Definition of Marketing

Marketing is the process of promoting and selling a product or service to a target audience. While its definition might sound simple, we must understand that marketing is more than just that. It’s important to know more about who your customers are so that you can tailor your products or services according to their wants and needs. As the definition implies, your product should be able to sell itself. This is one of the reasons why consumer research is vital for the company to continuously grow in a fast-moving industry.

Apple, for instance, first came out with the iPod which was specially designed to play music. But then consumers started wanting more, seeking for a device that would enable them to get in touch with others and browse the Internet. That’s when Apple released the revolutionary iPhone, which was the most sold smartphone of the first three months of 2018, to fulfill those desires.

Taking the same example into perspective, Apple designs their products based on what their consumers are looking for. While most Apple products fall under the pricier side compared to other leading brands, they still managed to establish different price ranges to fit into the budget of the average customer. Improvements and maintenance efforts are also performed to make sure that customers remain satisfied with the brand’s products and services.

Marketing Samples

Here are some samples of marketing documents and guidelines for you to refer to.

The Objectives of Marketing

Marketing is essential for any organization that wants to flourish in a busy environment. It’s about getting the good word out for a target audience to acknowledge. Some of the key objectives that businesses aim to achieve with their marketing strategies include the following:

To increase business sales. Driving sales for your business is one of the main reasons why marketing is important. With the amount of money it takes to run a marketing campaign, you need a good return on investment to make sure that your sales exceed your marketing costs. Otherwise, you’ll end up losing more than you could gain.To satisfy the needs of customers. Before you offer your customers any goods or services, you need to make sure that they even need it in the first place. While selling the goods or services might be a priority, you must always focus on being customer-oriented. Your marketing plans and decisions should begin and end with your customers.To create a demand. Oftentimes, we end up buying things we never knew we needed. Educating people about a product or service that they know little to nothing about is a clever way to pique the interests of potential buyers. All that there is to do is to inform customers how various goods and services are utilized and how these may be of benefit to them.To establish a name in the industry. How your audience perceives you can greatly influence your sales numbers. Creating a public image that will help raise the goodwill of the business is one of the key objectives of marketing, especially for brands that want to stand above their competitors. Marketing activities such as sales promotion, budget-friendly goods, accessible distribution outlets, and advertisement are sure to help you gain good publicity. To generate profit. Marketing is the only department capable of generating revenue for the business. Without profit, it would be impossible for the business to survive in the market. Apart from sustainability, profits are also needed for the company’s continuous growth and diversification. Managers may need to pay special attention to the net profit margin, asset turnover, and financial leveraging of the organization to make sure that it’s gaining more than it’s losing.