Marketing is one of the most important activities of any business, whether it is a manufacturing unit producing T-shirts, or an IT consultancy offering computer software solutions, marketing is what brings the company alive and kicking into action. Marketing covers a wide array of activities aimed at identifying potential customers, defining customers’ needs and interests, analyzing these needs and interests, implementing strategies based on identified requirements, measuring performance against defined goals and finally sharing the results of this activity with management. These activities are carried out by marketing people who work as part of the sales, marketing, advertising, public relations or product development departments.
Marketing therefore encompasses many different activities, each of which is geared towards defining and realizing the company’s objectives. However, in a highly competitive industry such as the one we observe in the market today, marketers have to come up with innovative marketing strategies to stand out from the rest of the pack. To achieve this, marketers adopt different marketing concepts such as advertising/marketing, customer relationship management (CRM), technical marketing, web marketing, digital marketing and social media marketing. Marketing executives also incorporate financial aspects such as budget planning, allocation of resources for marketing activities, monitoring results and use of cost-based and metric measures. Finally, marketers use their knowledge and expertise in formulating marketing strategies aimed at winning customers over.
Marketing managers integrate all these marketing concepts to come up with unique selling propositions that target specific markets thereby maximizing profits. Apart from defining target markets, marketing management also lays emphasis on creating appealing packaging, customizing the selling message to suit the product’s specifications, conducting research on consumer behavior, defining target demographics for a particular product and developing a profitable selling system. Finally, marketing executives apply all of these marketing concepts to develop a unique selling proposition, which they use to launch their products into the market.