What is marketing? Marketing refers to various activities that a business undertakes to advertise the sale or purchasing of a specific product, service, or item. In today’s world, marketing is essential for the survival of any business in the modern marketplace. Marketing is a key element to ensuring that your company reach the widest number of potential consumers while matching price to the needs and desires of your customers. Marketing is also a crucial element to ensuring that your company remains profitable and viable in a competitive marketplace. The following are some common marketing terms.
– Strategic Marketing. A strategic marketing plan involves identifying who you are selling to and how you plan to sell it. This includes defining target customers, developing advertising that target them, pricing, and selling techniques. “Social marketing” encompasses the elements of Social Media Marketing, which includes Search Engine Optimization (SEO), web content, and other selling concepts.
– Affiliate marketing. Affiliates are independent salespeople that promote products using a commission structure. The affiliates have no affiliation with the product and receive only a commission from the sale. This type of strategy is an important way for a business to market to consumers because they may represent an untapped source of potential new clients.
– Customer concept marketing. A consumer concept is a set of behaviors or attributes that a consumer develops around a given product concept. Consumers develop a concept of the product based on many factors including product features, usability, value for money, and quality. In addition to these factors, marketers observe consumer behavior to determine whether a product concept is likely to be successful. For example, if a consumer is looking for a particular feature in a car, the marketing team will focus on observing how the consumer drives. They may then use this information to create a television commercial, video, billboard ad, or other type of marketing that effectively markets the product concept to the consumer.
– Product concept marketing myopia. Another Myopia is what I call product concept myopia. The concept of product concept myopia is when a marketing team, who have never even seen the product, starts selling it to consumers because they saw a very well made video about it on the Internet. Products, services, and organizations suffer from product concept myopia when the product concept is so well represented by someone else marketing it. When this happens, many organizations lose a lot of money and time promoting products that turn out to be a complete failure.
– Marketing research. If you are involved in selling concepts, you should consider conducting market research to find out what the selling price would be for your product and whether consumers are willing to pay that price for your product. You should also conduct a marketing research study to find out what the customers think about the product concept and the selling techniques being used. Market research is vital for a number of reasons, but particularly important in the selling concept area.