Marketing is the process by which organizations attract new customers and retain existing ones. Marketing is one of the key elements in the growth of any organization. Marketing is used to promote new products, collect consumer information and channel sales efforts. Marketing is a tool for identifying new opportunities and developing strategies for attracting new customers. Marketing is a critical component of the sales process.
Marketing is a generic term that can apply to a wide variety of activities. Marketing studies show that most consumers buy on a whim, so the marketing perspective should be customer oriented. A consumer is typically someone who purchases things for themselves or for others, usually for a personal use. B2B brands or consumer brands tend to be much more emotional in their marketing strategy than purely business to business marketing. It is not uncommon to find B2B companies that produce a special item, like a children’s toy, that goes beyond the usual household use and into the realm of popular culture.
Marketing studies have shown that most consumers buy according to a set of values and beliefs. These values and beliefs are commonly referred to as consumer attitudes or consumer behaviors. Marketing must take into consideration these attitudes and beliefs if it is to successfully influence the buying behavior of consumers. Marketing must take into consideration the characteristics of consumers such as age, gender, income level and other factors that will affect the effectiveness of marketing messages.
Marketing managers use a variety of tools to identify consumer needs and then target markets to create new markets and increase consumer purchasing power. Marketing managers implement a variety of methods to evaluate and monitor customer needs and tastes. For example, marketing research may be done by obtaining consumer opinions on a new product or service. The results of the consumer research may be interpreted by marketing managers to locate an area in which improvement is needed. This consumer research information may then be used to develop new advertisements or even to introduce new products or services to consumers who are already thinking about purchasing them.
Marketers use various techniques to influence consumers and create a response in the marketplace. One of the main components of any marketing mix is the marketing communication strategy. Marketing communication involves the creation of an awareness of a product or service through advertising, packaging, promotions and other marketing strategies. A well-developed marketing communication plan can be the difference between success and failure in marketing.
Marketing managers rely on a number of different types of statistical analysis, including research, market research, consumer satisfaction surveys and competitor analysis. Marketing managers often measure key terms, such as the percentage of consumers who have purchased a certain item and/or the average price they are willing to pay for the item. Other measures may be related to the quality of the product or service produced. Marketing managers also use database software to obtain statistics on consumer behavior, such as purchasing habits and the frequency with which customers purchase a particular item. These types of data are important for creating an effective marketing plan.