Marketing

Marketing is connected to the trade, promotion and exchange of goods and services. A marketer’s profession is essentially to deliver a range of tasks, such as conducting insightful, perceptive research to adhere to both consumer/customer needs efficiently. Completing this aspect of marketing ensures that organizations from a promotional standpoint can successfully satisfy needs of customers. Marketing management has undergone significant changes over the past three decades (Webster, 2005).

Due to inevitable changes to both internal and external environments, the marketing departments of organizations must consider the surrounding factors which may impact their profitability and success. Analyzing and collecting information is an important function, as it determines the organizations effort to understand the consumer thoroughly. Factors such as competitors (Microenvironment) must be scrutinized as marketers are able to know exactly what the consumer prefers and dislikes. This relevant information can effectively be analyzed, so perhaps a SWOT analysis can be performed to increase chances of achieving organizational objectives. As well as collecting information, knowing and understanding consumers can be crucial between one and rival competitors. The concept of “Consumer Behavior” as an example is the response of individuals within the commercial world. Marketers may turn to a business psychologist to provide the capacity to comprehend how and why individuals purchase and utilize products or services, one’s reaction to pricing whether positive or negative and predicting consumer behavior patterns for future marketing. They can identify the peak and off-peak demand periods for their products. By hiring sales forecasting, they can approximate future performance of the organization's products. Also through market research and forecasting, they can formulate strategies to ensure the organization remains competitive.

The marketing mix is a tool which marketers abide to successfully exchange good and services. The four components of marketing are product, place, price and promotion. Marketing uses a product with clearly defined features and benefits, generates pricing and promotional strategies, and oversees the ways that will be used to bring that specific product or service to the market. Depending on whether the product is expensive or inexpensive, based on its manufacturing description and its value, marketers construct a selling approach that includes strategies for advertising and other types of promotion.