Marketing could be defined as a subject used to determine the interest and preferences of the customers for particular products and services. Marketing is also used to facilitate strategies for the sales of the organizational products and services and consequently business development. It includes difference concepts that are quite relevant with business environment as in the current business environment; effective marketing is the key for success of the business. Marketing could also be termed as an integrated process that is used by the business organizations to build a strong relationship with customers by increasing their satisfaction and by creating value for them.
Marketing includes several concepts and strategies that are quite effective in determining the success of a business within the current business environment. The four P's of marketing (Product, Price, Place and Promotion), STP (Segmentation, Targeting and Positioning), market communication, and customer satisfaction are some of the important aspects of marketing that are essential to determine the success of a business. An effective consideration over the different factors of marketing helps the businesses to increase the awareness of their products and services among customers and to increase their customer base.
The proper targeting and segmentation of the customers helps the firms to increase their profitability. Market planning is an important aspect of the business to facilitate marketing strategy for the business and to target its customers effectively to capture a large market share. It is quite influential in enhancing the understanding about the strategies that may be beneficial to generate higher revenue by increasing customer satisfaction.
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