Marketing refers to various acts a company undertakes in order to promote or sell a product or service to the consuming public. It is also known as the promotion of products and services through marketing strategies. In today’s scenario, marketing has become a very important part of any business entity. Many firms are spending heavily on advertising, as this helps to reach out to the maximum number of possible customers. According to the Washington Post, in 2020, “marketers defined marketing as the process by which companies attract and engage the audience, creating opportunities for interaction and response.”
The use of online social media, search engine optimization (SEO), viral marketing strategies, media buying and Pay-Per-Click (PPC) are some of the popular tools used by marketers. Social media tools to help you get the attention of your potential customers by targeting the right audience. The most common social media sites include Facebook, Twitter, YouTube, Pinterest, StumbleUpon and Google+ among others. In this article, we will discuss different aspects of a good marketing strategy.
The first thing that a marketing professional would do is to study the current marketing landscape and analyze the goals of the firm. After this step, the firm would have to come up with a strategy. A good strategy provides a clear vision of what the firm wants to achieve by the implementation of marketing concepts. If the goals of the firm are not aligned with the customer needs, there is no point in executing any form of marketing strategy. Proper alignment of marketing objectives with the customer needs help create the needed visibility, reputation and credibility for a firm. A successful marketing concept enables the firm to achieve its goals by offering value to the consumer.
Another aspect of a good strategy is the coherence of the marketing concept with the prevailing economic conditions. For example, if the economic climate is declining and unemployment is increasing, it is highly unlikely that a marketing strategy that focuses on improving the bottom line can be very effective. A comprehensive study of the market trends will provide a clear picture of what consumers need and want.
One important factor that influences the success of the marketing activity is the market penetration strategy adopted by the firm. A poor market penetration strategy means that a large percentage of the population who could potentially avail of the firm’s products or services are not aware of the firm’s presence in their area. This translates to a poor return on the marketing investment. On the other hand, a well-implemented market penetration strategy ensures that the firm reaches out to the potential customers and remains visible to them.
The development strategy is another vital component of the marketing activities. This refers to the research, development and other strategies used for marketing activities such as product development, market research and competitor analysis. It is essential for firms to develop strategies that will work against their competitors. A good development strategy will help firms cope with changing consumer preferences, as well as with shifting customer demands and tastes. At the same time, developing a strategy that works against the competition is not as difficult as it sounds. All it takes is some analysis, a good idea and some creativity to come up with a winning development strategy.