Marketing is the science of identifying, anticipating, and satisfying customer requirements. It includes the process of creating a new product, realizing its uniqueness, marketing it, selling it, and maintaining customer loyalty. If we look at how the American Marketing Association define marketing, we see that marketing is one of the most important factors in business and can be said to be crucial for the survival of any firm. It is actually a branch of advertising that has emerged throughout the history of human commerce.
Understanding Marketing: A Brief Overview
It is a branch of information management that seeks to improve the quality of information in order to enhance marketing performance and maximize client satisfaction. It is important to understand that marketing is not a single activity and that involves various processes such as research and collection of data, development of marketing strategies, implementation of the marketing strategies, measurement of the results, evaluation of the marketing strategies, and monitoring of the marketing performance. There are three aspects that marketing specialists focus on: buyer behavior, consumer perceptions, and the role of the marketer or the provider of the product. It also involves using media in innovative ways to advertise the product or service and to develop customer choice.
How does the American Marketing Association define Marketing Science and What Is Marketing to an Economist?
They are a set of practices designed to enhance the sale of products or services and to increase customer satisfaction. Marketing is a division of information management that involves the use of technology to advertise the new product or service and to increase customer satisfaction.
Marketing is part of the wider economic activity, and therefore it affects prices and the availability of some goods and services. Marketing can be done for building brand awareness, identifying target customers, developing and selling a new product or service, creating and promoting a corporate identity, and promoting business opportunities. Overall, it encompasses the design and development of advertising materials, promotions, sales promotion, and product positioning. It also involves the creation and utilization of customer needs and other information affecting customer choice.
How Are Marketing Strategies Developed?
Strategies are developed from knowledge-based and experience-based theories. Knowledge-based marketing focuses on identifying the customer’s needs and concerns and trying to provide solutions to these needs and concerns. Experience-based marketing is oriented toward gathering and evaluating information that will help marketers understand their target customers. Marketers use past experience and existing data to create and support new ideas and test new marketing approaches. Both knowledge-based and experience-based marketing are used to make marketing campaigns more effective and successful.
Marketing uses the consumer premise: “The customer is always right.” In the past, marketing has always focused on what the customer needs rather than what the customer wants. With the advent of new technologies and the World Wide Web, customers are demanding more from businesses than ever before. Today’s marketers must be able to provide an extensive range of products and services in a wide variety of markets. This demands marketing managers to implement complex strategies that take into consideration not only the current needs of the marketplace but also the future needs of the marketplace.
Programmability is the ability to modify or adjust a marketing plan as the marketplace conditions change. Programmability is a growing aspect of today’s marketing methodology and enables marketers to respond to changing consumer demands by changing programs. The ability to programmability is crucial in a market where changing consumer demands can occur quickly and with little notice.
Marketing requires the integration of data, technology, and knowledge. Thus, marketers must have a data warehouse to support and expedite marketing activities. They must be familiar with technology to support new ideas and to enable the quick and efficient exchange of data at present and/or future stage of the marketing strategy. Marketing managers who embrace real-time strategy are able to react to fast-changing conditions and are able to respond to the changing desires of their customers. Real-time strategies are flexible and powerful – and essential to today’s modern-day businesses.