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    Marketing

    Marketing is a business concept that describes the process of an organization communicating the value of a good or service to potential customers. The goal of marketing is to influence the customers to purchase the good or service. Marketing is a large part of a business’s decision-making plan, as it requires a lot of research in order to determine the target market. This is done through market analysis and market segmentation (dividing the broad target market into sections of customers who have common needs). Marketing not only solicits the purchasing of goods and services for the company; it can be used for creating value in the minds of the customers in relation to the business’s products, regardless of whether they are actually selling a product at that point or not.    

    Marketing concepts take the form of four approaches:

    1. Relationship marketing: the goal of this type of marketing is to gain and maintain good customer relations by providing excellent customer service and, in turn, building customer loyalty.  
    2. Business marketing: similar to relationship marketing, business marketing aims to maintain relationships between businesses and organizations and concerns itself with industrial, capital and intermediate goods (opposed to final products).
    3. Social marketing: the goal is to gain and maintain customer relations, except with an emphasis on societal benefit in either production or selling methods.
    4. Branding: this approach follows the company’s philosophy to build a strong sense of brand value (value proposition in the mind of the customers).

    Firms rely on operations (sale of goods and services) to survive.  Marketing allows businesses to better communicate why their products should be purchased by customers in order to maintain operations and compete in the economy.  

    © BrainMass Inc. brainmass.com September 22, 2019, 6:00 am ad1c9bdddf

    Categories within Marketing

    The Marketing Mix (4 P's)

    Solutions: 620

    The 4 P's of marketing are used to help a business determine what value the product will have in the market.

    Branding

    Solutions: 587

    Branding is used to differentiate the products offered by businesses in similar markets.

    Managing Customer Service

    Solutions: 261

    Managing the provision of services to customers who are looking to purchase, are purchasing or have already purchased a product.

    Technology

    Solutions: 111

    Technology in the business sense is the use of tools and techniques in order to solve a problem, usually related to an organization's operations.

    B2C and B2B Marketing

    Solutions: 149

    B2C marketing is the communication of a product between a business and its customers. B2B marketing is the communication of production between a business and another business, usually a wholesaler who will provide materials for the other business.

    Marketing Strategy

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    Having a marketing strategy allows a business to concentrate its resources on opportunities that will allow it to increase its sales and maintain competitive advantage.

    Market Research

    Solutions: 119

    Market research is done by a business to gain knowledge regarding potential customers and target market.

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