The term marketing can mean different things to different people. For many it involves the art of creating a product or service that brings a solution to an existing problem. This creates a need for people to buy the product or service so that they can solve their problems. Marketing also refers to the act of creating and distributing a product or service so that it can be used by others to satisfy their needs.
Marketing strategy is dependent on the end goals of the marketing activities undertaken by organizations. Marketing can be broadly categorized into four key strategies – selling to the customer, providing a service to the customer, inducing growth in the customer base and advertising and promoting a product to the public. These are generally based on the techniques the business uses to reach out to and reach the targeted consumer. In addition, there are some techniques such as brand advertising, which use a company logo to create a recognizable name for a particular product, and mass marketing, which use sophisticated techniques to promote a product to a large audience and create a sense of urgency for consumers to purchase the product.
Selling to the consumer is an important marketing management concept because buying decisions are based on the needs and requirements of a particular consumer segment. Sales concepts used in marketing management help to identify these needs and demands and then design marketing programs to satisfy them. There are five selling concepts commonly used in the field of marketing management. These are -qualitative marketing, quantitative marketing, qualitative marketing management, quantitative advertising and promotional marketing.
Quantitative marketing refers to the use of statistics for measuring performance and quality of a product or service. Many companies use data to identify the buying needs of customers. Data is then translated into advertising programs, marketing strategies and product specifications. Data collection, analysis and interpretation are essential elements of the process of collecting, compiling and comparing marketing information.
Quantitative marketing also includes the process of developing marketing strategies that target specific groups of consumers. For example, one company might focus its marketing efforts on young women. By understanding the purchasing behavior of young women, a company could formulate a marketing strategy that targets this group of customers to enhance the company’s potential to reach more consumers. Quantitative marketing is used to analyze customer segment trends and purchase decisions. Marketing strategies can also be developed based on feedback from quantitative studies.
Market research is one of the most important aspects of marketing activities. It is conducted to gather and evaluate data regarding the popularity and durability of a product or service. The product development process includes market research, product testing and evaluation, and commercialization. Companies rely on market research to determine the feasibility of their marketing strategies.