Marketing Theory – A Contemporary Approach

Marketing is an important aspect of business that can make or break a business. Marketing is also known as the marketing of products or services. Marketing is an approach by which companies promote their own products or services to make them known to the public. Marketing is also used to gather consumer feedback on new products or services. Marketing is a way of identifying opportunities to create sales, identify target markets for potential products or services and improve distribution channels.

Marketing is an active process involving several elements such as identification of potential customers, designing a marketing strategy, evaluating marketing activities and monitoring customer response. Marketing is a process involving several factors such as design and development of campaigns, understanding the customer’s needs, preparing promotional materials, advertising campaigns, gathering research data and developing solutions to problems of customers. Marketing is an important element in increasing sales of a product or service. The primary aim of marketing is to reach out to and build a relationship with customers. Successful marketing involves the identification and understanding of the product or service, analyzing the market and allocating appropriate resources. Marketing is an essential process and a key component in business development.

Marketing is not the same as advertising or sales; it involves different kinds of activities in order to reach out to the public and increase sales. The basic function of marketing is to create awareness, for attracting new customers and drive existing customers to increase sales. The main objective of marketing research is to provide knowledge to decision makers so that they can take informed decisions about marketing activities. The basic functions of marketing are the study of the market, studying consumer behavior, collecting and analyzing information, preparing and carrying out surveys, developing marketing plans, conducting market research, implementing strategies and testing the plan. These are some of the steps taken in order to gain insight into the customer’s needs and tastes.

Marketing is basically the study of consumer behavior and buying habits. Marketing studies reveal the products and services which are appealing to consumers. Marketing then becomes a process of identifying what consumers need, demand and want, the characteristics of successful marketing campaigns, and finally determining the target audience for a product. Marketing is basically the analysis of all aspects of purchasing behavior of customers including preferences, purchasing power, purchase price, and time-frame. Marketers also consider the distribution channels to ensure that products reach their proper customers.

Marketing research provides data on where, how and why customers buy a particular product. For marketers, this is very important as it helps them determine the most cost effective distribution channels for their product. Knowing the customer’s buying pattern gives marketers a unique opportunity to shape and develop a marketing strategy targeting particular customers. Marketing research not only identifies potential customers but also gives insights into the buying habits of consumers. This allows marketers to take necessary corrective measures.

Selling is a process of drawing attention to a product or service through advertising or promotion. In today’s fast changing marketplace, marketing is an important part of any business. Marketing has evolved into a tool to engage and reach target markets effectively to maximize sales. The concept of marketing is not only confined to promoting goods and services of one’s own but also extends to reach out to potential consumers beyond the immediate circle of family and friends. Marketing today has become a significant factor in sustaining business profitability as well as helping to carve a niche in the highly competitive market.

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