Marketing: Basic Concepts

Marketing Complexities

The purpose of commercialization in business is primarily to identify and satisfy customer needs. The marketing forces are evident when we visit every store or shop to purchase something. It is worth noting that marketing is a crucial and determinant part in the management of a business and for its success. However, people should not be mistaken thinking that marketing is to be exclusively product advertising or selling. It is about interpreting of consumer needs and acting upon them to match or even exceed their expectations.

Marketing is at the center of company success. The today’s market is rather competitive. Therefore, there is a need to advertise products in a way that they can be identified with the users. This approach mainly applies to those products that compete for the same market. For marketing to be successful, a business has to adapt to current trends and build the policy of reasonable prices to the consumers. Assuring of customers regarding the product quality is also plays a crucial role for market sustainability.

Marketing Evolution Considering Previous Experience

Over the past years, marketing has been evolving with the rapid change in technology. New methods have been developed to reach consumers. However, this evolution in marketing has not changed the initial objective of doing business.

In fact, it has reinforced the concept of business to a more general topic. Thereupon, we have seen many startups coming into existence because many people now understand the dynamics of a business environment.

These startup businesses compete to be recognized. In the end, it is a struggle only for the fittest to survive. Not only does one need to market but also be smart while selling products. While driving the growth of a firm, it is imperative to always look for the better ways of improving customer experience. This is done to search for loyal customers. Nonetheless, if a marketing strategy is not customer-focused, it would be difficult to attract loyalty.

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Planning

Marketing should always focus on what consumers value the most. This approach is vital because creating a product is not enough, selling it is a big deal. In all successful businesses, marketing is considered as a management process.

Therefore, it means that proper understanding of fundamental concepts and procedures of marketing are required. In fact, a marketing plan should be created even before producing the product. Planning is needed because there is a possibility that the product being introduced is already on the market.

Strategy

For that reason, it is necessary to set the tone of a product in the competitive market. How is this done? It is about strategy. Strategy in marketing can dictate the level of success a business can reach. For instance, when a real estate company wants to sell their products, how should they identify their customers? It would be unreasonable for them to go to a primary and high school students. The main reason is that the target group are not in the job market. However, when the business approaches the working class, the business can be successful.

Customer Needs

The bottom line is that one has to understand the needs of the customer. Thereupon, a business will be able to create a product that can satisfy the buyer. In another way, knowing the demographics, beliefs, values, and personal aspirations of your target group is critical. It would be bizarre to sell Bibles to Muslims because the Koran guides their beliefs.

Knowing your customers helps in saving resources and time to pursue the right clients. For a startup business, it is imperative to reevaluate the buyer relationships and choose the appropriate form of marketing to attract more customers.

Emotional Fixation

Reassessing client relationship is meant to figure out what is most valuable about a product. Understanding the emotional value of a product is key. The buyers who value a particular product always have a sentimental attachment to it. For example, when a customer buys Volvo, the main reason might be safety. However, when another customer buys Porsche, itmight represent glamor and wealth.

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Every customer has an emotional need. When carrying out advertisements, it is crucial to highlight exactly those needs that create a sense of belonging to targeted customers.

Demographical Factor

Demographics also play a huge role in ads. When targeting the youths in marketing, it is advisable to use youth role models in the society that are greatly appreciated. From that perspective, customers will connect with your business through the renowned personalities. It would be a bad idea to use men in advertising women’s clothes. This is because women understand their needs better than men.