The term marketing can be described as the management process through which goods and services move from concept to the customer. As a philosophy, marketing is based on thinking about the business in terms of customer needs and their satisfaction. In other definition, Marketing is the process of teaching consumers in terms of choosing the products which brings benefits to them and can be described as an organizational function and a set of process for creating, communicating, and delivering value to customers and for managing customer relationships in various ways that benefit the organization and its stakeholders. As for organizations or sales person, marketing is everything that the consumer encounters when it comes to your business. For examples such as advertising, to what they hear, to the customer service that they receive, to the follow-up care that you provide. It’s all known as the part of marketing subjects or criteria Continue reading
Marketing Management Basics
Market Research – Definition, Classification and Process
World is changing very rapidly with every passing day. The things which people only dreamed about a few years back are appealing reality today. Companies, their functions and their operations have improved tens of times and this advancement is increasing with every passing day. Same happened with people. Their level of awareness towards products and behavior is now quite thoughtful and demanding. Today’s buyers have forced all the business to make necessary changes. They are very cautious and take a lot of time to make decisions and want everything to be quick and easy. Understanding customer satisfaction, product launches, effectiveness of pricing, product, distribution and promotion activities, countering competitors techniques, assessing market potential, and predicting consumer behavior etc. have become extremely challenging and is often a cause of the decline of an organization. To deal with such problems, organizations conduct Market Research. Market research is an evaluation system which helps Continue reading
Word-Of-Mouth Marketing – Meaning and Importance
In the present age, when skipping of television commercials is merely a matter of pushing a button of television remote and traditional advertisements reach fewer number of people, marketing professionals are increasingly moving away from mass media to word-of-mouth marketing. In addition to the traditional word-of-mouth communications, emerging marketing channels like blogs, buzz, viral and e-mails are gaining popularity as the new electronic word-of-mouth. While a positive word-of-mouth accelerates the acceptance of brands in new markets and reduces brand promotional expenses in existing markets, a negative word-of-mouth may hamper a brand’s acceptance and tarnish its reputation. Since word-of-mouth marketing has been playing a major role in marketing of organizations and some of its aspects are still evolving and have strong potential in future marketing campaigns of organizations, the focus of this article would be to explore issues related to word-of-mouth marketing in developing a strategic marketing plan for an organization. Continue reading
Importance of Advertising
Advertisement is a mass communicating of information intended to persuade buyers to by products with a view to maximizing a company’s profits. Generally, advertising is a relatively low-cost method of conveying selling messages to numerous prospective customers. It can secure leads for salesmen and middlemen by convincing readers to request more information and by identifying outlets handling the product. It can force middlemen to stock the product by building consumer interest. It can help train dealers salesmen in product uses and applications. It can build dealer and consumer confidence in the company and its products by building familiarity. Advertising is to stimulate market demand. While sometimes advertising alone may succeed in achieving buyer acceptance, preference, or even demand for the product, it is seldom solely relied upon. Advertising is efficiently used with at least one other sales method, such as personal selling or point-of-purchase display, to directly move customers to Continue reading
Importance of Marketing Research in Marketing Process
Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The marketing management process responsible for identifying, anticipating and satisfying customers’ requirements profitably. Market research is about understanding the broader marketplace in which we intend to compete. Marketing research, on the other hand, is about understanding what ‘package’ of marketing elements (i.e. the product, price, promotion and distribution factors) the country will need to put together in order to meet customer needs and to succeed in the marketplace. Market research is the more encompassing/broader concept of understanding the market environment in which you will be competing, while marketing research is the more specific/focused view of Continue reading
Marketing’s Impact on Individual Consumers and Society
Marketing is offering significant benefits to organizations and to society, while the fact that marketing is a business function operating in close contact with the public where extensive criticism is subjected to this functional area, some of this criticism is justified: much is not. The function and practice of marketing has been criticized because it is claimed that it creates partial truths about products and services by emphasizing the gap between a person’s reality and their expectations in such a way that people feel lacking in either self esteem so that they feel compelled to close the gap by unnecessary spending. The philosophy of Milton Freidman and the belief that the “ends justifies the means” endorses the marketing way or its aim. In other words businesses are accountable to shareholders and shareholders alone where marketing is the tool. Social critics claim that certain marketing practice hurts individual consumers and society Continue reading