Marketing is the fundamental social process in which the individuals and organizations satisfy society’s need for exchange of consumption. Marketing is a business activity and the exchange process involves that one party exchanges a product or a service with another party for what is called a form of payment. To have a better understating of the marketing concept, read this article and find out the basics of this science.
The marketing process means the research that will make a company understand the customers and the market environment better. First of all, a company has to identify opportunities to satisfy the customer needs. Secondly, after identifying the opportunities, the company has to develop a marketing strategy according to the demographics, lifestyle and behavior of the customer. Finally, the target buyer will be selected and the products or services that will satisfy their needs will be created.
Following the marketing process and therefore, identifying unfulfilled customer needs, there has to be developed a strategic plan. The research will provide specific information that will permit to select the segment of the target market and place the product within this target market. Furthermore, a marketing plan will involve some steps that include the development of the product, pricing, packaging and distribution.
Product promotion is the way through which a product is presented to the customers. There are various methods to promote a product or a service and they include advertising, public relations, online presence and other ways of raising the interest. Promotional strategies help the company become more famous and to attract new customers.
Once the company grabbed the attention of the customers, it has to develop a sales program to stimulate the growth and continue the satisfaction of the customers. In case of collaborating with resellers, any self respected company has to put together a Minimum Advertised price policy, as well as a MAP compliance system. It is advised to use a MAP enforcement software tool to make sure that all online resellers are abiding by the MAP policy. Map compliance protects a brand from having their produces perceived as cheap and of low quality.
Customer service is a department that provides help to customers and offers them all sorts of information they might need. This department builds satisfaction and interacts with customers all over the world. The contact may be achieved by phone, email, web, social communications and it takes place before, during, and after a sale.
As a conclusion, we may say that marketing is a tool for analyzing the sales market, for attracting customers and gaining their trust. An effective market will help a company increase sales and establish a competitive advantage. There is absolutely no company that can survive without a marketing plan therefore, the essence of marketing is to understand the customer’s needs and create a plan that will help the company fulfill those needs.