General Information on Marketing Essay Example | Topics and Well Written Essays - 2500 words

General Information on Marketing - Essay Example Importance in Marketing The world, today, is a global marketplace. The emergence and strong penetration of internet all over the world, has facilitated the evolution of the virtual marketplace through the popularization of sites like Amazon.com, eBay. The big and small enterprises, which are catering to the needs of the customers on an individual or a business level, are trying to beat each other in the global market place, by competing with each other in various markets all around the globe, while using technology as the primary tool for marketing. So, as a matter of fact, today’s consumer has the power of information, using which they can access or source the product or service of their preference from anywhere around the globe. As a matter of fact, the companies have to understand the customer’s or client’s requirements in a more effective manner in order to cater to their needs and to estimate the forecasted demand from their products or services in a more ef fective manner. Analyzing consumer behaviour helps the organizations to identify and idealize, how consumers are supposed to behave in the market with relation to a particular product or service (Haynes, et. al, 2007, p.4). ... The most common form of promotional strategy employed by companies to popularize their product is advertising. Companies use various kinds of advertising techniques using various media like the radio, television, and internet as well as the print media like newspapers, magazine etc (Pride & Ferell, 2011, p.514). Advertising in today’s date has taken up various advanced forms and mediums. Today’s consumers are increasingly becoming internet savvy and as a result are most of the time logged on to the internet based networking sites. The networking sites, acts as a strong platform for social communications for the internet users, and companies want to make the most of this online boom by popularizing the product using this platform. Marketing a product targeted mostly towards the teenage and young consumers can be very effective in the market while the cost per contact is comparatively low. The electronic media like the radio or the television can also be considered a chea p mode of promotion as the cost per contact is relatively low with regards to the exposure provided to the products or services. The maintenance of an individual sales force for the purpose of promotion and selling of services and products to organizational clients in the case of business to business marketing is the most expensive mode of promotion. Promotion of services and products to the organizational clients needs the expertise of technology, knowledge of the feature of the products in details as well as relationship building which makes the process all the more expensive. Question 3 Distribution is the process of efficient delivery of value to the customer by making the product or service available to the customer or the client. It is essentially an important part of