Marketing is the process by which organizations impart their unique selling proposition to customers, creating a need or a good enough of demand so that the customer will be compelled to make a purchase. Marketing is an act of creating awareness of a product or service. It is a way of identifying and establishing the customer base for a new venture. Marketing is a logical step to establish the acceptability of a new product or service.
The marketing techniques include advertising and promotions. Advertising helps in creating awareness of a product or service through various media. Promotion is an act of communicating a message to a large number of people through various mediums. Influencer marketing is one of the important elements of marketing. In this type of marketing research, the marketer draws on the influence of other companies or individuals on the same product or service to bring about a favorable response from the customer.
Selling is the last segment of marketing management. In selling, a company focuses on capturing the buying decision of a customer through the marketing concept. This concept is an essential component of the sales process and involves analysis, research and the determination of factors such as price, features and benefits. A customer buys a particular product because he feels it meets his requirements or it has some special feature. To be successful in selling a product, a marketer must have an understanding of the customer’s emotions and how he perceives buying decisions.
The marketing concept helps the marketer to identify what the customer needs and wants and to provide it. For instance, if the product concept sold by a firm is based on building social media networks to generate customers’ attention, it would not be successful unless the client finds it interesting. Similarly, if the firm markets its services by building brand equity, the marketing concept needs to resonate with the core values of the client company. Otherwise, the company would be missing the point of the concept and miss out on generating profits.
The final component of marketing management is the advocacy stage. The advocate stage encourages the product to be marketed in the social media. Several firms adopt this concept when selling their products as they believe it will help them increase their sales volume and generate more revenue. The social marketing concepts are mostly used for selling products to small-businesses and service-providers such as restaurants and hotels. However, many companies also use this concept to sell their products to mass-market clients, especially those that belong to the topmost tier of organizations in the corporate world.
As mentioned earlier, different marketing concepts play different roles in the overall success of any company. Moreover, the effectiveness of a particular strategy or idea usually depends on the target consumers or the audience. Therefore, if you want your company to be highly successful, it is important that you carefully determine the appropriate marketing strategies to use. If your marketing management involves a broad range of consumers, it might not be as effective as you initially assumed.