“Marketing” – it’s way of getting people interested in your company’s product or service. Other way it refers to activities a company undertakes to promote the buying or selling of a product, service or good. The New York Times described “The art of telling stories so enthralling that people lose track of their wallets.” It is the performance of business activities that direct the flow goods and services from producers to consumers.
Basic Understanding of Marketing
Marketing involves all the actions a company undertakes to draw in customers and maintain relationships with them. Networking with potential or past clients is also part of the work too. So that you won’t lose the past customers.
Basically, a company try and does all the possible activities like creating, communicating, delivering and exchanging offerings that have value customers – promote and sell products or services to customers. Marketing practice tended to be seen as a creative industry which included advertising, distribution and selling.
For a company to promote and sell products, the marketing research is so important.
Marketing Research is the function that links the consumer, customer and public to the marketer through information and data – data used to identify and define marketing opportunities and problems; generate refine and evaluate marketing actions; monitor and analyze marketing performance and improvise in understanding of marketing. Marketing research specifies the information required to address the issues, design the method for gathering the information, manages and implements the data and analyzes the results and communicates the findings.
Marketing Research – conducted for the purpose of new product development or improvement
The marketing concept proposes that to complete its organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.
Given the centrality of customer needs, and wants in marketing, a rich understanding of these concepts is essential.
Needs: Something necessary for people to live a healthy, stable and safe life. Needs can be objective and physical like food, water, etc or subjective and psychological, such as the need to belong to a family or social group or for self.
Wants: Something that is desired, wished for.
Demands: When needs and wants are backed by the ability to pay or accepting something in return.
Needs – based segmentation places the customers desires at the forefront of how a company designs and markets products or services. Although needs – based segmentation is difficult to do in practice, it has been proved to be one of the most effective ways to segment a market. Also a great deal of advertising and promotion is designed to show how a given product’s benefits meet the customer’s needs, wants or expectations in a unique way.
Marketing – In other words – The company promote or sell their values to the customers.