Marketing Represents Business and How it Works
Marketing shapes consumer needs by creating a sense of need and want that didn’t exist before. Consumers are encouraged to spend more and more on goods and services they do not really need through marketing. Marketing shapes the brand value and image of an organization, its products and services by giving people confidence about those products and services. Marketing aims to know and understand the customer so well that the product and service fit him and sells itself. The result of marketing should be a customer who is ready to buy. The new york times described marketing in 2017 as ‘the art of telling stories so enthralling that people lose track of their wallets.’ Without marketing, the brands will remain hidden or unheard of.
Why We Need Marketing?
Marketing is one of the most important tasks a business does not only to create brand awareness but also engage customers, grow sales, increase businesses. Marketing is needed for customer education. The customers need to know the ins and outs of the product or service.
1. Proof of existence
Marketing is used to inform people about the existence of a brand, product or service. Customers will be interested to buy a product if they only have a clear understanding of that particular product. Also, they need to know whether that product can fulfil their needs. Marketing is the medium through which a business communicates its value propositions in an interesting way.
2. Sustainability of Company’s Presence
Marketing is something a business has to do to create trustworthiness among customers. It helps to create a place in customers’ minds and a strong base in the marketplace. To establish the presence of a business in this era of the competitive market, companies have to put much effort into marketing and innovation.
3. Engagement with the Customers
Marketing answers the question of how to make a customer interested in the product or service that they really do not need. Marketing is the magic of creating a sense of need in a customer. It’s the magic of grabbing the attention of potential customers by engaging them with attractive campaigns, offers and contents. If there is a lack of engagement, the business will suffer. Marketing finds the remedy to lack of engagement and attention.
4. Increase Sales
The target of every business is to make a profit by fulfilling the needs of people. Marketing helps a business to communicate with its customers and show them how they can solve their problems with the help of that particular product or service. Thus marketing helps to sell its product or service. Marketing is the key to drive sales. If a business has the ability to provide product and service of good quality but doesn’t apply the strategies of marketing, potential customers remain unaware of the product/service or they just do not notice it.
5. Growth Of Busines
Marketing ensures the growth of a business. Marketing helps establish customer loyalty as well as it helps to attain new customers. Marketing keeps existing customers engaged as well as tries to create relationships with new customers. Thus marketing secures the business’s positive brand image which leads to the growth of the business.
Customers value experiences and their bonding with the brand. Relationships between a business and a customer are created by marketing. Marketing keeps the customers updated with each and every detail of the business.
Steps To Marketing A Busines
Marketing is not an easy task. It needs planning and strategies. A business has to move forward step by step. Some steps to marketing business are discussed below:
Conducting market research
Through research, businesses collect information that provides insights into customer thinking, buying pattern, preference, consumer behaviour, demand and need. It also helps to determine the initial sales forecast, monitor market trends and competitors’ actions.
Profiling Target Customers
Target customers and the target market should have a need for the product and be willing to pay the price for the product. Segmentation of customers is done depending on their geographic, demographic, behavioural and lifestyle methods.
USP refers to a unique selling proposition which is the uniqueness or special benefits for which the customers will choose it over other similar products in the existing market. Create Brand Value: Brand value refers to a trust factor that needs to be created to make bonding with customers.
Setting mission, vision and budget
These would help the business to fix its actions and clear the goals that need to be achieved. The goals should be SMART: specific, measurable, attainable, relevant, and time-based.
Customers’ Attention and Satisfaction: Attracting new customers and nurturing loyal customers can be done by giving various incentives from time to time.
Monitoring and Reviewing
This helps to determine whether the business is achieving the desired outcomes. By proper monitoring, a business can understand the actions needed to take to grow the business. Without planning steps in an effective way, all the effort put into a business tends to go in vain.
Major Segment of Marketing
Market segmentation is a process in which marketers divide a market of potential customers into groups or segments based on different characteristics. The segments divided are composed of consumers who will react in the same way to marketing strategies and who share traits such as similar interests, needs and locations. Market segmentation makes opportunities for marketers to customise their marketing campaigns for each market segment and decreases the risk of ineffective market campaigns.
1. Demographic Segmentation (h3)
It includes statistical data about a group of people such as: age, gender, socio-economic class, education, income, ethnicity, annual income and so on.
2. Psychographic Segmentation (h3)
Psychographic Segmentation determines the categories of audiences and customers by factors that relate to their personalities and characteristics. Such as personality traits, values, attitudes, interests, lifestyles, psychological influences, subconscious and conscious beliefs, motivations, priorities and so on.
3. Behavioral Market Segmentation (h3)
It requires the details about the customers’ actions, the way they react or respond, the way they interact with the brand. Behavioural characteristics can be determined by analyzing purchasing habits, spending habits, user status, brand interactions.
4. Geographic segmentation(h3)
It segments the customers based on geographic borders. Geographic Market Segmentation can be determined by zip code, city, country, a radius around a certain location, climate, urban or rural.
Market segmentation makes opportunities for marketers to customise their marketing campaigns for each market segment and decreases the risk of ineffective market campaigns.
Analyzing the needs of the business, the target audience of the business and uniqueness or benefits of the product or service has to be considered before picking up a marketing strategy. Mainly there are some types of marketing strategies such as: business to business marketing (B2B) and business to consumer marketing (B2C), consumer to business (C2B), customer to customer(C2C).
Online marketing is one of the cheapest but one of the most effective forms of marketing. It is also known as internet marketing or content marketing. It avails marketers to do global marketing, low cost and 24/7 marketing. Online marketing is conducted through content, email, search, paid media, e-commerce sites and social media.
It focuses on the number of sales. In transactional marketing, marketers are not concerned about long term relationships with the customers and satisfaction of the customers. It maintains limited customer commitment and focuses on a single ‘point of sale’ transactions.
This type of marketing focuses on customer retention and satisfaction rather than a sales transaction. It is designed to foster customer loyalty, interaction, long term relationships and develop strong bonding with customers. Customer satisfaction and feedback are major concerns here.
If a for-profit organization puts effort for a non-profit cause in order to make a mutual benefit, it is called cause marketing. Through cause marketing, an organization tries to raise awareness of nonprofit organizations while also promoting their products and services. It creates a link between the service/product of a company and a social cause or issue. It is impactful to build a company’s reputation and strengthen its brand value by fulfilling corporate social responsibility.
Promoting a brand or a product or service by paying various types of advertising agencies or social media platforms. It also includes traditional approaches like television commercials, print media advertising, billboards and leaflets. Online marketing, pay per click and other paid content marketing strategies are included in paid promotional tactics.
The full form of WOM is a word on mouth. It happens when a consumer’s interest or satisfaction in a company’s product or service reflect in their daily dialogues.
It is also known as buzz marketing which is a marketing strategy that advertises a product but they do not realize that they are being marketed to. Among the many techniques of stealth marketing, the most common two are product placement and undercover marketing. The main purpose of stealth marketing is to create interest that will make consumers more receptive to direct advertising later.
This marketing strategy ensures that the company is communicating in the best way for each customer regardless of their background.
9.Search Engine Optimization
SEO is the process of optimizing contents on websites so that it appears in search engine results. By using this method, content gets much more reach and more viewers. Thus it helps to attract potential customers.
Marketing strategies should be innovative which can grab the attention of people as much as possible. In this fast-growing world, customers look for new and fresh ideas everyday. Businesses have to put more efforts to convince the customers about the quality of the products or services they provide
Marketing and Empathy(h2)
Marketing and Empathy are interconnected. Good marketers have to be empathetic towards the customer. They need to understand the feelings of the customers, solve the problems keeping themselves in the customer’s shoes, feel their concerns and needs and so on.
Marketing and Branding
Marketing boosts brand image increases brand value and creates a sense of trustworthiness among the customers. Through marketing, customers are influenced to generate a positive or negative thought about a particular brand. For instance: Coca-Cola relates happiness with the drink very closely through its advertising and other marketing strategies. Now the brand image has been created in customers’ mind that in their happy moments, they need to have coca-cola.
The marketing mix outlines the specifics of the product and the way of its selling. Determining the environment surrounding the product, the results of market research and the characteristics of the product’s target customers, marketers must decide the methods they want to use to promote the product. After developing the marketing strategies, this 7 P formula should be used to continually evaluate the business activities.
The growth phrase, the maturity phrase and the sales decline phrase are the three phases of a product’s lifecycle. A business should always be careful about these three phases of a product and following these phrases, they have to innovate and reinvent the products to stimulate more demand.
It is a very impactful component of a marketing plan because it determines a firm’s profit and survival by greatly affecting the sales and demand of the product. Pricing helps to shape the perception of a product or service in consumers’ eyes. A good of low price is usually perceived as an inferior good in the consumer’s eyes as they compare it to other competitors’ goods existing in a market. Again, too highly-priced goods will make the costs outweigh the benefits in customers eyes. So it is important to examine competitors pricing and price accordingly.
A business has to position and distribute the product in a place that is available to potential customers. Before doing a placement, it is very important to select the target market.
A good promotional strategy can boost brand value and sales. The promotional strategy includes advertising, arranging seminars, campaigns, new offerings and other tactics which attract the customers toward the product or service.
Developing the habit of thinking in terms of the people inside and outside of a business who are responsible for every element of sales, marketing strategies, and activities is really needed to market a product in an effective way.
The process of an organisation can affect the performance of the service it provides, involving the delivery of the product to consumers. As a business, it’s very important to make sure that the organization is easy to do business with, efficient, helpful and timely so that the standard of service to customers remains consistent, which is excellent for developing a brand reputation and customer loyalty.
It refers to everything the customers see or hear while interacting with a business. This includes branding, advertising, product packaging, the logo or a physical space such as a shop, and even the way staff and sales representatives act and dress. The way that a business portrays its brand physically, has a great impact on consumers and can either lead to an increase or decrease in sales.
To keep the business on track and to ensure the achievement of maximum results possible in the present marketplace, a business should revisit these 7 Ps. Marketing mix includes the product, price, place, promotion, physical evidence, process and people.
Purpose of Marketing(h2)
It is important that a business provides the customers with the information they need before buying a product. This is the main purpose of marketing. There are many more such as:
- Marketing is very important to attract the attention of customers
2. Marketing boosts the brand value and maintain the company’s reputation in the marketplace
3. Marketing builds relationship and loyalty between a business and its customers
4. Marketing is a communication process by which the customers come to know about the existence of a product or service.
5. Marketing presents the product or service in innovative ways which boost sales.
6. Marketing strategies help to generate more customers and revenue opportunities.
7. Through marketing, a sense of need is created among customers for a product or service.
Marketing is the magic of representing a brand or market goods in an innovative way in front of the world. The way of marketing is changing to cope up with the explosion of information, expansion of technology, the aggressiveness of competition and the fast-moving world. Every marketing strategy works as a business strategy and helps the business to expand. There is no way to deny the importance of marketing to establish a strong base in the competitive marketplace.