Marketing is an activity or set of activities undertaken to advertise the sale or acquisition of a certain product or service. Marketing in the past was quite difficult as there were too few media channels. However, in the modern era marketing has evolved and become much easier. It is also considered one of the most important marketing strategies of any organization. In today’s world, people are inundated with a number of marketing tools and techniques. Marketing is used to convey the organization’s message to the targeted customer base.
Marketing is the concept that allows a business to make its product or service known to the targeted consumers. Marketing also refers to the act of selling or promoting a product or a service to the consumers. In recent times, The New York Times has defined it as “the science of telling tales so compelling that people forget their wallets.” This concept of marketing has earned acceptance not only in business circles but in the academia, marketing research organizations and by the common man.
Marketing is a way of communicating with potential customers to inform them about a product or a service that is offered by a particular company. Marketers use various marketing techniques to communicate to the customers and convince them to buy a specific product. The concept of marketing dates back to ancient times. It is an essential component of any business to communicate with potential and existing customers to convince them to make a purchase or at least visit a website to learn more about the products and services provided by a company.
In business, the concept of marketing helps create awareness of the products and services offered by organizations. It is an essential tool for creating loyalty in customers and convincing them to buy again. It is a subtle way of making contact with the customers so that they continue to purchase a product from the same organization. In essence, marketing is about communicating with the customers to convince them that they need a particular product and will be better off buying it from the same organization.
Marketing myopia refers to a lack of understanding of the target customers. For example, if a clothing retailer sells apparels to young women, it is likely that the focus of the retailer will be on selling the products to teenagers rather than focusing on the needs of elderly women who are purchasing the apparels. Although this strategy may have some immediate results of increased sales, a long term objective of increasing profits and market share may be overlooked due to marketing myopia.
Proper marketing management helps to maximize the benefits of any marketing concept. It is an important factor in determining the success of a particular product. It is also a powerful method of ensuring that the products reach the customers in the best possible manner. Proper marketing management requires a thorough understanding of the customers’ buying behavior and knowledge of what motivates customers to purchase a particular product. Marketing managers should ensure that the product concept is developed keeping this in mind. Once the marketing concept is developed, it should be regularly tested on a relevant market to analyze its results and success or failure.