Marketing should be considered to be the business, instead of a vital part of the business. Marketing influences everything else in a business. As the owner of the Dallas Mavericks in addition to a variety of other successful businesses, Mark Cuban puts it, “No Sales, No Company.” Read on to learn the basics of successful marketing.
Definition Of Marketing
Marketing is a general term referring to a variety of activities; all of which are connected to selling the products and services associated with your company. Although advertising is one of the most common marketing activities, consumer research is similarly important; it aims to better match the products to the targeted consumer’s needs and wants. Another important form of marketing is product design; it aims to match your services and products to identified customer needs.
However the act of selling on itself is not considered a form of marketing, but a consequence of marketing.
Components Of Strategic Marketing
Activities involved in strategic marketing:
• Using consumer research, market observations and analysis of similar products to establish the need for such a product.
• Developing new or modifying existing products to fit existing consumer needs and wants.
• Establishing the best ways through which you can reach the target market to raise awareness of your goods and convince potential customers to make purchases.
• Crafting marketing campaigns founded on your discoveries with regard to the best ways to reach potential buyers.
• Using loyalty schemes and follow-up sales campaigns to confirm customer relationships.
Developing Consumer Need
Marketing helps create consumer need for a product in addition to identifying it. To achieve this, you must first understand the targeted consumer. This is a key role of the Marketing Manager in any organisation. Finding Marketing Manager jobs have never been easier thanks to the choice of jobs available online.
The attempt by American companies to sell deodorants in the Chinese market is one of the most notable marketing blunders of the 21st century. These companies didn’t know that as unlike people in the west, indigenous Chinese people don’t have body odor issues. Furthermore, they didn’t consider the fact that to the Chinese, sweating is considered to be healthy, as opposed to being a social problem as is the case among US consumers, helping purify the system among other things.
You can create a need through marketing, one of the lessons in marketing training; however, most marketing campaigns are aimed at creating a desire to own a given product by creating an awareness of the same. The main lesson here is that the need comes about as a result of awareness. Raising awareness of a product and creating a context that stimulates the desire for ownership can be accomplished using the strategies below.
• Demonstrating a supply shortage: For example, by cutting off shipments for a fortnight, after the announcement of the release date, Apple was able to grow demand for the Apple 5.
• Creating a bond between targeted consumers and the product: This …