Business

MARKETING: A VITAL INGREDIENT FOR A BUSINESS

marketing concept with business graph and chart hand drawing on blackboard

What is Marketing?

Marketing has been invented to meet the needs of the market in exchange for profit for the companies that use it to develop. It is a tool that without a doubt is strictly necessary to achieve success in the markets.

Marketing according to Experts:

According to marketing experts like Patrick Mackaronis, it consists of an administrative and social process through which certain groups or individuals obtain what they need or want through the exchange of products or services.

Jerome McCarthy believes that it is the realizations of the activities that can help a company achieve the goals that have been proposed, being able to anticipate the wishes of consumers and develop products or services suitable for the market.

For his part John A. Howard, who works at Columbia University, says he is convinced that marketing is a method in which it is necessary to know the wants of customers, and find what can produce the company to meet them.

It is said that marketing is a social and administrative process because a group of people intervene, with their concerns and needs and because they need a certain amount of elements like organization, implementation and management, for an efficient development of activities.

The only function that must be fulfilled is to attain the goals that the corporation proposes in relation to sales and distribution so that it remains effective. That’s why it’s so vital not only to have information of the market, but to understand what things the company can produce that can interest the clients.

Necessity of Marketing:

What makes marketing is considered a necessity for customers and, from it, to design, implement and verify how marketing works products or services of the company. Various methods and tools permit marketing to position a brand or a product in the mind of the purchaser.

Marketing actions can have a brief or future vision of profit, since their management additionally involves creating investments in the company’s relationship with customers, suppliers and even their own workers, as well as advertising in the media. It is vital not to confuse marketing and advertising, since marketing covers advertising and alternative problems.

Different experts in the field of marketing like Pat Mackaronis said that marketing can have different orientations: to the product (when the company has a monopoly of the market but, anyway, it aims to improve the production process), to sales (aimed at increasing the company’s participation in the phase) or to the market (the adaptation of the merchandise to the tastes of the buyer is sought).

Today there are many types of Marketing:

  • Direct Marketing: It comprises of an interactive system that gets followers and results in their transactions by making themselves famous through the advertising media of a place.
  • Relational Marketing: It is instilled in direct marketing and relies on a fundamental principle that says that you do not have to sell, but make friends and they will be the ones who purchases. Get profit in exchange for client satisfaction.
  • Virtual Marketing: Also known as cybermarketing and is the one that is applicable to the Internet, and which is aimed at anyone in the world who has a computer and connection to the network.