Marketing Theory

The world of marketing is constantly evolving and growing into new concepts with every passing day. It is in this ever-changing environment that businesses are encouraged to consider emerging trends and techniques for increasing their market share, driving revenues and enhancing profitability. Marketing incorporates a wide range of activities including the design and creation of advertising materials, the generation of sales proposals, the development of marketing strategies, and the provision of resources to consumers and clients to enhance the consumer experience and build loyalty. The various channels of marketing are also referred to as the marketing mix, which includes online marketing, mobile marketing, promotional marketing, media marketing and packaged marketing.

A wide range of marketing concepts are used to promote products or services of any business. Marketing refers to the whole process an organisation undertakes to interact with its target customer base, develop tangible value to capture indirect value, and build sustainable relationships to generate maximum profit. The marketing strategies include the collection of data about customers, prospecting for expansion or marketing to existing customers, developing and implementing a marketing plan, and tracking and measuring results. The primary objective of marketing is to identify opportunities to enhance the selling capability of a product or service by changing the behaviour of buyers of a product or service. Marketers usually rely on feedback from customers and evaluate strategies accordingly to achieve the intended sales increase. The main objective of marketing is to facilitate the buying process by making it more convenient and safe; to make buying of a product or service more profitable; and to provide a service or product to a client more efficiently than competing brands or providers.

One of the most important components of marketing is customer satisfaction, which encompasses several related issues. These include identifying customers needs and expectations, creating solutions to these needs and expectations, monitoring and measuring satisfaction, and communicating the same to the customers. Many marketing concepts are built on the basic principles of customer satisfaction and are therefore considered part of a unified whole, although some marketing theories are holistic and even communicable across organisations. The concept of marketing is a relatively recent field of study, arising out of the technological revolution, but its foundation can be traced back to the ancient marketplaces of the ancient world.