Marketing is the process of creating communication, delivering, and exchanging an offer that gives value to clients and customers. Marketing is defined as “the activity” by the American Marketing Association. Basically, the term “Marketing” doesn’t mean to go market with some kind of staff for sale. Marketing is management that identifies, anticipates, and satisfies the customer with their profits. Marketing is a combination of 7 P’s
Marketing is the process in which you can bring a product to market including these steps; Marketing segmentation, pricing, and promotion strategies, developing communication skills, market research, determining distribution, and vision for long-time market development goals. There are many parts of the marketing process “e.g. brand management, advertising art director, product designing, etc”.
The marketing concept is to satisfy the organizational objectives, an organization should accept the needs and wants of the customer. In marketing, you have to understand these concepts
- Needs: The Necessity of People to live a healthy, safe, and happy life, when needs stay unfulfilled adverse outcome: dysfunction or death.
- Wants Something which is not necessary, but that is your desire or wish. Want are not essential for life survival.
- Demands When the needs and wants have backed the ability to pay. Then the potential to become economic demand.
For the development of the product and improvement of the product, marketing research is conducted. It is directly related to the consumer’s needs. Customer’s needs are beneficial to market segmentation it is related to dividing the market into different categories of customers on the basis of different desires for customers that might buy separate products or who may buy marketing mixes.
Needs-based segmentation “beneficial segmentation”, “place the consumer’s desires at the forefront of how a company works or how its desire and marketing products and services”. Although need based segmentation is not easy to do in practice, it is one of the most effective ways for segments a material.
Designing is the best way of and how it will fulfill advertisements and promotion to show how this product or service is beneficial for customers and how it will fulfill customers’ desires.
What is Marketing Orientation?
Marketing orientation is the philosophy of companies that focuses on developing and fulfilling the needs and wants of their customers through their products. In the past marketing concentrated on establishing selling points for existing products, orientation works in an opposite manner.
The Production Concept or Orientation
The Production Orientation or Concept refers that customers will always buy and recommend products available in the market at an affordable price.
It is the oldest concept in marketing and manufacturers following this orientation focuses on only two things
This marketing strategy is useful for some products.
The Product Concept or Orientation
The Product Orientation or Concept refers to that customers will not go for an affordably priced product. They will surely go for innovation, qualitative, and better product performance. This concept is usually adopted by the electronics company.
Manufacturers under this concept always try to improve their product features. They make marketing research, and add advanced values to the existing product in the better version like Mobile manufacturers using a better camera, more ram, and processor.
The Selling Orientation keeps the ideology of selling through extra promotional activities. They believe, their sales are not based on production and product concepts. Their sales depend upon promotional activities they do with different types of advertising and promotional campaigns.
The concept behind this orientation is that customers repeatedly watching ads or promotions may buy repeatedly. They easily forget their past experience with that.
Marketing Orientation or Marketing Concept
Know what your customer wants, how they want, where they want, why they want, and how much they want. In simple words, this marketing concept believes in achieving long-term and short-term organizational goals by knowing the customer at its best level.
The motto is Customer First and Target is Customer Again
It is strongly customer oriented. They totally want to make products for the customer and never rush to find a customer for products.
Societal Marketing Orientation
Societal Marketing Orientation thinks of doing something for welfare, both for consumers and non-consumers.
They believe to do improvements in both and in society too. Doing something like, flood donations, concerts and seminars for orphans and a few similar activities suits best in this example.
This is a newer concept in marketing after the acknowledgment of global warming. Industries and Organizations started to do social welfare and got some good responses in eyes of clients.
Importance of Marketing
Marketing is the heart of the business. Most businesses are based on successful marketing, It advertises the products or services. The overall marketing umbrella covers advertising, communication, promotions, and sales. Marketing is a process by which a product or service is introduced all over the world and without marketing your company may offer the best product or service in your industry but none of your potential customers, targeted by Advertising media or salesman will know about your product or service. Without marketing, your product sales may crash or the company may have to close.
Getting Word Out
For a successful business, the product or service must be providing awareness to buyers. You have to use marketing strategies to create product or service awareness. Without marketing, your customer may never know about your business offers, and your business may never give progress and success. Marketing gives you an opportunity to promote your product, services, and company, with the help of marketing your business has a choice to build up and promote more than your competitors.
If your product, service, or company should get a place on the radar screen of your prospect, it increases your chance that the customer will make a buy. Awareness is a reality and the main focus of high sales. If customers are not aware of your product, service, or company then how they buy something and how your sales will be high. Awareness is a point where new customers start to spread the word. Your sales will highly increase as the word spreads. Without marketing these sales may not happen, without sales, a company or business cannot succeed.
An environment is fostered by marketing in the marketplace for healthy competition. Marketing can make out on the pricing of products and services which not only reaches the potential consumers but also it reaches the door of competitive companies. As opposed to those companies which have a rich control of products and services those companies can charge any price.
Marketing help to keep pricing competitive for a company or business to try to win over consumers before its competition does. Without competition, the well-experienced and famous companies have no fair loss they can easily sell, on the other side the newly established company has little chance to succeed. Marketing gives the healthy competition that allows the small or new businesses to be successful. Enter and grow your sale in the marketplace places
Reputation For Company
The reality is reputation is the success of a company or business. The marketing introduces the product and builds the brand name of the company. When a company gets to believe in the public and reaches the high expectation of the public its reputation builds up, the business will expand and sales will increase. If you want to build your company’s reputation and you want to increase your sales, then you have to focus on quality able products or services, your communications should be effective, and you should participate in active communicative programs.
Marketing is very important in business as above I discussed marketing is the heart of the business, it is very expansive. In the beginning, a company might spend half of its sales on marketing programs. After some time the marketing budget can reach 30 percent (sometimes more) of the annual sale. Your company can get the best chance by marketing, as like; public relations, designing and printing for all print materials, website development, print and broadcast, advertising trade shows, etc.