Marketing Concepts Is The Pathway To Success
Marketing is one of the cornerstones of business success. When a company decides to put itself out in the world to sell products or services, it seeks to brand itself with a logo, color scheme and advertising. Marketing also refers to the systematic process by which an organization undertakes, to engage its intended target audience, create awareness to generate anticipation to make good value from exposure, create a competitive edge in the marketplace and maximize return on investment. It can be defined as the use of technology and other resources to facilitate the identification, understanding, and appreciation of a product or service and to promote or advertise it. These activities are conducted to meet the marketing objectives.
Marketing is part science, part art, part strategy. The science refers to conducting scientific research on what works and what doesn’t. This allows marketers to understand consumer behavior to formulate marketing strategies that will be most effective. For example, there are marketing research firms that analyze consumer buying habits and spend patterns to understand what kind of marketing is more likely to draw customers. The concept of marketing is an art comes from the fact that marketing should be able to appeal to the senses. Therefore, one way to increase consumer interest is to incorporate colors, graphics, and images in a manner that will appeal to a target audience.
In addition, marketing research helps companies determine if their marketing activities are achieving their intended goals. It also enables them to measure the success of their marketing activities, compare performance over time and take any necessary corrective actions to strengthen their overall marketing position. As marketing research has shown, a firm using the most comprehensive and scientifically sound marketing approach has a higher probability of generating greater profit and achieving more favorable market share than a company that utilizes the least comprehensive but also most risky marketing approach.
Another drawback of marketing myopia is that it can cause a company to focus solely on the concept of selling a product or service, without considering how the product concept or the services offered will meet the goals of the firm. In many cases, firms that lack a solid understanding of marketing have developed products and services that fail to satisfy their intended purposes because they do not provide customers with the value proposition that consumers need in order to make a buying decision. As a result, firms that lack a thorough understanding of marketing often fail to realize profits and sales. Furthermore, those that lack marketing sophistication tend to fail to see all opportunities around them.
One way to counteract marketing myopia is to use a powerful marketing concept that drives home the value of the unique selling proposition (USP). A strong USP will convince consumers that the firm offers a unique service or product that delivers on expectations. However, even when a firm utilizes a USP, it is still necessary for the firm to conduct research to assess the marketing potential of the concept and to evaluate potential selling points. This is where marketing management practices come into play.
Proper marketing management will help firms to eliminate non-core marketing strategies and focus instead on those marketing concepts and tactics that will drive business. Marketing management will help a firm to develop and implement effective marketing plans to reach the ultimate goal of gaining profit and sales. Proper marketing techniques should be integrated into marketing strategies from the very start of a campaign. Firms that do not take marketing seriously can end up setting themselves up for devastating losses. Therefore, firms that want to excel in today’s marketplace must understand and follow proven marketing concepts.