‘Marketing’ is a business term that refers to the efforts taken by a company or an individual to find the right buyers and introduce them to their products, to help generate customer interest for their products. In other words, marketing helps a seller take its commercial offerings closer to the right buyers. It is selling values profitable to the consumer via a tangible offering. Marketing isn’t a specialized function – it encompasses the whole company.
Typically, people buy popular goods – marketing takes care of popularizing products. Marketing’s ultimate goal is to increase sales, make profits and create a brand. Non-profit institutions or governments may use marketing for other purposes, such as communicating a social message. There are different marketing techniques – such as social marketing, relationship marketing, Internet marketing, business marketing, etc. to name a few.
Marketing doesn’t stem from a unique product or idea – it starts from consumers. Marketing plans start rolling only when the buyers’ requirements are ascertained. Marketing won’t work if it’s directed at the wrong people. Therefore, market research is an important aspect of marketing. For instance, lack of research and planning may result in a non-vegetarian restaurant promoting its products to vegetarians.
Marketing research predicts what consumers like or do, based on their past behaviors. The research report doesn’t guarantee people’s actions. Similarly, entrepreneurs can implement their ideas but only after seeking buyer validation.
Holistic and Firm-Wide Implications
Marketing is holistic and entails sales and promotion, research, advertising, pricing, public relations, distribution and packaging. It bridges the gap between the seller and consumers.
For instance, marketing discovers cues for new product types, courtesy market research. The research and development team is then intimated about the fresh market sentiment so that a prototype is created. Later, the production team sets into action and the marketing department focuses on the product’s promotion, distribution, and pricing. Simultaneously, the finance team is consulted for funding the new product’s manufacturing and promotion. In short, the outcomes of marketing puts every other department at work.