Marketing deals with the application of ideas and procedures employed to analyse and predict consumer requirements and preferences, to gauge the feasibility of promotional strategies and modify these to comply with the requirements of maximum consumer satisfaction.
Thus, marketing contributes towards increasing sales, revenues and profits, through providing insights into consumer behaviour.
Marketing as an analytical tool
Marketing methodologies and procedures provide the businesses with an assessment scale to obtain qualitative and quantitative data concerning consumer behaviour and demographics and make it the basis of their promotional strategies.
Eventually, the term marketing may be broadly explained as the directive force behind a company’s selling and buying decisions and endeavours.
Marketing is more than promotion
In various circles, marketing is wrongly considered as a substitute term used to explain promotion and advertising. Though promotion and advertising are two of the most dominant aspects of marketing, the complete definition of marketing includes