Marketing is a widely used term to describe the communication between a company and the consumer audience that aims to increase the value of the company or its merchandise or, at its simplest, raises the profile of the company and its products in the public mind. The purpose of marketing is to induce behavioral change in the receptive audience.
The techniques used in marketing include choosing target markets through market analysis and market segmentation, as well as understanding methods of influence on the consumer behavior. From a societal point of view, marketing provides the link between a society’s material requirements and its economic patterns of response. This way marketing satisfies these needs and wants. A marketing strategy considers the resources a firm has, or is required to allocate in effort to achieve an objective.
A firm in the market economy survives by producing goods and services that persons are willing and able to buy. Consequently, ascertaining consumer demand is vital for a firm’s future viability and even existence as a going concern. Many companies today have a customer focus (or market orientation).
This implies that the company focuses its activities and products on consumer demands. Generally, there are three ways of doing this: the customer-driven approach, the market change identification approach and the product innovation approach.
Marketing research involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by managers to plan marketing activities, gauge the nature of a firm’s marketing environment and obtain information from suppliers. Marketing researchers use statistical methods such as quantitative research, qualitative research, hypothesis tests, Chi-squared tests, linear regression, correlations, frequency distributions, poisson distributions, binomial distributions, etc. to interpret their findings, and convert data into information.
The marketing research process spans a number of stages, including the definition of a problem, development of a research plan, collection and interpretation of data, and disseminating information formally in the form of a report. The task of marketing research is to provide management with relevant, accurate, reliable, valid, and current information.
A marketing strategy differs from a marketing tactic in that a strategy looks at the longer term view of the products, goods, or services being marketed. A tactic refers to a shorter term view. Therefore, the mailing of a postcard or sales letter would be a tactic, but changing marketing channels of distribution, changing the pricing, or promotional elements used would be considered a strategic change.
A marketing strategy considers the resources a firm has, or is required to allocate in effort to achieve an objective. Marketing Strategies include the process and planning in which a firm may be expected to achieve their company goals, in which usually involves an effort to increase revenues or assets, through a series of milestones or benchmarks of business and promotional activities.