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Often marketing is used synonymously with selling activities. But, marketing is much more than selling a product or a service. In fact, marketing can be considered as a philosophy which is about utmost customer satisfaction. And marketing is also helpful in laying down the path toward achieving customer satisfaction. The American Marketing Association defines marketing as the process of planning and executing the conception, pricing, marketing communication and distribution of ideas, products and services to create exchanges that satisfy individual and organizational goals.
Marketing’s main focus is not just on selling things. But, it is about ensuring customer satisfaction. It is about understanding customer needs, developing those products that offer higher value, pricing that product optimally and making sure that the product is available to the customer.
Some of the main concepts of marketing include
Market segmentation: Market segmentation is the process where a large unorganized market can be segmented or divided on the basis of certain criteria. These criteria can include geographic location, demography, psychological, consumer behavior, etc. Each of the segmentations helps in understanding the target customers much better.
Target Market Selection: Target market selection is an important stage after market segmentation. If market segmentation helps in dividing a market and identifying a particular niche, target market selection helps in planning for the targeted market.
Market Analysis: Market analysis is the process which helps in determining the attractiveness of a market and in understanding the opportunities that develop in the market. Some of the factors that determine the attractiveness of a market include the market size, the growth of the market, profitability in the market, distribution channels, cost and tax structure, etc.
4Ps of Marketing: 4Ps of marketing is also known as marketing mix. The Ps include Product, Price, Promotion and Place. This helps marketers in formulating strategies that best work for each type of market. Marketers use different combinations of the 4Ps to arrive at the best product suitable for the market which is also highly profitable.
Pricing strategy: Price is one of the most important elements, if not the important element of a product. Pricing decisions are taken by middle level management in accordance with the top level management’s guidelines and pricing policies. Management of most businesses make sure that the price of a product or a service is not unreasonably priced. Price is an important factor used for determining the demand for a product. The general rule of thumb, the higher the price, the lower the demand and vice versa.
Product Life Cycle: As the name suggests, product life cycle is a study which plots the whole life cycle of a product. Not just a product from a particular manufacturer, but from the point when an original product was introduced in the market and competitors followed suit. The entire life cycle of a product can be categorized into 4 stages which include Introduction, Growth, Maturity and Decline.
Customer Relationship Management: The success of a business lies in the fact that it has good relations with its customers. In order that a good relationship should exist and for existing relationships to become stronger between customers and business, there needs to an organized system which helps in managing customer relations effectively. Customer relationship management is one of them. CRM helps in building stronger relationships with customers. This is done by constantly keeping in touch with customers and taking valuable inputs from customers.
Integrated marketing communication: Integrated marketing communication is a management concept which focuses on the overall performance of marketing rather than individual marketing efforts such as advertising, sales, promotion, direct marketing, public relations, etc. As the name suggests, integrated marketing communication is used in integrating individual or smaller efforts from several points to come together and focus their effort in the right direction, for achieving common goals.
Marketing case studies: In our Marketing Solution Library, one can find numerous case studies, caselets, simple and complex scenarios from Ivy League Universities. Solutions to these case studies are of high quality and at the same time are very much affordable.