Functions of Marketing and Other Basic Concepts

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Marketing is an essential part of any enterprise and plays a crucial role in ensuring that the enterprise’s bottom line keeps increasing. Marketing reflects the way in which an organization conducts business and attempts to reach out to its customers to increase sales. Marketing is a term that includes all aspects of advertising and promoting a product or service. Marketing also refers to this strategic process by which an organization undertakes to identify its target market, build connections with these markets, create value for the customer in exchange for their investment, and then take advantage of all the opportunities to generate sales. This process is often referred to as the marketing strategy.

What Is The Function Of Marketing

The basic function of marketing is to acquire new customers and to ensure that existing customers buy a product or service from a particular firm. Marketing seeks to overcome the brand loyalty that some customers have developed and to build customer loyalty so that they continue to buy a particular brand even when the particular brand is not good to them. It also seeks to address the issues concerning customer perception of brand names. For instance, some people are wary about purchasing online because they feel that they cannot be sure of the quality of the product online. Using podcasts is one of the modern ways to engage with consumers and change their perception of a brand. In fact, many marketers resort to using SpotifyStorm in order to reach more consumers through podcasts.

Customer Satisfaction

This concept is intimately linked with the concept of marketing. If customer satisfaction cannot be obtained, it is unlikely that the marketing budget will be able to be increased. Hence, it is important that the marketing strategy addresses customer satisfaction. In fact, this concept is what is called customer-oriented and hence the focus of coordinated marketing activity should be on meeting customers’ needs.

Philosophies To Understand

A number of marketing management philosophies have emerged in recent times to deal with the changing requirements of the market. These marketing concepts are social marketing, community marketing, and eco-marketing. Social marketing encompasses advertising that targets the mass market, such as that of television commercials and mass distribution media. This philosophy believes that the marketing of products and services should be targeted at creating a social impact on society as a whole.

Eco-marketing marketing is the idealistic approach to marketing. This marketing concept believes that the production of goods would be better managed if the producers themselves adopt eco-friendly production processes. There is a belief that the products produced by companies that embrace these principles would be more beneficial to society as a whole. Eco-marketing concepts have become quite popular among a section of the middle class who aspire to contribute socially towards making the world a better place.

On the other hand, social marketing is an attempt to interact with and satisfy the needs of its customers. Its success is dependent on the ability of the marketers to build a relationship with their customers. The concept of this marketing concept is relatively new. This concept makes use of consumer psychology in promoting a particular brand, service, or product. It also believes that consumers have the right to be involved in the decision-making process and that they can affect change if they feel that there is involvement and dialogue by the relevant parties.

Social marketing avoids the excessive focus on profit, which is prevalent in conventional marketing myopia. This concept has evolved from the basic idea that selling should involve a customer-seller relationship where the seller communicates directly with the customer and vice versa. It believes that the key to success is in building trust between the parties.

Market Research Is One Of The Important Factors In The Success Of Any Marketing Activity 

Without market research, a product development company would not be able to determine the feasibility of a particular product or in identifying the marketing opportunities available. A marketing research company ensures that the market research is conducted on target groups and this helps the company to develop products that are highly relevant to the market they will be facing. Market research is an integral part of any successful marketing activities and should therefore form an essential part of all marketing activities.