Marketing

Marketing is the management process involved in identifying, anticipating and satisfying consumer needs profitably.
The basic function of marketing is to attract and retain customers at a profit.

Approaches to marketing 

1. Product orientation refers to launching a product which is absolutely new. These are innovative goods that do not exist in the market. These goods will create a new type of demand which might change customers' taste and fashion. Usually a business will not conduct any market research for a product. They will assume that the product is so unique that it will automatically sell well.
2. Market Orientation takes place when a product is designed after conducting market research. Using market orientation, a business will include the opinion of customers and will not try something unique or different. The entire success of the product relies on consumer demands. It depends on the accuracy of the market research.

Marketing Strategies

1. Mass marketing takes place when a business designs one product for every group of customers. There is no difference when selling this product to different customers.
2. Niche Marketing takes place when the business launches different products for different groups of customers. It is more successful in fulfilling customer demand as it gives attention to personal tastes and preferences

Market research is explained in greater detail here