Marketing refers to various activities that a business undertakes in order to promote either the sale or acquisition of a particular product, service, or asset. In recent years, The New York Times classified it as “the science of knowing who.” Marketing is often defined as a set of practices aimed at promoting the public’s awareness of a business, product, or service through mass media outlets. A marketing strategy can therefore be thought of as a long-term plan for building a company’s reputation and generating new customers. It can also be considered the process by which existing customers are converted into new ones.
Marketing strategies need to take into account several factors, including the target market, the means of advertising to be used, and the methods of communicating with potential customers. The modern marketing practice has evolved over time, from the use of direct advertising, which was often ineffective, to the widespread use of advertising on television, in newspapers, magazines, and on the Internet. Although print media remains an essential part of marketing, the modern digital world has led to a considerable increase in the number of customers who prefer to purchase products or services online. Therefore, marketing activities now frequently extend beyond traditional forms of advertising to online marketing, such as search engine optimization (SEO), link building, and social media marketing.
Marketers also need to address issues like customer expectations and preferences, changing consumer spending habits, and the changing pace of technology. These issues are often difficult for marketers to assess or foresee, but the fact that marketing is an industry acronym makes it relatively easy to speak of a comprehensive marketing strategy. Marketing is therefore the process of “promoting” a product or service to gain acceptance and loyalty from consumers. Unlike advertising, which is usually performed by large companies with extensive budgets, marketing is often performed by small organizations with limited financial resources. Marketing is thus the process of “selling” a product to a large audience through mass communication channels – television, radio, and print.