Marketing refers to promotional activities that a business undertakes in order to promote the sale or purchase of a certain product, service, or even good. In present times, marketing is considered one of the most important aspects of business and plays a vital role in shaping the growth of any business. Marketing is an important tool to engage potential customers, to attain sales targets, and also to create awareness about a business. According to the latest survey by the American Society of Marketing Arts & Designers (ASMAD), marketing ranks second only to brand building in the sphere of marketing. It is said to be one of the most significant factors driving growth in companies’ revenues.
The crux of the matter is that marketing requires adequate resources to plan, evaluate, and implement the marketing plan with a view towards achieving the desired objectives. Marketing research is considered the most essential element of a marketing plan. This research helps you understand what exactly your target consumers are looking for, and what they expect from your products or services. Hence, it is imperative to conduct market research as it will help you plan the course of action for marketing activities in the best possible manner.
Marketing involves both electronic and traditional media planning. Market research determines your target market and helps you design a media plan to reach out to the right audience. Media planning includes deciding which channels to advertise on, what type of message to present, what medium to use, what kind of advertising models to use, and who to reach out to. All these decisions involve much more than just selecting the channels but involve analyzing not only the competition but also the existing customers and their behavior. A marketer should be able to anticipate customer needs and act accordingly to meet them.
Another component of marketing refers to understanding the consumer psyche. It is said that marketing refers to understanding what motivates consumers to take a certain course of action. Marketing research helps a lot in this regard, because it enables a marketer to understand why a consumer makes the choice he does. It also enables a marketer to understand why a consumer doesn’t make the choice he might like and how to address his concerns.
Marketing involves developing customer service. Marketing research determines whether customers are satisfied with the service they receive and helps a marketer develop an excellent customer service package so that the customers enjoy doing business with him. Customer service can go a long way in ensuring that a firm is well liked among consumers and helps ensure that he gets returns for the amount he has invested in developing the service. Customer service can also ensure that there is a high level of satisfaction with the firm, and that customers come back to that firm whenever they need his services.
Recruitment marketing involves using social media as part of a wider marketing strategy. Social media allows a marketer to interact with potential employees and prospective customers on a more personal basis, which can be extremely valuable. A recruiter uses social media as a means to show off his expertise, attract potential employees, and to network with other recruiters. In addition, by using social media, the marketer ensures that the employees and the potential employees he wants to work for him have access to the information he finds interesting.