The word “marketing” has many definitions. The American Marketing Association defines the word as “an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders”. To me, marketing is much more than just creating, communicating, and delivering value to customers, it involves a deep understanding of customers’ wants and need.
Marketing is similar to a mind game. The way marketers use different techniques to position a product can have a psychological effect on consumers. For example, you are out of toothpaste and you go to the store to buy one. When you get to the toothpaste section, you grab your toothpaste and off to the check out stand you go. The process may be as quick as 30 seconds. However, during the 30 seconds your mind has already ran through a decision process. You may have grabbed the same toothpaste brand you have used in the past, the least expensive one, or just wanting to try a new brand. Whatever your decision may be, the force of marketing affected your decision.
I would like to explore the world of marketing and how it affects consumer behavior. Is it possible that changing something as simple as a package label could increase sales by 30%? How do companies understand consumers’ mind and swaying them to buy their products? Marketing is such an important subject that all aspects of the subject should be explored.