what is marketing

what is marketing ?

Marketing gives great importance to the customers of the business and has two important principles to take forward the same cause:
a. All the policies of the company and the company activities should be directed toward the end of satisfying customer needs.
b. What is more important than achieving maximum sales volume is to attain a profitable sales volume.

In order to make the best use of these principles, a small business should determine the needs of their customers through market research. The next step after analyzing the customer needs would be to analyze their competitive advantages to develop a market strategy.

The next logical step is to select specific markets to serve by target marketing. After having selected a market to cater to, the ideal marketing mix is to be determined to satisfy customer needs.

After implementing a marketing program, entrepreneurs must evaluate its performance. In order to evaluate a marketing program, one should have set performance standards to compare with the actual results. Researching industry norms and past performance will help in developing appropriate standards.
Marketing can alternately also be described as the wide range of activities that are involved in making sure that the business continues to meet the needs of the customers and in return also gets value for the owners of the business.

Marketing also includes the analysis of the competition and then deciding on a positioning strategy for the product or service, in other words finding the market niche, the pricing of the products and services, and then promoting the products or services through continued advertising, promotions, public relations and sales.

Of all the above given activities, Positioning is a very important activity of marketing, because the product or service offered by you is competing for your potential fans attention. This makes it all the more important to stand out with a unique benefit as it ensures that you have a chance at getting their attention.

~ Category editor Sakina Kadiwala. copyright data indianchild.com

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