Marketing is a widely used notion, which we encounter almost on an everyday basis when watching TV, listening to the radio or reading various contents. In fact, the word has so many explanations that it appears to be a challenging task to present one and only statement, which would encompass all possible connotations of this word.
Different people of different specialties perceive this notion in their own way. Marketing for an advertising man will differ from the marketing of a salesperson. The various organizations, as well as average customers, will also have a specific understanding of this word’s meaning.
To start, the American Marketing Association (AMA) defines marketing as a business activity aimed at creating, communicating and delivering a product or service that has value for a consumer and society in general.
Many marketers are convinced that the product should be the main emphasis of the process. But in fact, marketing is a complicated business activity that involves a lot of aspects. That is, it won’t be fair to claim that the mere idea, product or service is the most valuable component. Even if one of the constituents is missed or underdeveloped, the whole process won’t bring expected results.
First of all, thinking and evaluation of the target market must take place. Correct identifying of the customer needs and current trends of the market will define what product or service should be proposed to consumers.
After the existing need is accurately pinpointed, it needs to be converted into a product. It is extremely important to remember that consumer expectations must be kept in mind throughout the whole process of product creation. Some marketers may think that profit is the most crucial component and, as a result, they come up with a low-quality product. This, in the long run, may become damaging to the whole marketing project since for many businesses it is important that customers come back after they realize that the product lived up to their expectations.
One must take into consideration the importance of the optimal use of the resources for the venture to be profitable. Even if the supplies required for the production are in abundance, it is still vital to use not more than it is necessary to produce a quality product the distribution of which will bring maximum profit to the company.
After-sales actions of the company are also important since managing to sell a product or service is good for any producer but making a customer come back or recommend to other potential consumers is much more profitable in the long run. The adequate handling of the feedback, both positive and negative, can also play a defining role in the success of any business venture.
In a nutshell, the marketing can be called a business activity as a result of which customers’ needs are fully met at a profit of the company. It is important to find a balance between all the aspects of the marketing process so that both the service provider and consumer could be satisfied to the maximum in terms of their expectations.