The term marketing evokes a rather simplistic picture in our minds but in reality, is a multitude of spheres that make it quite an intricate field. Marketing is probably one of the oldest human professions in the world, starting with the simple advent of a barter system, to developing a tactic and place for the sale of goods to finally evolving into advertising, public relations and quite a lot of research as depicted today. In the current light of development s and newer strategies, marketing can be defined as the discipline which leads to the practice of practical application of marketing knowledge, techniques and methods to improve the stature of their organization and on the firm’s resources and activities.
Marketing management is an extremely important tool when it comes to shaping economies and strategies. Most firms would probably fare a lot of wire if they did not have well-developed marketing structures. Some common terminologies include Porter’s 5 forces, value chain analysis, etc. Marketing is much more than just optimizing and measuring your own organization’s output but also plays a huge role when it comes to summing up of your competition. Marketing managers often delve into deep when it comes to their competitor’s strategies and carry out intensive research work to understand their target audience much better.
Marketing managers often delve into market research and carry out the famous SWOT analysis to get a better understanding of the exact scenario they are dealing with. Marketing is just so much more than research; it involves dealing with a cost structure, resources, and competencies, product differentiation strategies, along with understanding the entire structure of the supply chain. Some of the traditional marketing practices include qualitative market analysis, which deals with the process of interviewing across different consumer groups and getting to know about their perspectives and preferences. The quantitative market analysis goes for statistical data and numerical inputs, while experimental techniques deal with setting up of test markets. Finally, we have observational techniques which deal with on-site observations and readings. Marketing involves various facets of responsibilities like identifying the current effectiveness of a brand strategy, what are the weaknesses and strengths of the company’s resource pool, what are the external opportunities and threats that surround the company, keeping a tab on competitor prices and strategy, benefits or drawbacks compared to competitor’s position in the market and what are the various strategic issues that the business is dealing with.
If you’re a student pursuing a degree in business management, then marketing probably is one of the most lucrative options that you have at hand. Marketing requires a strong sense of creativity with a good dosage of research skills and is often a very exciting field to work in. Marketing opens up opportunities such as sales manager and brand development alongside lucrative options in the field of advertising. If you are someone who loves to see their work take shape then marketing is one of the best fields wherein all the work that you have put in a product or brand will reflect for sure in its sales figures.