Marketing Strategies Tactics For Business
Marketing refers to the act by which an entity undertakes to engage its intended audience, establish strong ties to make valuable in return for investment and ultimately capture value from the marketplace. The marketing process is a critical element of business that has a profound effect on the financial outcomes. Thus, it should be developed as a strategic function to enhance company’s bottom line. It includes activities like advertising, selling, and promotion. In addition to these activities, marketing also includes social marketing, corporate marketing, and non-traditional marketing.
Understanding the basic definition of marketing before delving into the fourPs will help marketers clearly understand what they are attempting. It can be defined as “the procedure of creating and communicating information about a product, service, or a set of facts”. The fourPs that constitute marketing refer to the process itself. They are as follows:
The marketing strategy is the process through which marketers use techniques to promote a business opportunity to potential customers. This is done through the use of mass media like print, electronic media, and the web. Marketing is also an act of the exchange of information and the patronage of another party. It is part of the wider network of social communication and is intended to inform, to persuade, and to influence. Thus, marketing refers to any action that informs people about your product, helps them make a decision, or helps them purchase that product.
The marketing definitions further explain that marketing is a process of discovering what the targeted market wants, so that marketers can provide what they need to fulfill their needs. Marketers study the behaviors of consumers in order to know what works in their target market and what doesn’t. Once marketers have understood what the targeted market wants, they develop and create marketing strategies that are focused on fulfilling those needs. The four Ps of marketing refers to the development of the marketing strategies.
Marketers develop marketing strategies tactics by identifying the goals of a business. In other words, a marketing strategy is a set of tactics or actions that are intended to be used to achieve a certain goal. It includes the identification of the market, the creation of the market, and the utilization of the marketing tactics in order to bring about change in the targeted consumers. The president of the company should be very specific about the business goals so that the marketing strategy will be able to contribute towards achieving the company’s goal.
The fourth component of marketing is the use of social media in addition to other forms of marketing. It is important that the chief executive officer understands the importance of the Internet for marketing because it is the most powerful medium in terms of reaching the target consumer. It helps establish the credibility of the company by allowing the customers to interact with the company online. The chief executive officer should be very active on the Internet in terms of promoting the business. The president of the company should take full responsibility in developing strategies that will help the company establish and maintain its online presence.
