In any business, the post-production phase is as important as the production itself. The production of a good will have no meaning if it fails to generate demand. This objective is achieved by the use of the process of marketing.
In very simple terms, marketing is the process of performing market research and selling commodities to customers. In the broader sense of the term it includes the promotion of the commodities via advertising to further enhance sales. It is an integrated process through which companies build strong customer relationships and creates value for their customers and for themselves.
The concept of marketing encompasses a wide coverage and may even be associated with sales. In fact, sales and marketing are two different concepts although both are closely coordinated. Marketing is the presentation of the products and services and making them available to the customers with the goal of generating profits. Sales, on the other hand, is the output of marketing implementations. A business produces good product sales out of effective marketing programs while poorly planned marketing plans end up in low sales generation.
Marketing is used to identify the customer, to satisfy the customer, and to keep the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management.
It is almost mandatory for the business organizations to invest in intensive marketing activities, what with the stiff competition that exists in almost every kind of industry. Marketing introduces the firm’s products and services to potential customers and target market. It is an important factor in the success of a business.
Marketing can be conducted in various techniques. The most prevalent strategies are as follows:
Offline Marketing: This is the traditional marketing technique through print ads in newspapers or magazines, television, radio, etc.
Online marketing: This refers to marketing campaigns through the internet
Word of mouth: This is the simplest strategy. Here, only excellent customer satisfaction is needed to make this campaign effective as the customers become the proponents of advertisement
Nonetheless, any type of marketing can be effective as long as a proper marketing strategy is designed.