Marketing Theory – What is it and Why Should You Care?

Marketing refers to the act by which an organisation undertakes to engaging its target client base, develop strong relationships with these clients to generate value in return for future sales and/or referrals, and/or build recognition to influence buying behaviour so as to acquire, preserve or renew sales and distribution channels. Marketing is a powerful marketing tool as it provides a unique opportunity to shape the customer experience and create loyalty. The power of marketing lies in the ability to identify the customer needs and motivations, create a need based on those needs and motivate and engage clients and prospects to patronise your brand. There are five marketing approaches that play an important role in creating and developing brand value. These include direct marketing (direct mail, telemarketing, cold calling, and other direct communications), promotional and advertising (for example, trade shows, brochures, discounts and other contests), and internet and E-marketing.

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Direct marketing management is focused on creating a defined set of marketing tools, services and techniques that serve to promote and sell products and/or services to customers. Direct marketing management has to do with the identification, analysis and prioritisation of potential selling opportunities and the creation of a marketing plan. The main objective of this type of marketing is to improve the effectiveness of the sales process by improving the relationship between the seller and the customer. The methodology focuses on maximizing sales by tailoring the selling methodologies to suit the objectives of each individual client and market segment.

Another important concept that plays a key role in coordinated marketing is customer satisfaction. It is defined as the level of customer satisfaction attained from the purchase of a product or service, either completely or as importantly as is needed. Satisfied customers are better able to provide feedback and will help marketers understand their needs and help to meet these needs through a comprehensive marketing program. The importance of customer satisfaction can be seen in the fact that marketing research shows that satisfied customers tend to spend more money than unsatisfied ones and also tend to remain loyal to a brand longer.

Philip Kotler was one of the founders of the Philip Kotler Advertising Agency, which is today part of the Ketchum Company. Known for his creativity in selling products and services, he is an innovator as well as a motivator. He created his own unique style of selling and has since introduced similar marketing management concepts and processes in other areas such as advertising, direct mail and telesales. Philip believes that marketing management is a continuous process that can never end. Instead, it should be viewed as a process that starts with a single idea and develops in many different ways until the final objective is achieved.

Marketing research is a term that describes the process of collecting and evaluating information about customer buying habits. The collected data is used by marketing managers to identify what types of selling campaigns are most effective and which ones need improvement. The collected information is then used to develop a tailored selling program that addresses the individual buying needs of clients. The objective of marketing research is to help companies determine what types of marketing activities are most likely to attract customers and to help them determine which of these activities to perform consistently in order to increase company sales. The primary focus of marketing research is to help companies improve their ability to provide goods and services to customers while keeping costs to a minimum.

Marketing managers use a variety of different strategies to evaluate marketing effectiveness. A major component of this evaluation is marketing research. The primary goal of marketing research is to develop marketing programs that are designed to effectively reach and interest potential consumers. The secondary goal is to evaluate these marketing programs against a variety of objectives that include reducing marketing costs, increasing sales levels, and increasing company profits. Marketing research can also help marketers determine which advertising and marketing strategies are most successful in attracting customers.

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