Marketing is used to communicate the value of a product or service to customers for the purpose of selling that product or service. Marketing involves display, advertising, promotion, and other means of presenting the product or service to the consumer. Consumers can be retail buyers or businesses. Marketing to businesses is called B2B or business-to-business marketing.
Marketing techniques include identifying target markets through market analysis and market segmentation, as well as understanding consumer behavior then advertising a product’s value to the customer. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long-term relationships. Marketing blends art and applied science (such as behavioral sciences) and makes use of information technology.
A business survives by producing goods or services that consumers are willing and able to buy. Sometimes creating consumer demand through marketing is vital for a firm’s future operations and even existence as an entity. Many companies today have a customer focus or market orientation. This means that the company focuses its activities and products on consumer demands.