Marketing is a process of understanding consumers and devising ways of providing goods or services based on the demands of the consumers. Marketing is one of the most important aspect of corporate strategy, the end result for which is efficient revenue generation for the firm. The marketing process of an organization aims at getting out a message to the segment that the company is targeting, regarding the product or service that it is offering to these customers.
Good marketing is not all about spending money on advertising, or offering free products as a promotional offer. There are many critical steps involved in efficient marketing. First of them is to know the target market, through a process called Market Research. By researching, the firm identifies the demographics and requirements of the society, who might become potential customers. The Firm has to apply the dynamics of Segmentation, Positioning and Targeting, once the research has been performed. A good marketing strategy cannot be developed by a firm without doing proper groundwork on its potential customers.
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