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MARKETING:
Marketing is a process which involves assessing customer needs, developing right products/services to meet their needs, conducting promotional activities, making sales and evaluating customer satisfaction. It also helps in building a customer relationship. Marketing primarily deals with the customers by identifying, keeping and satisfying them.
Marketing is one of the essential ingredients for businesses as the term is meant to achieve organizational aims being aware of the target markets or audience’s needs and wants. It is of utmost importance to determine the consumers’ behavior by anticipating their desires enabling to meet the challenges of business world.
Marketing is sometimes confused with advertising, public relation, publicity, promotion and sales, which actually is a combination of all. There are two types of marketing: inbound and outbound.
INBOUND MARKETING determines:
• Small sectors of specific market/ customers by identifying their needs.
• How the needs can be satisfied by suggesting and defining or even designing products?
• How market can approach the product?
• Analyzing the prices for the products
• Analyzing the competitor in the market
• The unique selling proposition for the product, organization or customers
• Name to identify the product and branding it to make it more conveniently identifiable
OUTBOUND MARKETING includes:
• How to promote and advertise the product effectively?
• How to increase its sales?
• Building media relations and public relations
• How to satisfy the customer by giving which types of customer services
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Nowadays, marketing revolves around delivering benefits and satisfaction to customers by identifying, predicting and satisfying customer’s needs in a profitable way. For effective marketing, constant analysis of market and competitors’ strategy remain as highly important.
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