Conceptualizing Marketing

Marketing has a broad meaning that can include any number of activities, which are designed to promote products and services to the market. Marketing refers to that process by which an organization undertakes to identify its target market, develop effective relationships with these markets, build financial strength in order to acquire and maintain customer loyalty, and build technical expertise in order to create, deliver, and support new products and services. Marketing also involves the research involved in understanding customer needs and preferences and the creation of advertising and promotional materials. The development of strategies, programs, and systems that are specifically designed to meet the goals and objectives of the company is marketing.

In business, marketing concepts are typically defined under three frameworks. One framework focuses on defining the essence of the product or service. Another focuses on the behavior of consumers and how they interact with the product or service. A third frame defines marketing concepts in terms of promoting the product or service to consumers and maximizing the value of the investment.

Consumer oriented marketing concept focuses on satisfying consumers through the development of products and services according to their individual needs. It is also responsible for gathering demographic information and analyzing them to provide information that will help marketers understand their target consumers. Consumer oriented marketing concept places great emphasis on developing products and services that satisfy consumers and provide them with the maximum value for their money. Since this marketing concept involves gathering information about customers, it also uses many channels to get the information. These channels include advertising, packaging, promotions, sales promotion, publicity, and public relations.