Marketing is a generic term that encompasses a variety of activities in support of sales of a product, service or idea. Marketing involves creative and innovative activities aimed at identifying prospective customers, refining marketing strategies, preparing advertising campaigns, measuring customer acceptance and response, and developing and maintaining a strong marketing program. Marketing can be a difficult and complicated task. It involves evaluating the value of potential customers, defining competitive advantages, and creating and implementing advertising and promotional campaigns. The marketing function is usually the most challenging in all organizations. It is also one of the most essential functions within an organization as it influences the development and growth of the firm.
Marketing involves marketing specific types of industrial goods and consumer durables to specified users. Marketing of industrial goods involves evaluating the quality, usefulness, design, performance, and safety of such products before they are released to the market. Marketing of durable goods involves assessing the suitability of such goods for consumers and determining their pricing and promotions.
Marketing strategy is the key to achieving the marketing objective. Marketing strategy is a plan or technique for bringing about changes in the marketplace by the use of media such as advertising, marketing, public relations, and public relations. Marketing strategy involves allocation of resources for the execution of activities required for the achievement of the marketing objective. Marketing strategy is an evaluation of the marketing mix. A well-planned marketing mix involves a mix of certain characteristics including size, price, promotion, target market, and channel. A firm that adopts an appropriate marketing mix can increase the revenues of its firm and improve profitability.
Direct marketing is a form of indirect marketing. Direct marketing involves advertising in magazines, newspapers, circulars, and other publications. Direct marketing helps firms achieve their sales goals through an extensive customer base. Direct marketing involves high costs but produces quick results. It also involves extensive use of personal qualities like image to persuade consumers to buy a particular product.
Marketing strategy is divided into three components – research, development, and marketing. Marketing strategy is a planning or setting the parameters of marketing activities and aims to achieve the market share goal. Research is conducted to find out what kinds of products are in demand, where, and how to advertise them. Development is carried out to design new products and create new markets. Marketing involves creating and monitoring the marketing plan. A successful marketing plan involves consistent measurement of the effectiveness of marketing techniques.
The most important advantage of online marketing over traditional methods is that it reaches a large number of consumers at one time. Many companies, especially those with limited financial resources can put together a marketing strategy and successfully sell durable goods. A marketing campaign may consist of television, radio, internet, and print advertisements. These campaigns aim at gaining new customers and retaining existing consumers.
A marketing strategy will be more effective if it includes a consumer survey. A properly developed consumer survey draws on consumer behavior to determine what consumers need and want, which gives the marketing team valuable information about consumers’ needs and wants. Consumer surveys are an important part of any effective marketing campaign.
Marketing strategies vary based on the type of product or service that is for sale. Marketing campaigns should be designed according to the products or services that will be marketed. Companies that target a local market can draw on the local community for information about the consumers living in that area. A marketing strategy will then be designed to meet the needs of local consumers.
Online businesses conduct market research to gather more information about consumers. Online businesses that have a strong presence in their niche attract more traffic and offer better prices. Online business owners can use the information gathered by conducting market research. They can increase their customer base and establish better customer relations. Online businesses can use this information to develop new products and services. They can also improve their customer relations by developing customer loyalty.
Business owners who lack experience in advertising strategies can conduct market research using social media. Social media allows a business to create a profile and attract a targeted audience. Social media allows a business owner to reach out to a specific audience and create a connection. Creating a connection allows a business to generate more revenue by improving brand recognition, establishing a personal bond with a target audience, and creating awareness about a product or service.
Marketing involves the generation of consumer awareness, identification, and participation. Marketing strategy is the mechanism that increases these consumer awareness, identification, and participation. The four Ps of marketing involves creating awareness, identifying and engaging with a target audience, and persuading consumers to make a buying decision. Marketing can be effective when implemented in the following areas; providing exposure and presence, advertising to the mass media, product development, and product positioning.