyalty by meeting customers needs and wants and build firm, credible, enforceable brand reputations.
In today’s market, marketers should work to understand their customers needs and wants. Marketers should focus on solving their clients’ problem, not just providing a solution. This is because many times marketing concepts are poorly informed or misconstrued, resulting in marketing myopia, which is, “if it is not broke, don’t fix it”. Marketers should instead be constantly educating themselves on new product concept, developing new marketing processes and measuring the results of their marketing campaigns.