Marketing should be one of the major objectives for the success of any individual or organizational firm. One might even say that marketing is the heart of success for any business.
Many people in our country and around the world have different views and ideas toward what the terminology of marketing means to them. In broad terms, marketing can be defined as a way through which business firms or organizations and companies interact with customers to create relationships that are beneficial to both parties.
From a social point of view, marketing is the link between a society’s material requirements and its economic pattern for response. The overall marketing umbrella covers advertising, public relations, promotions and sales which all help to create awareness of a company’s products or services. Without this, your business may offer the best products or services in your industry, but none of your potential customers would know about it resulting in low sales turn out. Creating awareness towards the existence of a given product or company is vital towards building the brand image of the company.
In order to achieve all the above, the marketing department needs to carry out a market research. This is the process or set of processes that link the consumer, customers and end users to the marketer through obtaining information This information is used to identify and define marketing opportunities and problems, as well as generate, refine and evaluate marketing actions alongside performance monitoring.
Eventually, the company will be able to identify consumer needs and wants, as well as come up with a plan to satisfy the customer which in turn will help the company yield profits.