Lean the meaning of marketing and its different terms, types and strategies that students and sales representatives should know.
The Meaning of Marketing
A person ho has to define marketing may simply say that it is a process by which a company attracts customers for its products or services so that they buy them. If we go deep into understanding the topic however, we would see that different people define it in different ways.
Following are some of the definitions from different persons:
- Marketing is the activity by which a business entity creates interest in customers to buy their goods and services. Sales technique, business development as well as business communication are the underlying strategies of marketing. The companies can create value for themselves and their customers and build a strong relationship with them.
- A set of activities or practices that companies adopt for communicating delivering and exchanging products and services that have value to partners, customers clients and the general public at large.
- From the point of view of a customer, every business activity is marketing. It is not only a specialized activity but it encompasses the entire business, and it is much broader than selling.
- One of the shortest definitions you may receive is; “Marketing is everything”.
There are four main elements, namely; product, price, place and promotion (4 Ps of marketing, in short). These will normally form part of a marketing plan. At first, the selection has to do with the development of a new product or service. The company has to decide which product it should sell to attract large numbers of customers. Secondly, the price of the product is very important to consider. The product should have the right price. The third element is the place where the sellers put up the product for sale. Finally, it is necessary for the company to do the required promotion of the products. If the company follows all four elements rightly then the business will be successful. Click one of the following links to read up on different words on this topic available here at miomarketing.com:
Different Marketing Types and Terms:
Affiliate Marketing Programs – Make Money Online
B2B Marketing Meaning – Business to Business & Brand
Definition of International Marketing with Online Transactions
Different Types of Marketing Channels – Retail and More
Direct Marketing Meaning – Email, Word-of-Mouth & More
Guerrilla Marketing Meaning with Campaign Types
Integrated Market Communications with Information System
Marketing Management Meaning Covering Various Concepts
Meaning of Marketing Mix Definition with Segmentation Strategies
Marketing Process Definition, Features and Network
Meaning of Mass Marketing Covering Nature, Media & Evolution
Meaning of Social Marketing Covering Field and Event
Strategic Marketing Meaning Including Digital Strategies
Trade Marketing Definition and Meaning.
The Market Research Definition
Learn the market research definition and get a clear understand of its role, types and agency how such an important process is done.
Research is the process of gathering, analyzing and interpreting information about a market. Marketers test the viability of a new product or service through different methods like product testing, surveys and focus groups. Read on to learn of the role, types and how to do this:
The Role of Research
Research has a very important role to play as it allows a company to understand the concentration of their target market and their outlook about a product that the company will soon make public. The company can conduct the research itself or it can depend upon a third party company that specializes in market researches. The people who take part in the test as a part of marketing research receive compensation for their time either in the form of stipend or free samples of the product.
Types of Research
There are two types of Research:
- Primary Research: They also call this field research. It involves the collection of information from customers by the help of polls and questionnaires
- Secondary Research: Another name for it is desk research that involves the collection and analysis of information that is already available. The research information is collected by some other market researchers and is available in the form of statistics and reports.
How the Research is Done
In order to conduct proper marketing research one should do the following:
Firstly, it is important to examine the existing products available in the market. One can learn about customer response to the product and decide for his product likewise.
Secondly, one should examine his target audience and understand their needs. This may include market segmentation.
Thirdly, carrying out a product demonstration is a good idea as it will help to know customer feedback.
Lastly, one should keep an eye on the market to understand which products are selling well and which ones are not popular. Improve your marketing strategy with sponsored reviews from authority bloggers to get quality backlinks and increase your brand visibility!
The Different Types of Marketing Strategies
Get a clear understanding of the different types of strategies used by businesses to sell their products and services.
These can be defined as a combination of all the marketing goals of an organization into one comprehensive plan. An effective marketing strategy is one that comes from proper market research focusing on the right mix of products. Businesses employ strategies to maximize potential for profitability and also to help the business succeed in the highly competitive market. The foundation of any marketing plan is a set of strategies that will help the business prosper. These strategies and plans can be broadly divided into three types that can be used by business of any size. They are as follows:
Word of Mouth Marketing
This most basic form of marketing, which is as old as human race. It is the best marketing form as despite being the oldest marketing method it still exists. When a person likes any product then he will share about his positive experience with his friends, relatives, acquaintances and anyone who meets him. Generally, people tend to buy products that are recommended by someone they trust.
The second marketing type is offline marketing and it involves the use of newspapers, magazines, television, radio, billboards and bulk mails. It is a costly form of marketing, so is not liked by many businessmen. However, it is an effective marketing method too.
The most modern marketing method is advertising over the World Wide Web. The trend of marketing online is rising as more and more people are using internet all over the globe. The popularity of social media has also made it possible to bridge the gap between producers and consumers. Websites, blogs and forums are dynamic media for advertising the products and services of a business. LG is the leading LED Video Wall and Digital Signage manufacturer in the world. Audio Visual Abu Dhabi projects and Video Wall Abu Dhabi projects, most of them used LG brand for the installations.
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