What is mean by Marketing?
Marketing is the process of planning and executing the conception, pricing, and promotion, distribution of goods, services, and ideas to create exchanges with target groups that satisfy customers and organizational objectives.
When it comes to marketing explanations, there are so many people, media platforms & various kinds of organizations that have presented there are interpretations. So most of the people’s opinion is ‘Marketing is a Sale.’ But according to the management comment, it is described as, “A technique of Selling Products.” But Sales is not the most significant part of Marketing. Actually, the sale is one of a compartment. Further, the latter-day marketing process is a more broad and complicated task rather than the past. Simply, it’s mean, all marketing tasks are directly involved with customers.
To start, here are some explanations from the Authors and various Associations. These definitions help you to understand today’s evolving and dynamic marketplace.
01. According to the American Marketing Association (AMA)Board of directors,” marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.”
02. According to Dr.Philip Kolter & Gary Armstrong,11th Edition, Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
03. According to the Chartered Institute Of Management (CIM The UK) had been defined, Marketing is a management process responsible for identifying, anticipating, and satisfying customers’ requirements profitability.
04. The vice president of the E-commerce fairway market, Julie Brlie defines, traditionally marketing means, which an organization communicates to connect with, and engages its target audience to convey the value of and ultimately sell its products and services.
Since the manifestation, it has increasingly become more about companies building deeper, more meaningful, and lasting relationships with the people that they want to buy their products and services. The ever-increasingly classic world of media complicates marketers’ ability to connect and, at the same time, time presents an incredible opportunity to beguile new premises.
05. According to Mr.Mark Burgess, the managing partner in Blue Focus Marketing, he defines Marketing as the process by which immovable profitability translates customer needs into revenue.
What is Marketed?
Goods, Services, Events, Experiences, Persons (Article, Musicians), Places, Properties, Organizations, Information & Ideas.
Roles Of Marketing
To an Organization;
01. To maximize profit through customer satisfaction.
Most vital role in Marketing. This means you can retain customers for a longer time. So this helps to make a contribution to revenue and profitability. There’s a further effect on profitability because this take possession of new customers is much higher than the cost of sales increasing to current customers. We can improve customer satisfaction using the following ways.
- Promote customer service communities.
- Offer proactive customer service.
- Treated customer asking, with cozy methods.
- Study complaints and compliments with requiring ideas from customers.
- Provide Multi-channel Support.
- Hold daily stand up meetings with your team.
- Slash wait times.
- Make a good social media plan to advertise your products.
- Rethink the approximate Doing Business & Building Relationships.
- Illumine Product Knowledge.
- Set clear expectancy and exceed them.
- Provide additional betterment / Benefits.
- Consider more Feedback.
- Benchmark customer satisfaction.
- Ask how your clients would like to be responded to.
- Embolden agents to take ownership of problems.
- Conceptualize what the customer Really Wants.
- Offer free Product Training & Support.
- Stay present on customer scrutiny.
02. To have healthy competition.
As you know, when we study or analyze marketing, competition is most important to your business or to an organization, because it entrusts you to identify your specific and unique characteristics that are attaining to customers. So this will enable you to market your business more effectively & efficiently to bring new customers.
Now we consider how we can promote healthy competition; as a
business organization, We can practice these below strategies.
- Teach and Promote healthy competition.
- Admire & Reward the best performers.
- Set up expanded goals and objectives.
- Grant truthful performance feedback.
- Differentiate your business organization from other competitors.
- Solve the real customer’s problems.
As we can see from the above facts, having healthy competition plays a major role in Marketing.
03. To increase Sales & Company Reputation.
Another important point is Marketing plays the most significant role to improve sales & company prestige (reputation). When it comes to sales, operations, and activities involved in promoting and selling goods and services include under this. Nevertheless, sales mean one of the small units in Marketing. Apart from that, Generally, sales are dependent on Marketing methods which are the firms use their own styles to sell their products. The other important thing is Marketing will ensure organization survival, growth & reputation. A business survives by reason of customer retention and increases in market share. So that’s why Marketing helps in satisfying customers beyond their expectations. As of today, without a good reputation firm can’t reach their organizational objectives.
To a Country;
01. Enhance Employment Opportunity.
How does Marketing help to increase Employment Opportunities????
Simply, I can answer this. As everyone can understand, Marketing is directly related to sales. With the right marketing strategy, you would raise sales. If you sell more means there’s more production work. More production work means you need more people to work for you.
02. Enhance Resource uses Efficiency & Trade.
According to the economic subject, “Resources are scarce when compared with unlimited Needs & Wants. As a result, every person should be caring when satisfying their wants while using these limited resources. Because of that, every person needs to sacrifice their various kinds of wants to identify what are the most important and want them to satisfy as soon as possible. It depends on their own choice. Because wants differ from person to person. As production firms, they also should be concerned about resources when they produce goods and services. If producers use resources most efficiently, marketers can sell that product more to customers according to their satisfaction. So now we can simply understand marketing may help enhance resource use most efficiently and trade to a country.
03. Advances Marketing with Economic Growth.
Marketing has acquired an important place for the economic development of the whole country. It has also become a necessity for attaining the object of social welfare. Therefore Marketing is considered to be the most vital activity in a Business Enterprise while at an early stage of development it was considered to be the last activity. So now you will understand without direct concern with marketing, as a country cannot be successful and accomplish such activities related to economic growth.
The key Functions and Activities of Marketing
Now we are going to learn what the functions and activities are coming under this. That’s are,
- Identifying customer requirements.
- Satisfying customers.
- Identifying favorable market opportunities.
- Targeting the right customers.
- Facilitating exchange relationships.
- Staying ahead in dynamic environments.
- Utilizing assets and resources effectively.
- Differentiate their products and services from competitors.
- Enhancing profitability through customer relationships.
- Creating value for both customers and organizations.
Marketing Management Orientation / Concepts of
Marketing / Marketing Philosophies
The production concept holds that consumers will favor products that are available and highly affordable. Therefore the management should focus on improving production and distribution efficiency. The concept is one of the oldest orientations; that guides sellers.
The production concept is still a useful philosophy in 02 types of situations.
- When the demand for a product exceeds the supply.
- When the product’s cost is too high and improved productivity is needed to bring it down.
Eg:- Henry Ford’s philosophy was to perfect the production of Model T.
The product concept holds that consumers will favor products that offer the most in good quality in performance & features and that the organization should therefore devote its energy to making continuous product improvements.
Eg:- If a company believes in manufacturing a better mousetrap / golden mousetrap. Kodak assumed that consumers wanted photography rather than a way to capture and share memories.
Marketing myopia is short term marketing. Production concept and Product concept lead to marketing myopia.
This holds that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion efforts.
The marketing management philosophy holds that achieving organizational goals depends on knowing the needs and wants of the target market and delivering the desired satisfaction better than competitors do. The marketing concept is a customer-centered “sense and responds” philosophy.
Societal Marketing Concept
Societal Marketing Concept holds that the organization’s task is to determine the needs and wants and interests of the target market and, to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer and social well-being.
Holistic Marketing Concept
Newly introduced marketing is Holistic Marketing Concept, it includes Internal Marketing, Integrated Marketing, Relationship Marketing, and Socially Responsive Marketing.
“The Holistic Marketing Concept is based on the development, design, and implementation of Marketing Programs, Processes & Activities that recognize their breadth and interdependencies.”
Internal Marketing, an element of Holistic Marketing, is the task of hiring, training, and motivating able employees who want to serve customers well. It ensures that everyone in the organization embraces appropriate marketing principles, especially senior management.
- Marketing Department
- Senior Department
- Other Department
Integrated Marketing occurs when the market devises marketing activities and assembles marketing programs to create, communicate, and deliver value for customers such that “the whole is greater than the sum of its parts.
- Product and Services
Relationship Marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. The ultimate outcome of the relationship is a unique company asset called a marketing network, consisting of the company and its supporting stakeholders- customers, employees, suppliers, distributors, retailers, and others.
Performance Marketing / Socially Responsive Marketing
Marketers must consider the ethical, environmental, legal, and social context of their role and activities.
- Sales revenue
- Brand equity