Top 4 Marketing Concepts

Marketing refers to various activities that a business undertakes in order to advertise the sale or purchasing of a particular item, service, or product. In today’s global marketplace, marketers play a significant role in the success of companies both domestically and internationally. In recent years, many aspects of marketing have been subjected to serious criticism. Some marketers are blamed for driving up prices of products and services, whereas others are blamed for reducing the quality of some products and services. In addition, there is increasing frustration with marketers for bombarding customers with dozens of messages every day, many of which are of little use to the customer.

A well-developed marketing strategy should be able to address these problems. However, as consumers become more savvy to various marketing techniques, companies are having to be more creative and come up with new ways to increase customer awareness, attraction, and interest. The New York Times has described it thus: “the art of convincing people that they need something that you’re not yet offering”. The concept is not far from the truth. Marketing a product or service is not about simply throwing up advertisements and waiting for them to influence buyers to make a purchase decision. Marketers should strive to build trust and positive memories with customers, which requires a variety of techniques.

One important marketing concept that all marketers should understand is the power of relationship-building. Studies show that consumers are easily influenced by an individual or company that they have frequent contact with. Hence, it is important for marketers to build long-term relationships with consumers. Such interactions can have a direct impact on customers’ purchasing decisions.

Another essential marketing concept is customer service. Although this is more of an informal marketing concept, customers tend to look for an official representative when they face difficulties or issues with a product or service. Hence, marketers should target right people by sending the proper message to the right people.

A third marketing concept that should be understood by businesses is that of market research. Market research is an economic approach that attempts to explain why consumers do what they do, when they do what they do and how they do what they do. By doing so, marketers gain a better understanding of their target audience and analyze how consumers perceive various offers, discounts and features. This analysis can also help in formulating appropriate marketing strategies. For instance, understanding the psychology of buying habits helps marketers determine which features and offers to attract more consumers.

Lastly, marketing professionals should remember that customer service extends beyond the four corners of the store. Customers should not be forgotten during a marketing campaign. Businesses should take good care of them at all times. When dealing with customers, marketers should offer quality services. Clients may not always appreciate the best services, but they are likely to react positively if they feel that their concerns are being addressed promptly and professionally.

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