One of the primary reasons why businesses fail is because they do not effectively implement marketing strategies. Without marketing, it is difficult for businesses to compete in today’s economy. Marketing is the process by which organizations communicate with their customers and acquire new customers. Marketers are tasked with the responsibility of communicating with the public and making their businesses attractive to consumers. They are also responsible for ensuring that their clients receive quality goods and services and remain satisfied with their purchases. Hence, marketing is the backbone of any business.
Basically, marketing refers to actions a business undertakes in order to promote or sell a product, service, or excellent brand to consumers. In today’s market, the value of marketing is evident in the fact that few businesses survive in the long run. A business needs to make sure that its strategies are put into place in order to create demand for its products and services. There are a number of marketing strategies that a business can choose from depending on its industry and location. In terms of product and service marketing, two strategies are generally applied.
Product marketing focuses on creating awareness about a product by distributing literature, displaying advertising objects, or by offering samples to the general public. This strategy usually targets existing customers who may be either reluctant or unfamiliar with a product. A product marketing strategy could also include a distribution strategy to increase market penetration. For instance, if a manufacturer sells its products through distributors, the manufacturer may also wish to consider expanding its distribution network by launching stores across different regions or creating a joint venture with a distributor in another location. On the other hand, a distribution-focused strategy may be adopted if the manufacturer does not have sufficient capital to launch a full-fledged product marketing strategy.
Distribution channels include all promotional activities that bring buyers and sellers together. For example, retail stores often rely on stores, websites, and mobile marketing activities to increase customer base and sales. A distribution channel also allows manufacturers to gain access to potential markets where no retail stores exist. Another distribution channel strategy is the creation of retail franchises. Under this strategy, manufacturers develop a network of franchisees that would distribute their products either within the company or outside the organization.
Market research is an important aspect of any marketing strategy. This refers to gathering information about potential customers, evaluating current market conditions, as well as creating a strategy to address these conditions. Market research helps organizations determine what products and services to offer and which distribution channels would be most appropriate to carry out these activities. The use of market research can help ensure a successful marketing program because it can provide insight as to what customers need and want.
Marketing strategies today rely on many different mediums. Internet marketing and e-marketing, social media, video marketing, online advertising, and mobile marketing have all contributed to the increase in marketing activity. There are many different factors that go into determining the effectiveness of a marketing campaign, and many different methods for implementing a marketing strategy. The difference between sales and marketing lies in the goals of each, and the time it takes to achieve each goal.