Marketing is nowadays a vital aspect of every business. The price of an item increases on account of marketing, but reliance on it has attained an inevitable aspect of buying/selling behavior of consumers Spain Phone Number List/producers due to multiple reasons such as competitive market structures (e.g., monopolistic competition, oligopoly, and niche markets), economical communication technology, information revolution, MNCs, globalization, battle for competitive edge, and Brand Identity phenomenon. Marketing is the managerial effort through which goods/services move from producer to the consumer. The Effective Marketing is the right product/service with right way, in the right place, at the right time, at the right price and making a profit in the process”.
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The American Marketing Association offers the following formal definition. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering. And exchanging offerings that have value for customers, clients, partners. Encyclopedia Britannica defines, “Marketing is the sum of activities. Involve in directing the flow of goods and services from producers to consumers.” According to Kotler, the shortest definition of marketing is “meeting needs profitably”. Marketing is required for increasing sales and achieving a sustainable market segment for product or service.
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Customer gets satisfaction from the product or service, entrepreneur gets profit on sale, and business achieves reputation or goodwill. Effective Marketing materializes reputed business, profitable sale, and satisfied customer. The investigation of demand behavior is focal area of marketing. Consequently, marketing has two parents, economics and psychology. Economic considerations of demand behavior are pull or visible factors while psychological leanings are push/invisible factors behind any demand behavior. A marketing effort concentrates on customers’ propensities for psychological satisfaction and designs multiple incentives of economic benefits for customers. An effective marketing approach accommodates economic rules of selling/buying and psychological tendencies of sellers/buyers.