Marketing is a multifaceted discipline that helps organizations achieve their business objectives. Marketing refers to that process whereby an organization undertakes to engage its target market, build long-term relationships with customers to create value for both, and to seize an advantage in return. The marketing function is an essential part of any organization’s success, as it seeks to influence the decision-making process, behavior and culture of its customers and clients. It can be used to promote products and services, raise awareness, develop customer loyalty and create new opportunities. Marketing strategies are constantly evolving, becoming more integrated and targeted to meet the changing needs of the marketplace. For example, as podcasting becomes more and more popular, many firms tend to buy Spotify plays for podcasts that market their products and services.
Taking Into Account The Fluctuating Market
The marketing functions of a company should be continuously refined to respond to changing consumer trends and demands, while maintaining quality. There are four basic marketing functions that need to be distinguished in terms of their relevance, effectiveness, and value to the stakeholders. These are defined as follows: marketing development, advertising and promotion, management of brand image, and selling and distribution. Marketing development deals with the strategies and techniques that drive consumer behaviour and response. Advertising and promotion are all about the design and execution of marketing strategies. Management of brand image revolves around defining and promoting product attributes that are in line with the firm’s values and objectives, and conforming to positive consumer perceptions of the firm.
Objectives And Components Of Marketing Management
The key objective of marketing management is to enhance the overall performance of the company by optimizing the effects of its activities on the markets. The disciplines of social marketing, corporate marketing, and media marketing are the key components of this marketing management concept. The objective of corporate marketing management is to increase the profitability of the company through the creation of an image for the firm. This image is built through the processes of creating, building, management, and communicating a company’s message to the consuming public.
What Is Marketing Research?
Marketing research is the process of gathering information from the market about what people buy, why they buy it, how they buy it, who buys it, and why they are buying it. Market research is important for various reasons, such as the identification of target consumers, estimation of potential market size and competition, and identifying the factors that influence the purchasing decisions of consumers. Marketing research helps establish the marketing concept and its objectives. The methods of research may include interviews, consumer surveys, focus groups, focus group discussions, surveys of market distribution, product reviews, and market distribution surveys.
Understanding Marketing Myopia
Marketing myopia is the term used to refer to a narrow focus, or to a limited number of product ideas that are explored. For example, when only a few marketing strategies are explored, the firm is restricted to producing those strategies, ignoring other options that could prove beneficial to the firm. Marketing myopia prevents firms from exploring innovative ideas, products, or services that could help them to serve consumers better. This inhibits innovation, which is the essence of modern-day consumerism.
Marketing myopia refers to the inability to distinguish between internal and external factors that influence buying decisions. A prime example of this concept is the concept of marketing perfection. Marketing perfectionism arises when the marketer becomes fixated on achieving a perfect market share and fails to realize that there are other drivers of consumer behavior that drive the economy. These drivers include the culture of the company, the product concept, the marketing activities of the company, and the knowledge of the consumers. Marketing research should include a survey of all these factors to determine the relative weights they each have on the buying decisions of the company’s customers.
Influencer marketing refers to a marketing strategy in which an external entity—a marketing agency—exists within the company to facilitate the marketing activities of the company. An example of influencer marketing is the marketing of healthy, green living. The marketing agency could be a health food industry organization or a green lifestyle organization. The agency would have an understanding of the desires of the consumers, as expressed by surveys, and from its own knowledge about the health issues that are important to consumers.
Finally, there is the customer orientation marketing concept. The customer orientation component of the marketing concept states that marketing should be designed so that it is satisfying consumers in measurable ways. In addition to satisfying consumers, the concept of satisfying consumers requires the marketing concept to be easy for customers to use, understand, and operate. Simple, inexpensive software for instance, may satisfy consumer orientations in terms of price, ease of operation, and marketing efficiency but not customer satisfaction, since the use of such simple applications by customers does not ensure customer satisfaction.