What does marketing mean? It is a broad umbrella term that is used to describe a number of business strategies and practices. Marketing is not a single discipline but rather a collection of processes that are necessary to develop, promote, and support any business. Marketing is a bit broader than advertising, which can be considered as a single discipline. Marketing covers many areas including research and analysis, creative design, branding, sales and service, information systems, and internet and E-commerce strategies.
Marketing can be defined as the processes involved in identifying, understanding, and satisfying the customer. Marketing is a powerful tool used by businesses to reach out to and improve their customers and build loyalty among them. Marketing reflects the essence of a business as it uses the media to advertise the products and services of a business and makes these available to the consuming public. The goal of marketing is to attract new customers, expand market share, and increase profits. Therefore, the importance of marketing in business cannot be overemphasized. It is absolutely essential for all organizations irrespective of size and scope.
The importance of marketing in business also arises when we consider its direct link with the financial performance of an enterprise. A company’s market position and performance can be improved through strategic marketing moves. The importance of digital marketing lies in the fact that it helps a business to make the most of its market position by providing it with new opportunities to derive revenues from new and prospective customers. Digital marketing means different things to different people but in general, it includes the use of various digital devices (such as Smart Phones, iPads, digital signage, etc) in addition to traditional or conventional methods of advertising (for example, newspaper advertisements, TV ads, etc). There are four words that must be understood to understand the significance of marketing in business: it is the backbone of a successful business, it is the secret to success, it is the key to a competitive edge, and it is the means by which you can get your message across.
What does marketing mean to a marketer? To a marketer, it means getting the word out about a product or service. Marketing, therefore, is an act of communicating information to targeted consumers in such a way that they can make informed decisions about purchasing a product or service. It is a form of advertising where the marketer seeks to convince consumers that a particular product or service is essential, desired and beneficial to them, the cost of the item being X, and the benefits that will accrue to them once they have purchased the item. Marketers may do this either by directly to the consumer via the media, or indirectly, through various forms of promotion.
Marketers who understand the value of marketing and how to harness it can greatly increase sales and profits. A strong marketing strategy can achieve two objectives: one is to enhance awareness of a product or service; and two is to create demand. The second objective is tied in with the first; if consumers know that a product exists, they will want to have it. This is where the art of marketing comes into play. There are many techniques marketers use to advertise to consumers, such as magazine promotions, radio advertisements, leaflet drops, brochures, etc… One of the most powerful ways of creating demand for a product is through marketing research.
When planning a campaign, a marketer must first establish what the company is trying to accomplish. Next, a marketer should figure out what consumers are looking for, and how they can be reached. The marketer should also determine what type of advertisements will create the most interest and need for consumers. Once a marketer has figured all this out, then they should be able to formulate an effective marketing strategy. This strategy should incorporate all of the factors that are associated with marketing, such as demographics, supply and demand, price, image, and competition. Knowing what does marketing mean to you, will help you reach your goal and become a success!