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Marketing is a very interesting subject that carries scope of creativity and prompt thinking. It controls marketing resources and activities of the business concern. Also, marketing can be understood as a process within the organization and among individuals who wish to attain satisfaction for needs by creating and exchanging the value of something. You should also know that marketing is an activity that totally depends on the customers; the process is further divided into four simple steps:
- Identifying the needs of customers.
- Manufacturing a product understanding customer requirement.
- Building a relationship of trust with the customers through the product.
- Take the benefits by building long-term benefits with customers.
The main segment of marketing is sales promotion, i.e., if a product is made and not sold in the market than it is considered to be useless. Hence, it requires a lot of promotional activities from media or mouth publicity for creating an awareness about the product. Also, making the students understand this segment is to teach them how the activities contribute in increasing the sales of a company and what measures should be taken or avoided. Sale promotion is a tool to attract the company towards the product.
Marketing covers following topics:
- Retail Management
- Viral Marketing
- Competitor's Analysis
- Internal Marketing
- Product Management
- Pricing Strategy
- Market Segmentation
- 5 C's of Marketing
- Customer Lifetime Value
- Market Orientation
- Service Differentiation
- Product Lifecycle
- Target Market Selection
- Sales Promotion
- Market Analysis
- Customer Relationship Management(CRM)
How was Marketing Management a Decade Back?
No wonder, importance of marketing was realized at a very early stage. But, till the marketing word was invented, goods and services were sold without any awareness of the customer needs. Eventually, companies started to focus on the requirement of the customers and began to make products that they liked. They wanted to link directly to the buyers and did research on their buying behaviors too which led to the invention of marketing.
Importance of Marketing as a Subject
Marketing is a broad area that covers various aspects of advertising a product or service to encourage people to buy that product or service. Marketing is a very important subject without which every business management program is incomplete.
Marketing project may worry students who find themselves unable to perform the research and analysis in an efficient manner to finish their paper on time.
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