Marketing is a term that can mean different things to different people. In fact the definition of marketing may be so broad that it is actually impossible to provide a definitive list of what marketing actually means. Marketing simply refers to the process by which an organization undertakes in order to engage its target market, develop strong ties with consumers to create perceived value in exchange for real or indirect value, and create and maintain a favorable association with advertisers so as to obtain profit from their advertising efforts. As marketing is a broad field it can mean many different things to different people, but what is common to all marketing strategies is the need to engage markets effectively and efficiently in order for businesses to prosper and achieve their marketing objectives.
The marketing approaches that marketers typically employ to reach their goals include: creating a product that can solve a consumer’s problem, creating a way for the product to be offered to consumers, offering consumers the opportunity to purchase the product, marketing the product, and marketing the offering. While these are all important, each of these marketing approaches is only effective if there are effective ways by which the marketers intend to reach their target markets. For example, if a manufacturer wants to market its new line of sneakers via television advertising then it would be futile if that manufacturer does not know how to use television advertising to its advantage.
Marketers rely heavily on marketing research to help them determine which marketing approaches are most efficient for reaching their target markets. Marketing research is designed to help marketers determine what consumers want to buy and how they feel about a product. Marketing research is also used to help marketers learn what consumers need and want, so that they can serve consumers to the best of their ability. Marketing research is also used to help marketers determine which marketing approaches will yield the greatest results, allowing marketers to take the most efficient marketing actions to achieve their marketing goals. This article has briefly mentioned some of the main concepts relating to marketing.