9 Great Marketing Elements You Must Clearly Understand for Increased Profit

Your ability to alter your offering from the competition is what defines the success of your company. Being able to evaluate your competition, list your benefits, similarities, differences, researching integrated marketing and customer satisfaction whilst working on relationships and image building, and so on. Through the following points, I will demonstrate to you what is super important in marketing and why it holds such importance.

1.???Market and marketing are not synonymous:

Market is the root term for marketing. However, despite their similarities, marketing is a noun that refers to the action of bringing a product or service to a market. The term "market" refers to a collection of shops and consumers who are ready to trade.

2.???Marketing is both an art and science:

Marketing is a science since it depends on discerning and directing responses, The science in it is when you foresee and manipulate the reactions using the a number of given facts about the audience. The art in it is when you foresee and manipulate reactions using the given data from the previous reactions of the audience. Marketing owes this to a multiple of social sciences like Psychology ( how the mind works to influence it ), Economics ( using numbers to decide ), Sociology ( How humans think within a group ), ?Anthropology ( decisions based on cultures ), and so on. Marketing interacts with cultures and art is based on different cultures, art is a science in itself, but more on an emotional level.

3.???The philosophy of marketing:

If you are one of those who define business as a product, you have a limited vision of marketing. A receptionist is the first point and image of contact, and her actions either promote or undermine the company’s approach. The accounts department is as equal, if they are friendly, marketing cause would be strengthened. I am not saying that marketing is much more important than other functions, they are all equally needed. However, everyone in the organization must act in a marketing-oriented way. To weigh the value of your company, take the customer’s perspective, not the CEO’s.

4.???The focal point:

Consumers or customers are the focus. The marketing activities depend on the consumers, whether a company is ahead, behind, or with its consumers. Does next year’s profit depend on last year’s profit? No, it depends on next year’s customers. A marketer needs to know what he/she needs to satisfy even if it is not for a customer For example: a company can produce something that supports the needs of a specific group. By doing so, the company can thrive from this image.

?5.???Relationships and image:

By gaining new customers, a corporation will gain a profit, but how? By amplifying the profitability of existing customers, and prolonging the relationships with the customers in addition to retaining customers through special offers, and following up with the feedback. It is always better to satisfy the current customers rather than focusing on bringing in new customers, since, according to a study, pulling in new customers would cost six times more than keeping and following up with loyal customers. In all cases, the loyal customer will eventually bring new customers if the company puts enough care into it. Social marketing, in this case, is the main pillar that creates the perfect image.

?6.???Processes:

Marketing processes have evolved to a new vision in which numerous activities are linked to create an overall marketing process. For example, internet marketing can be used with telemarketing. We often use marketing processes to monitor and control processes that are quantifiable in terms of marketing goals. Even though all the viewpoints are understandable, but they have one thing in common: consumer attention.

7.???Value through exchange:

The exchange process is the core of marketing. The value created should be equal for both parties, the corporation and the customer. Selling is the tip of marketing since consumers base their decisions on multiple things like price, condition, interaction, promotion, and so on. However, the right product is the deciding factor that you have more control over. A product/ service/ or idea is what a marketer provides in exchange for money from the customer.

8.???Stakeholders:

Investors, employees, customers, governments, communites, or suppliers are the typical company’s key stakeholders that have an investment and can either affect or be affected by it.

9.???Energetic environment:

Competitive, economic, political, technological, and socio-cultural forces, as well as legal and regulatory are included in the marketing environment and each one affects marketing and customers. The marketer has to adjust accordingly since these forces can go up and down dramatically. Keeping up could flip the table to a company’s advantage quickly and for a long period of time.

To sum up, after differentiating between the market and you, the marketer, start by understanding the science and art behind every big corporation like Samsung, Apple, and Tesla. Notice how they use their fans’ ideologies to their own advantage while delivering to their fans what they asked for.

Apple is known for its great customer service. It has become their big image representative. Apple marketing philosophy is on point since all their departments act friendly and supportive since they understand that their customers are the focal point of attention. I might be using Apple as an example repeatedly but that’s only because their way is incredible. Notice how they survived the COVID-19 period while maintaining big sales numbers. It only shows how far they are into the marketing game.