Marketing
Marketing is described as a system of getting public attention, which then encourages consumers to buy a specific product or service. The marketing practices of one company can be dissimilar to that of another, even if both companies target the same market segment. Marketing is an ever-changing discipline and it has become almost impossible for a company to maintain consistent records of marketing activities. The marketing practices of today have become complex and diverse than in years gone by, when the marketing strategy involved was to provide the customer with the most efficient order delivery system. Today, marketing is a branch of advertising that focuses on the development of brand awareness, through a mix of advertising and promotional activities.
Marketing has evolved into much more than the mere exchange of information among like-minded people. Marketing is an integrated system of selling that seeks to build consumer awareness and loyalty through a targeted mix of advertising and persuasive communications. In addition, it also includes elements such as advertising and selling strategies intended to develop and strengthen the relationship between the seller and the buyer, as well as the relationship between the buyers and sellers. Marketing involves many types of communicative exchanges, and marketing research has shown that the key to creating a successful marketing program lies in understanding the specific needs and interests of the target group of people for whom a product is developed. There are four basic components of marketing management, including planning, marketing, product marketing, selling and evaluation.
Marketing management includes a set of marketing strategies aimed at gathering consumer insight to establish a concept-problem connection and to develop a concept-market link. Marketing managers use marketing research, consumer feedback and testing to refine the selling concept and to fine tune the formulation of the selling proposition. It is a process by which organizations create and maintain a reputation for competence in providing a product or service, which in turn inspires confidence in consumers in their purchase decision. The marketing concept encompasses all facets of selling: retail, promotional, wholesale, direct selling, and franchisee sales.