Definition of Marketing
This is a management process in exchange relationships. This process can be defined as the activity of buying and selling of goods and services. It entails the synchronization of the 4p’s which includes identification and selecting of the necessary products and determining the price of the product. Also, selection of the most appropriate distribution channels which are customer friendly. Finally, developing and implementing strategies to promote the product. Promotion helps in making the product and services well known to many people hence, great exchange relationship leading to high profits.
The Functions of Marketing and Customers’ Liability
Marketing is useful since it is used to create new customers, keep the old clients, as well try to satisfy the needs of every buyer. This act shows that for any successful business customers should be put in a front line. Therefore, organizational managers should coordinate their staff to ensure every employee is informed by the way possible to treat customers, clients, and the society as a whole. In case customers come with complaints, they should be handled fast to avoid losing customers the moment any serious information leaks.
Marketing can be done by industries, wholesalers, and retailers whose primary interest is to make profits from the existing opportunities. International marketing gets conducted when two or more countries sit down and agree on some important strategies of marketing their commodities in these partnered countries.
Commercialization of goods becomes attractive to customers when giving promotions to the clients and also, the organization should make efforts to ensure dead stock is gotten rid of paving the way for new products. This process encourages customers to believe that the firm is one of the best when it comes to the client relationship.
The Pitfalls Are Also Possible
The most important goal in marketing is to ensure more customers are attracted to the business. This process leads to high profits which will be realized at the end of the day and therefore, due to this act the organization can benefit a lot. On the other side, marketing process hides a lot of challenges ranging from the management to the employees that may result in a bad performance. When problems come in an organization, leaders should stand firm to ensure employees does not lose hope in the process. This action enables different staffs in an organization to restore the body to where it was before.
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Marketing Terminology
The following vocabularies give marketing a clear scope. First, marketing concept involves all fundamental premises on the range of modern marketing. This thought argues that for organizational objectives to be achieved, an organization should foresee the pressing needs of consumers. This helps the management to look for ways to satisfy them more than their competitors can do. This act maintains customer relationship resulting in faster movement of goods and services, and as a result, high profits are realized.
Also, we have the market orientation which is the perception of an organization towards the target customers. Marketing consists of the following branches like business marketing which can also be referred as modern marketing. This type implies the exchange of goods and services from the industry to other companies which in turn resells them to the consumers.
Secondly, international marketing is a process of selling and buying of goods and services globally. This process involves more than one state with common interests in the business. This idea helps different countries to grow economically and hence, raising the living standards of people.
Lastly, multi-level marketing refers to notorious marketing strategies employed in selling products and services which are delivered from non-salaried workers. All these branches help in increasing employee’s relationship with that of their managers within the organization. This action leads to high production and the improvement of people’s standards of living.
Factors Influencing Consumer Behavior
Marketing is composed of different levels of consumer behavior on the products manufactured and the services given to them.
The Best Treatment on Default
Therefore, firstly, it becomes the responsibility of the management to ensure the customers are treated well, and the kind of the goods given to them should be up to date. This action helps in maintaining customer relationship and hence, improving the organization’s revenue.
Place Makes Sense
Secondly, it is essential to consider the place when dealing with marketing. For a business to generate high profits, it must be located in a strategic location. This process means that the business should be located in a place which is accessible by a whole population.
Selling at a Reasonable Price
Thirdly, the organization should consider the pricing of the commodities and services. This idea will determine whether customers are able to afford the goods and services or not. A sound management considers several factors before pricing a product. This process helps in determining the level of quality and quantity of the competitors hence, making necessary adjustments to suit your customers as well as attracting new ones.
Product Management and Promotion
Lastly, product management and promotion are also crucial, since they add more value to the business. This idea of development helps the firm to have broad access to people who understands their products and services well. The promotion also helps in gaining more customers leading to high revenue generation.
To conclude, modern marketing is based on the computer system which encourages a faster movement of goods and services to the required destinations. This kind of transaction has helped in saving a lot of time to perform other important activities beneficial for the organization at large.