Marketing Defined

Marketing Defined

Marketing is a systematic process of gathering information about the customer base, analyzing it and then planning and executing activities to create the desired response. Marketing is a strategic use of technological innovations to make products and/or services popular and profitable. Marketing is an organized process of creating, formulating and executing activities that will attract a specific target audience to purchase a product or service. Marketing is not only a collection of events and techniques that lead towards marketing. It also has a value system approach and the ability to detect and define marketing problems, and also has the ability to monitor and evaluate competitor’s marketing programs.

Marketing is an integrated field having various components, the most important of which is a brand. The marketing manager develops the marketing philosophy, or product vision, of the company and implements marketing plans based on this vision. The primary functions of marketing are research, design and promotional. Marketers help create brand awareness, develop advertising programs, select and train employees, set prices and develop marketing tools and materials.

Marketing is a strategic process with five basic stages: research, development, exchange, and counteractivity. In marketing research the goals of the marketing strategy and the related tactics and strategy assumptions are explored; in development the purpose of the marketing effort and its impact on the market are determined; in exchange, measuring and comparing results against defined objectives, and counteracting unfavorable effects are determined; and in counteractivity controlling, monitoring, and evaluating performance against planned benchmarks. Marketing definitions are part of the development process and must be carefully considered and implemented to support business decisions. Marketing concepts, and actions have become an integral part of many businesses, both large and small, as well as inter-connected and integrated.