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Marketing Concepts And The Balance Of Power
Marketing Concepts And The Balance Of Power
Marketing is one of the important aspects that are considered as pillars of a successful and long term business. Marketing is a tool through which companies and other organizations can create awareness among their target audiences. Marketing also refers to the strategic process an organization undertakes so as to engage its target consumers, build organizational ties to create value for its customers, and capture comparative advantage to grow its value proposition. Marketing therefore is a broad term that encompasses a number of process and activities that support growth and development of organizations.
The term marketing therefore denotes the science of reaching out to and communicating to a target audience with the purpose of changing consumer behavior and making them purchase a product or service. Marketing therefore is a strategic endeavor that is implemented to promote products and services to target consumers. It is the primary source of identifying potential customers, defining and promoting brand objectives and marketing strategies. In addition, marketing also serves to ensure competitive advantage by ensuring quality customers and maintaining competitive stability.
For effective marketing to be effective, there are several factors that need to be considered and implemented. These factors include identification of a targeted consumer base, building brand awareness, building customer loyalty, and developing and maintaining customer satisfaction. With the help of a well-managed marketing strategy, marketers achieve each of these key concepts namely building customer consciousness, building customer loyalty, and developing and maintaining customer satisfaction. Each of these concepts is comprised of three elements namely marketing ideas, marketing communication, and coordinated marketing efforts.
Marketing ideas refers to the general concept that enables marketers to come up with specific ideas for advertising a product or service. Marketing is a process through which organizations successfully reach out to their target consumers. A good marketing idea is the one that matches the personality of the company, the type of product it sells, and the ideal way to reach out to customers. A good example of a marketing concept is “customer orientation marketing.” This concept enables marketers to develop and maintain relationships with their customers.
Another aspect of marketing concept is customer orientation. This is the process in which marketers try to make their customers feel that what they are buying is worth buying. This is achieved by ensuring that customers are satisfied with the products or services that they have bought. Consumer satisfaction is the ultimate goal of any business. Satisfying consumers allow marketers to develop and sustain profitable marketing relationships.
The fourth aspect of marketing is planning, which refers to the implementation of plans in order to achieve marketing goals. Planning involves identifying which marketing techniques would best suit the organization, the nature of the products or services that are to be sold, and the appropriate distribution method. Proper marketing also involves analyzing the market, collecting information on potential customers, and creating plans based on the information gathered. Planning is an essential element of any successful marketing strategy.