Marketing is a very misunderstood word in business. Mostly advertising, publicity, and sales techniques are considered as marketing. This is based on the belief that it begins after the product or service is designed, produced and the product is ready for sales and delivery. Yes, advertising, publicity, and selling are some parts of marketing, but overall marketing is much more than all this.
1) Right customer segment
2) Design, develop and produce a product or service which is needed by the customer segment
3) Communicate the benefits of the product or service to the customer segment by creating a unique place inside a customer’s mind
4) Deliver the value to the customer through the product or services
5) Gain profit in return
All efforts should be centered on identifying and satisfying the customer needs profitably. It is not an isolated effort it should be moved into all activities of a business. for this, all the business activities should be carried out in such a way that they contribute to the success of the business in generating profit through the satisfactory experience of the customers.
‘’Marketing is the management process of recognizing, anticipating and satisfying customer requirements profitability‘’
Marketing is the most important aspect of any business. It is the key process of researching, promoting, and selling products to your targeted market. The primary concern of any business is profit. Profit is essentially the result of successful sales. It is a crucial business process where you inform, fascinate, and convince folks that your products or services are useful to them.
Customer satisfaction is the outcome of a correlation between products
Performance [PP] and customer expectations [CE].
When PP matches with CE, the customer will be satisfied
When PP below CE, the customer will be dissatisfied
When PP exceeds CE, the customer will be delighted
When PP exceeds very much with CE, the customer will be astonished
It helps a firm to develop and enhance its corporate image.
With the help of effective marketing, a firm achieves higher performance.
Such as an increase in sales, profit, and market shares. Therefore, Corporate image improves in the minds of Customer, Dealers,
Employees Shareholders and other Stakeholders.
Effective marketing helps to face competition in the market.
The professional market is proactive in decision making.
They come up with:
Effective marketing improves the performance of the firm, which facilitates the expansion of the firm.
Which helps a firm to expand the business from local to national, national to International.
For business expansion, the firm may undertake various activities such as:
Effective marketing enables the firm to develop brand loyalty.
Brand loyalty refers to:
Marketing helps the firm to achieve objectives. Some objectives are as given below:
Due to proper marketing, the company gets a higher demand for goods and services. An increase in demand leads to higher production and distribution.
The company can make optimum use of the following resources:
Marketing brings higher profits.
A part of profits is spent on various activities such as:
All of the above activities improve the efficiency of the organization.