Marketing
Marketing
Marketing
Throughout time, the definition and viewpoints of marketing have expanded considerably,
indicating a substantial evolution of the concept. A significant business opportunity can be created
by recognizing and satisfying social or private needs or wants, according to the American Marketing
Association and Chartered Institute of Marketing (AMA, 2013). In addition, it is a managerial
procedure accountable for foreseeing and profitably meeting customers’ needs (CIM, 2015).
Furthermore, it is also a set of organizations or institutions, and a societal process of creating,
developing, communicating, promoting, delivering, providing, distributing, and trading offerings or
goods and services that are valuable to the customers, clients, partners, stakeholders, and the
public. Ensuring that the products and services are accessible to consumers in general is one of the
goals of marketing, as well as to know and understand the customers’ demands so that the products
or services will fulfill, fit, and benefit them.
Additionally, according to Kotler (1999), the scope of marketing extends beyond products
and services; one can market people, places, properties, information, ideas, experiences, events,
and organizations. Moreover, exceeding customers’ expectations consistently is the key to
successful and more effective marketing. Customers will be merely satisfied if their expectations are
met; they will be delighted if they are exceeded. In which can result to the of increase of the
probability of remaining, keeping, and growing customers.
A variety of strategies or ideologies used to market a good or service are included in the
broad phrase "concepts of marketing." Production, Product, Selling, Marketing, and Societal are the
five primary marketing concepts. First, the production concept - basically, the idea of mass
manufacturing suggests that consumers like goods and services that are readily accessible and
reasonably priced. Secondly, the product concept highlights that consumers give priority to a
product's features, benefits, and quality. Instead of only looking for the best deal, consumers who
are focused on products also look for innovation and distinctiveness. Third, the selling concept is
predicated on the idea that consumers need to be actively convinced to buy a sufficient amount of a
good or service before they purchase. Fourth, the marketing concept, which is supported by four
pillars: profitability, target market, customer demands, and integrated marketing. It requires an
external perspective that emphasizes meeting consumer needs as a means of generating revenue.
Fifth, according to the social marketing concept, an organization's job is to ascertain the
requirements, preferences, and interests of its target markets and then outperform rivals in
delivering the desired satisfactions. It also maintains that everything must be done in a way that
protects or improves society's and consumers' well-being, ensuring that no harm is done to any of
them. Companies make use of these five (Kotler & Keller, 2016)
Understanding and satisfying consumer demands while turning a profit is the foundation of
marketing significance. By customizing products and services, marketing fosters consumer
satisfaction and loyalty, which in turn promotes business expansion and increased revenue. It also
aids in brand development and helps companies distinguish their businesses from competitors.
Marketing expands markets, encourage innovation, and build relationship with stakeholders. The
focus on the customer, the strategic approach, and the external viewpoint are what distinguish
marketing. Marketing puts a higher priority on revenue creation and brand building than finance,
which manages costs. Overall, marketing encourages innovation, creates lasting connections, and
shapes consumer experiences that drive business success.
In conducting research, researchers have the option to collect primary, secondary, or both
types of data through the use of research methodologies. Primary data are those that were
recently collected for a particular purpose or project. Researchers use and examine data from
primary research sources when conducting secondary research. In Marketing, marketers collect
primary data in five main ways: through observational research, focus groups research, survey
research, behavioral research, and experimental research. While secondary research is a method
of synthesizing or summarizing information and works of literature that have already been collected
and published by others. (Kotler & Keller, 2016)
The significance of marketing research lies in its ability to provide valuable insights into
consumer behavior, preferences, and market trends. Businesses can efficiently meet consumer
needs by customizing their products, services, and marketing initiatives through the methodical
collection and analysis of data. Companies can use this information to make well-informed decisions
about innovation and expansion by identifying market opportunities and hazards. What
distinguishes marketing research from other research is that marketing research is applied in
real-world settings and influences choices about distribution, price, promotion, and product
development. Marketing research builds strategies that improve competitiveness and long-term
success in the marketplace by measuring effectiveness and fostering innovation.
A good example would be a cleaning business that provides residential cleaning services.
The benefits of having a tidy and organized house, the assurance of a clean-living environment, and
the idea that hiring professionals to clean would be the key points of emphasis for this company's
service marketing. Effective marketing would feature before-and-after pictures of clean homes and
heartfelt testimonies from satisfied customers, even though the service is ethereal, and clients
cannot physically see or touch it beforehand.
Instead of focusing only on one-time sales, relationship marketing aims to create long-
lasting relationships with customers. It focuses on identifying and satisfying consumers’ needs to
encourage repeat business. To foster loyalty and trust, this strategy uses constant communication
and personalized experiences. But it requires a lot of resources and depends on customers who are
willing to build relationships. Yet, the benefits are substantial: loyal consumers often remain longer,
make larger purchases, and have the potential to recommend the brand. Relationships are the key
to a company's competitive advantage and valuable information into the preferences and behaviors
of its customers.
An organization can develop, manage, and preserve connections with its publics by using a
combination of marketing and communication techniques known as public relations (PR). It is the
process of putting communication plans into action to educate different audiences on the operations
and goods of a company, including staff members, shareholders, clients, communities, and
business partners. There are other names for it, such as "internal communications" or "corporate
communications." The importance of public relations lies in its ability to help businesses increase
the value of their brands. It is a type of advertising that gives the media up-to-date news information.
Press releases are disseminated to various media channels, and it is imperative that the appropriate
journalists receive them at the appropriate time. This single action has the potential to greatly impact
your business and improve your company's reputation.
The promotion of companies to interact with potential consumers online and through other
digital media is known as online, or digital marketing. This covers text and multimedia messaging
as well as social media, web-based, email, and other marketing channels. Digital marketing is, in
essence, any marketing campaign that uses digital communication. Any kind of marketing can
support the growth of your company. But because digital platforms are so easily available, digital
marketing has grown in significance. There are numerous ways to leverage digital marketing
strategies to connect with your target audience, including text messaging and social networking.
Furthermore, digital marketing is an affordable marketing strategy for small firms due to its low
upfront costs.
Social media marketing is the process of using social media platforms—where people
create social networks and exchange information—to enhance a business's online visibility, boost
sales, and improve website traffic. It includes built-in data analytics capabilities that enable
marketers to monitor the effectiveness of their campaigns and find new opportunities for
engagement, in addition to giving businesses a means to interact with their current clientele and
attract new ones. In addition, connectivity, interaction, and consumer data are the three main
marketing domains where social media excels, and this is what gives it its power. Through the
promotion of content that encourages interaction and the extraction of personal information that
helps messaging connect with users, social media marketing has completely changed how
companies may impact consumer behavior.
Furthermore, exploratory research design merely explores the study issue at different
depths rather than trying to offer definitive solutions to the research questions. According to a
statement, "exploratory research is the preliminary study that serves as the foundation for more
conclusive research." Even choosing the research design, sample strategy, and data collection
technique might be aided by it (Singh, 2007). "Tackling new problems on which little or no previous
research has been done" is the hallmark of exploratory research (Brown, 2006).
Analytical or explanatory studies are other names for causal research. It explores the basic
relationships between two or more variables that are cause and effect. Usually, researchers watch
how modifications to one variable impact a related variable. Researchers can gain important
insights into the mechanisms behind the events they are studying by analyzing these correlations.
Causal research design is generally used by organizations to identify, ascertain, and investigate the
effects of changes in the market and within the company. A causal study approach can be used to
assess how particular modifications affect current practices, standards, and other aspects of society
(Dovetail, 2023).
Moreover, the significance of causal research is that it allows market researchers to predict
hypothetical occurrences and outcomes while enhancing existing strategies. For instance, In
business, A few months after a company launches a new advertisement in a particular area,
Business X observes a 7% increase in sales revenue. To compare sales statistics over the same
period, the company can run the same advertisement in random places. This will assist the
business in figuring out whether the advertisement increased sales. Should sales rise in these
arbitrarily chosen areas, the company may deduce that there is a causal relationship between
advertising campaigns and sales.
References:
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Brown, R.B. (2006) “Doing Your Dissertation in Business and Management: The Reality of Research
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Deskera Contect Team. (2024). What is Pr Marketing? Deskera Blog.
https://www.deskera.com/blog/pr-marketing/
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Hayes, A. (2024). Social Media Marketing (SMM): What it is, how it works, Pros and Cons.
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Indeed Editorial Team. (2023). What Is Product Marketing? (Definition, Duties and Phases).
https://www.indeed.com/career-advice/career-development/what-is-product-marketing
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https://www.indeed.com/career-advice/career-development/services-marketing
Indeed Editorial Team. (2023). Relationship Marketing: Definition, Benefits and Examples.
https://www.indeed.com/career-advice/career-development/relation-marketing
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types-and-examples/
What is advertising? definition of advertising, advertising meaning. The Economic Times. (n.d.).
https://economictimes.indiatimes.com/definition/advertising