Home Based Business Opportunities - Advertising and Marketing
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According to Philip Kotler, "Marketing is human activity directed at satisfying needs and wants through exchange processes". The Chartered Institute of Marketing in the puts a better definition forward. According to whom marketing is the process of anticipating, identifying and satisfying consumer needs profitably.
It is one of the tools of the company to ensure that it develops products and goods according to market needs for a profit. Before market research being identified as a key factor determining a company’s success, the cart would be placed before the horse and a product would be introduced into the market irrespective of the demand for the same.
Today things have changed as a potential market is first identified and then a product or service is introduced according to its demands. It is said that had Edison employed market research, the lightbulb would not have been invented. The fundamental tenet here is that people use a good or service only because they need it or because they see that they stand to gain from its use.
It is important for the producer to be aware of what the consumer wants and what he or she would be willing to pay.
Simply put the word market is a place where the buyer and seller meet to carry out a transaction. Today it could mean a geographical region or specific kinds of consumers.
Four major markets have been identified-the individual consumer, business-to-business, institutional and the reseller. The term marketing also refers to promotion of goods. According to McCarthy there are four kinds of activities involved in marketing-the product (its management and study of how it relates to the consumer’s use); pricing (fixing a price for the product and giving discounts); promotion (through advertising, personal selling, etc.) and; placement (the geographical location where the good is sold and to whom it is sold to).
McCarthy’s model is useful for low-end consumer goods. A little readjustment may be required when it comes to high value products or goods for industrial use. This is where relationship marketing comes in as these products are based on long-term contractual agreements.
Morgan criticizes this approach for it looks at the company outwards whereas the correct approach should be directed outside-in. Three more departments can be added to the model-people (involved in creating the personal touch while selling the product, something that is indispensable to effective marketing); process (by which a good is delivered and affects customer satisfaction) physical evidence (letting the customer see the product.
This would lead one to advertising to promotion of goods and services. It is part of the over-all marketing strategy.
Marketers pay attention to two areas expanding the market for themselves (acquisition) and retaining their existing customers (base management). The latter also involves an evolving relationship that consists in improving the benefits of a product to secure the consumer from other competition.
Today employees are being trained to deliver their products in a way that would help in acquisition and retention through an emerging field called internal marketing. An important field, this employs several social sciences like Economics, Psychology and even Anthropology. It includes various activities like market research, product development, pricing and promotion. Internet Marketing is a new field that is bases on more personalized or one-to-one marketing.
Today companies focus their activities to the needs of the customers through the customer driven approach and the product innovation approach. The former places the consumer at the start of its activities-there is no point developing a good that the consumer will not buy.
It is important to ascertain the consumer’s wants before starting. In the latter, the company tries to create a market through something like a cultural revolution.
Research is directed to the hows and whys of people shifting to new products. This has also evoked criticism, for some skeptics do not like the power of the producers to change the behavior of people.
While it is logical to link goods to consumers directly, these skeptics also point out how marketing tactics have been misused by institutions as the consumers are de-humanized and exploited. The truth is marketing is just a tool to be manipulated by people. It is ethically neutral
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