Marketing is a term that encompasses a wide range of processes that support the development of a business. Marketing can be defined as a powerful tool an organisation uses to communicate with customers and strengthen connections to build brand equity and drive sales. It involves the use of a variety of communications methods to influence the buying behaviour of the customer and the creation of awareness, loyalty and a relationship with the customer.
A marketing strategy is developed and implemented to achieve certain marketing objectives. Marketing can be used to promote new products, generate sales and build public relations. However, it is not just these three elements marketing revolves around. Marketing research determines how well a product or service matches with the needs and wants of the customer. The objective of marketing is to reach the target market with information and ideas that make a product or service desirable.
It is important for marketers to understand the target and market niche. The marketing strategy focuses on providing the customer with relevant information that they need and is relevant to their current needs. This understanding provides a foundation to develop an effective marketing campaign, a process that builds customer loyalty. All aspects of the campaign are measured to ensure that the objectives are being met. The three primary components of a marketing strategy are:
The marketing concept or vision of a product or service is what guides the development of the marketing strategy. It is what allows customers to understand what it is that you can offer them, what value do you add to their lives and why should they buy from you. A marketing concept should be considered from the point of view of the end user. Customer needs should be the driving force behind the development of any marketing concept.
The concept should be designed to assist the company in reaching its marketing goals and should be aligned with the key drivers of sales. The development of a marketing strategy involves analysis, research and the integration of these into a clear, concise marketing story. Marketing research is conducted to identify consumer behavior. It looks at what consumers need and want and the actions that they take to obtain those goods and services. Understanding the motivation for consumers helps the marketer to determine how to reach them effectively.
Marketing products or services to establish a competitive advantage require that the marketer use their best marketing strategies. In business as in life, there are no easy solutions. It takes knowledge, experience and creativity to make marketing activities work. Successful marketing research enables the marketer to identify what works and what doesn’t. Following the proven methods outlined in marketing management will aid in achieving these results.