There is much confusion about what is the essence of marketing. If you question a marketer to illustrate it, they will talk about the specifics of their work.
But, unfortunately, they won’t explain the essence of their work. Instead, the definitions of marketing in textbooks and Wikipedia are mumbo jumbo.
What Is the Essence Of Marketing
Marketing is a part of doing business. Business is an activity where you create a product/service that people want and get them to pay money for it. It is, of course, not that easy.
There are two significant problems in business. One is making a product that people expect to have. Another is marketing it. Marketing is involved with selling. Marketing is regarding locating people who require your product and persuading them to purchase it. That is the essence of marketing.
Though selling is a crucial part of the total marketing actions, it does not encompass the modern marketing concept, particularly in changing business philosophy. Instead, the essence of marketing is evidenced in a few significant work areas.
To fulfill and utilize the marketing concept to serve the needs of the firm and, in turn, increase the sales of the firm through consumer satisfaction, a dynamic marketing organization must be willing to undertake the following specific activities, namely:
- Define the market area.
- Research consumer needs and wants.
- Develop and redevelop products and services.
- Select, train, motivate and control men, and
- Develop sales approach and advertising support.
Determine the Market Area
A person rarely begins a voyage unless he first comprehends his preferred destination. Then, if he is a careful traveler, he has planned his route, stops, and arrival times and has determined how much it will command to get there.
The same regulations or ideologies apply to modern marketing. There are three primary markets that a firm tries to woo the general consumer market, the industrial market or the service market, and the extensive and fast-growing government market. After a firm has determined where it likes to go, it requires to find what that market segment needs and is interested in buying.
Research Consumer Needs & Wants
It is a critical step in marketing. First, a distinction between a ‘want’ and a ‘need’ must be made. Thus, a child requires milk, and a child likes candy is a straightforward illustration to highlight the difference between the two. Therefore, a child needs food and enjoys food in case of duplication.
Through research, the firm realizes the distinction between consumer’ needs’ and ‘wants.’ The product can be designed to fill individual desires and sold to provide each element of a market or a want.
- The research will enable us to know how much consumers buy?
- How often do they purchase?
- How much do they expend now?
- How much can they and will deliver for the need or a want?
The research department is supported by money, time and efforts that will yield essential information to aid in giving consumers what they want and need.
Modifying Product or Service
Maintaining a product or a service up-to-date is a constant process in terms of the most delinquent design, appeal, cost, functions, appearance, and comfort to make it positively competitive. This ceaseless activity is unavoidable and cooperative part of a firm’s development and production department like research and development.
Updating refinement is accurate of any product or service, whether it is a good product— a television repairs a banking, clothing heavy machinery, or even a case of hair-dressing. It is so because; there is no future for refinement. Yet, the advertisements say it as ‘ultimate’ in sound, paste, oil, photography, or even a soft drink, wife, husband, etc.
Selecting, Training, Motivating & Controlling Manpower
It is rightly emphasized that an organization’s greatest strength and wealth are in its people. It is undoubtedly true of a market or consumer-oriented firm. Therefore, the human resources development function consists of recruitment, selection, training, and placement from the department head to the salesman is vital to the success of an organization.
Each employee’s knowledge, attitude, approach, skill, and talents are essential to the unit’s overall success. Therefore, there must be a well-planned program to enable the employee to meet the firm’s total commitment and personnel standards. In addition, a good training program prepares fresh hands for the various work situations.
Additionally to this training, there should be an enduring basis to ensure that each employee can continue functioning to their total capacity and confidence. Employee controls and concentrates on judging the contribution of individually towards the goals of a market-oriented organization at large.
Sales Approach & Advertising
It is often told, “nothing ensues until someone sells something.” It creates the marketing wheel, driving the production line puffing the shipping clerk wrapping the claim clerk processing, and watching all these actions. Before selling initiates, vital decisions must be created about how the product will be sold? Whether by direct sale or through agents? What is the channel? Its length? Cash and credit? Dimensions of sales and the like? Another step in marketing is that of advertising. Advertising is to complement the overall company notion and intent.
It is not the power to supplant the sales force. However, advertising can sharpen the appetite of the defined market, heralding the good news of the arrival of a product and informing the potential customers of the places where it is available. Therefore, there should be a perfect integration of the ideas of advertising, sales, production, and finance personnel.
In a Nutshell
The total modern concept of marketing is more than mere selling. It is a concept that encompasses these five sets of activities. Furthermore, it is a concept that permeates every organizational division to be successfully fulfilled.
There are no shortcuts in acquiring, developing, or activating the marketing concept. However, if an organization is to be appropriately groomed for its competitive battle in the marketplace, it must function through a sound, well-planned, and elastic market-oriented program.