When you heard the word marketing then what picture comes to your mind? Many people visualize of brochures or advertisement, while others considered of public relations. In fact all of these and much more makes the world of marketing. Let’s check below here what is marketing and its basic concepts.
According to Knowledge Exchange Business Encyclopedia “the strategy of making plans and its execution in transferring a good or service from manufacturer to consumer”
While considering the above definition in brain, it is cleared that marketing and many other activities of business are linked in some manners.
In simple words, marketers and others assist in transferring goods and services through the manufacturing & creation process and in this way the marketers and others assist in transferring goods and services to the consumers. But the link enhanced even further. Marketing have important influence on all fields of the business and vice versa.
Understanding Marketing
Marketing: It is the procedure of manufacturing the value of consumer in the shape of goods, ideas or services that can enhance the life of consumers.
The function of organizations that specifies the goals of customers and satisfy the needs & wants of consumers in efficient way profitably and competitively is considered as marketing
As business buyers & consumers deal with many of suppliers that are trying to fulfill their day to day needs, therefore business organization & nonprofit companies cannot live by executing just good work.
So these should perform the excellent work in order to stay in the highly competitive universal marketplace. In this manner it is considered that survival of the fittest.
There are many studies that clarify that the beneficial performance’s key is to understand and fulfill the targeted consumers with the competitively best offers. Recently this process happens in a highly global, competitive & technical environment.
What is Marketing
Marketing is not simply selling & advertising as it is considered. In fact it is much more than that. It specifies & fulfills the needs of customers.
It includes wide range & variety of activities & tasks commonly known as functions linked to 4P’s i.e. product, price, place, promotion. Marketing is
- Generating value of customer and fulfillment of that value is the core concept that is considered and practiced in modern marketing.
- The giving of consumer satisfaction at a benefit is the simple definition of marketing.
- The success of every company requires strong marketing element.
Another definition of marketing states that the procedure of planning & execution of the concept, price, place, promotion& distribution of goods, services & ideas in order to generate exchanges that fulfill organizational & individual goals.
Simple Marketing System
The idea of marketing system specifies one complete cycle of marketing. General marketing system includes many factors & actors like product/service, producer/seller, some kind of fruitful item (money) that is exchanged in return of product/service, consumer/customer, communication procedure which is acting in two ways like to deliver information about product or service to customer & consumer and to have feedback in some value able form from consumer.
Below are the basic activities that a marketing system contains.
- Vendors should seek purchasers, specify their needs, Prepare efficient product & services, determine prices for them, promote them, store & provide them.
- A recent marketing system contains all of ingredients that are essential to bring purchaser and vendor. This might contain different tasks like product manufacturing, research, communication, pricing, distribution & service.
- Every factor in the marketing system puts worth for the next stage of the system. Among network members there is often crucial interdependency.
In order to understand more about marketing we should understand some basic concepts that are generally known as 4p’s (Product, Price, Place & Promotion). Below are the definitions of these concepts.
- Product: What are you offering? (It is either a service or product)
- Price: What is the strategy of your price?
- Place (or Distribution): How are you delivering your product or service to enter in the place of market?
- Promotion: How are you saying about your product or service to your targeted consumers?
Marketing considers that it will go in accordance with ethical elements. It specifies the 4 marketing variables i.e. product, price, distribution & promotion.
It also clarify that the customer, the public & the client set the marketing plan. Marketing focuses on building & maintain relationships for both types of businesses (profit & non-profit).
How a Company Does Develops a Customer
Companies (Seller/Producer) can develop customer by specifying its needs, preparing the goods or services that fulfill those needs, information about those goods or services is communicated to the related buyers.
Ensuring the goods or services provided at suitable time place that satisfy customer’s needs. Pricing goods or services to show competition, costs & ability of customer to purchase.
At last delivering for the essential service & follow-up to guarantee satisfaction of customer after the buying of product or service
How is Marketing Done
In order to know about the business, one should know its purpose. The aim of business stays outside of the business.
The aim of business is placed in society as a business organization is part of society. One valid definition of purpose of a business is to generate a customer.
Reasons For Studying Marketing
Marketing plays an important role in our day to day lives in some manner. In order to be successful every business organization that deals with customers should not only customer driven but also customer obsessed.
The efficient way to accomplish this aim is to create a sound marketing function inside an organization. Following are the important reasons for studying marketing.
- Marketing plays significant part in our society.
- It is essential to business organization.
- Marketing Provides effective opportunities related to career.
- Marketing influences the lives of people on daily basis.
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