Marketing is a process by which a firm creates awareness, support, or recognition for its products and/or services. Marketing strategies may include direct communications (such as in mass mailing campaigns), such as direct mail, teasers, and brochures. Or they may be performed by means of marketing in media such as newspapers, magazines, billboards, catalogs, trade shows, and display booths at fairs. There are many other marketing techniques, such as promotional sales events, sampling, product samples, and the use of celebrity endorsement, which are becoming increasingly common among businesses large and small. Marketing is an important component of sales for many firms.
Marketing is an essential component of the strategy that is used to achieve firm goals, and is therefore an important part of business management as well. It is often considered part of the branding strategy, because it not only helps to establish the firm’s credibility, but also it can lead to increased sales and increased profits. Marketing is a key component of the business objectives, because it is an effective way to create awareness, enhance awareness, increase product demand, create market share, and promote product development.
A good marketing strategy should be flexible enough to accommodate any eventuality. It must be feasible and useful in the new circumstances, although flexible enough to allow adaptation when circumstances alter. Marketing is an essential marketing concept for businesses to utilize to achieve firm goals. The production concept is particularly important, because marketing can be directly linked to the level of product production. Marketing concepts such as advertising can be directed toward establishing brand recognition, increasing product demand, or improving product performance. Marketing also has a broader definition, today, than it did even one decade ago, due to the increased definition of marketing practices by various entities (such as governments, non-profit organizations, and producers), resulting in overlapping the meaning of marketing among different individuals and entities.