Marketing is a term used by most everyone in business. Mark of marketing is a relatively new entrant in the market, having arrived on the scene since the mid-twentieth century. Marketing refers to the act or process by which an entity undertakes to engaging its target audience, develop strong relationships with them to generate value in exchange for payments made, and acquire other relevant information about their buying decisions. Marketers use marketing to advertise and publicize products, launch branding and corporate identity, and undertake other efforts intended to enhance product performance, reach targeted markets, and promote business profitability. With the increasing influence of technology in every business activity, marketers are also finding ways to communicate with their clients and customers through the Internet, emails, faxes, telephones, and other technological means. These days, marketing has become an essential facet of any organisation’s existence.
One of the newer marketing concepts is social marketing management. This concept looks into the interaction of the buyer and the seller, highlighting the role of the buyer in selling decisions, rather than the role of the seller. Social marketing focuses on creating a connection between the purchaser and the seller. Social marketing management also involves using the connections established between buyers and sellers to develop advertising and promotional opportunities for companies, helping these companies sell more products and services. These companies may be involved in different types of activities, such as selling their own products, selling other companies’ products, renting or leasing space to use for marketing and promoting other people’s products, and engaging in social marketing activities.
Another concept that is helpful for marketers is the value added concept, or value add. This concept is concerned with how the different elements of the product, such as technology, design, and production can be integrated to provide enhanced functionality, increased usability, and better value to the buyer. For example, marketers may integrate technological improvements into products so that they are able to provide the user with more functionality, or offer additional features such as wireless internet, video cameras, or a multitude of other technological features that allow the user to do more with the product. In addition, marketers look into how these factors can be combined to provide improved value for the buyer. Again, the key to this concept is being able to tie all of these various aspects of the product together and provide a greater value to the buyer.