Marketing refers to the act by which an organisation undertakes to interact with its target market, create strong ties to generate value for clients in return for money invested, and attract new, potential clients through a plan or strategy. These three marketing activities are critical to a business’s existence and success. It is through these activities that organisations create brand awareness, communicate with customers, and prepare their products and/or services for marketing. These activities are also responsible for creating competitive advantage, driving sales, and building market share. Although all of these processes are vital, marketing tends to be the least understood and least leveraged by most businesses. This is because marketers spend time and resources to execute a large number of marketing activities that do little to directly affect business outcomes.
What Are The Four Ps
The four Ps of marketing refer to the marketing strategies that create measurable results, which are more important than the impact that marketing may have on perceived value or perceived attractiveness. The first of these factors is planning. A marketing strategy is not effective if it has not been strategically planned. Planning is usually accomplished by collecting information from the customers, conducting market research, analyzing competitor’s products and services, and formulating a marketing strategy.
Selling Is The Second Aspect of Marketing Management
The concept of selling relates to the exchange of services or products for money. Therefore, the focus of selling should be on developing customer loyalty and providing customers with quality goods and services. One way to sell effectively is through marketing concepts. For instance, the marketing concepts of societal marketing, mass media advertising, and mass marketing are all used by many businesses.
Market Design And Product Development
This aspect of selling focuses on the development of products that meet specific needs. Market design also includes creating an orientation to provide the appropriate information, promotions, advertisements, and features to attract a specific group of buyers. In other words, market design is responsible for taking into consideration the different needs and buying habits of potential consumers.
Marketing managers must therefore consider the way in which their marketing strategies will be viewed by the target consumers. When speaking of the mechanistic organizational structure advantages and disadvantages, marketing teams often site that their creativity and design process is lost when in the mechanistic structure of a business. This is why marketing managers must be careful with bureaucracy and encourage creativity. The marketing managers must tailor their promotional campaigns and other marketing activities based on how they will be evaluated by the target consumers. Marketers must be aware of what consumers find appealing, unappealing, and unique about products and services. This knowledge will then allow marketers to effectively create and deliver products and services that are most appealing to the target consumers.
The Importance Of Research
A fourth aspect of the marketing concept is marketing research and analysis. Through market research and analysis, marketers become better acquainted with buying trends and behaviors, thus enabling them to develop and fine-tune their strategies. Market research also provides a platform for marketing managers to experiment with new products and services that they believe can improve the effectiveness of their selling concept.
Defining Marketing Myopia
Marketing myopia refers to a common tendency among marketers to focus solely on the financial aspect of product concepts or marketing processes. This marketing concept results in a limited scope of marketing activities and consequently, limited profitability. Marketers often take marketing as a purely money-making activity. While this may be true for some, marketers should always remember that marketing should be seen as a process that boosts consumer welfare as well. This marketing concept involves the development of products or services that address various consumer needs.
A Note On Efficiency
The selling process should enable marketers to determine the most efficient means of delivering goods and services to consumers. As such, the process should facilitate the satisfaction of buyers’ needs and wants. This way, the concept of marketing myopia is avoided and the concept of marketing efficiency takes root.