Marketing refers to various activities a business undertakes in order to advertise the sale or purchase of a certain product, service, or asset. In the modern age of technological advances and changes to the economy, marketing has become increasingly important. In recent years, the New York Times has described marketing as “the art of taking things that are already available and making them easy to find, easy to use, and easy to love.” While the art of marketing may seem difficult, it is not as difficult as you might think.
As any marketing professional will tell you, the key to a successful marketing strategy lies in the ability to identify an untapped market or niche and developing a comprehensive marketing plan. Unlike many marketing professionals, I believe that the first step in developing a comprehensive marketing plan is having an accurate understanding of the market or niche to be addressed and developing a comprehensive marketing plan that addresses these needs. Having an understanding of the market allows marketing professionals to determine the most effective marketing approach. The next step is conducting market research, which allows a business to pinpoint the issues or concerns that consumers have that affect their purchasing behavior.
For example, let’s say that I’m opening a boutique that sells modern fashion accessories. This boutique will likely target college students as its main customer. Through a series of effective marketing strategies including advertisements on campus and in student publications, I will be able to attract a significant number of college students to my shop and establish myself as an effective marketing source for this specific product. After establishing myself, I will be able to conduct market research to learn more about my target market and develop a well-rounded marketing concept that includes attracting potential customers through a variety of promotional venues.