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Marketing is a business strategy through which an organization creates products or services of interest to customers helping to build strong customer relationships. It develops and generates different techniques for increasing sales and enhancing business communication. Marketing helps in researching and identifying customers, satisfying customer needs and ensuring future business by providing good service and superior products. To make a business successful effective marketing management is the most important factor. Marketing strategies are dependent on the wants and needs of a customer not only on the production of the commodity. So when good marketing strategies are employed, business is more likely to boom. The term marketing describes the concept of how to achieve a business’s short term and long term goals. Goals of an organization are achieved when the wants and needs of the targeted market are met and they satisfy customers with their service and commodities. To satisfy the customer, it is necessary to do a large amount of research, in order to produce a commodity that customers are happy with. It helps a business to know about the advantages and disadvantages of their product and it also helps in the development of a commodity to have input from potential customers. Marketing is also done to learn more about the competitors of the same type of business, traits, products, marketing skills and more. Market research involves activities like conducting research and being able to support it, then deriving and interpreting this data into useful information. Then the results of this research are used by the senior authority of the organization to plan marketing activities, estimate and judge the nature of marketing in a business environment and get information from the suppliers in order to produce the commodity or improve services. Market research involves using statistical methods to convert data into information, such as qualitative research, quantitative research, binomial distribution, hypothesis tests, linear regression, frequency distribution, chi- squared tests and poisons distribution etc. Marketing environment is a term which refers to the factors affecting a business such as factors which affect the micro or internal environment (factors within a firm which affect its ability to provide service), the meso-environment (factors affecting the type of industry and its operation) and the macro or national environment (factors affecting business nationally and in turn affect the micro environment). Types of Market Research • Primary research- involves research for a specific purpose. • Secondary Research- research that is started for one purpose but gradually supports other research too. • Exploratory Research - involves investigation into theories. • Predictive Research- involves predicting future occurrences. • Descriptive research- describes the specific reason for the product being researched. • Conclusive research- deriving a certain conclusion out of the research conducted. Planning the marketing strategy is a must before starting a business. This is because marketing attracts the customer and encourages the customer to view the business as trustworthy. Planning a marketing strategy involves shaping a plan, obtaining specific product information, as well as performing market research. Businesses take two different forms, the B2B type and the B2C type. B2B is dealing between business to business, as a whole seller or as an industrial buyer whereas B2C is between businesses to consumer. Marketing techniques have improved recently due to advancements in technology. Marketing is now used in multimedia, through radio, television, online marketing, tele-marketing, door to door marketing and through many more mediums which weren’t possible before. IT firms are now considering the future of telemarketing services. This plays an important role in B2B dealings and also in B2C dealings. The telemarketing service is a mode of direct marketing and it is also sometimes called inside sales. In this method a sales person speaks directly to a customer to sell the firms services or products, this occurs on the phone or through videos conferencing. The telemarketing service is used by outbound call centers in order to advertise a product or service. Telemarketing must be performed well to be successful. First, the phone numbers used must be potential customers, as connecting to the wrong number incurs losses to the company, due to the cost of the phone calls. And secondly, sales need to be targeted in a persuading way.
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