Marketing refers to various acts that a business undertakes in order to advertise the sale or purchase of a particular product or service. In present times, marketing has become an inevitable part of every business entity. In the past, marketing was primarily meant for attracting customers and increasing sales; but with changing times, marketing is more of a tool to increase brand awareness or to make the product popular among the target audience.
According to the World Wide Web, a very interesting concept has evolved and it is known as ‘coordinated marketing’. This concept was first introduced by the United States Department of Defense as a means of reaching out to the prospective customers. It is a system through which businesses ensure that their efforts are focused and directed towards a single objective. In this new era, marketing is no longer considered a one-time exercise. Nowadays, marketing is required at all times to stay on top of the competition.
Marketing starts with a defined marketing strategy and ends with a defined result. The marketing strategy refers to a decision made by the owner/operator of the company on how they would like to advertise their products and services to consumers. This decision generally depends on factors like the size of the company, its location, products and services offered, etc. Once the marketing strategy is decided upon, the next thing to be done is to create effective execution of the plan. Below are 4 Ps of effective marketing:
* Consumer awareness is the first and foremost factor to be considered when it comes to marketing strategies. When consumers have a good understanding about your product, you are sure to attract them. There are various types of marketing concepts that are used by organizations today to spread awareness about their product. Some of these marketing concepts are social media marketing, internet marketing, electronic media marketing, and television advertising. Apart from this, other non-traditional methods like direct mail, newspaper advertisement, and trade shows also form a part of effective marketing management.
* Consumer’s buying behavior is the next important factor that determines your strategy. When you understand the purchasing behavior of consumers, you can easily formulate a strategy to cater to the changing needs of your consumers. One important thing to remember is that when determining a strategy for selling consumer goods, marketing concepts should be well-defined and implemented as to form a comprehensive strategy. A good marketing concept should ensure meeting the changing consumer needs, changing consumer preferences, and an acceptable level of competition.
* Marketers must not solely concentrate on developing market share but should also create market opportunities for their product. Although there is a commonly accepted notion that the more market share, the more sales, this trend is not applicable in all situations. Marketers must identify opportunities where they can subdivide their market base to create different profit margins. Marketing myopia should be kept in perspective and marketers should only focus on a few target markets where their product concept and marketing strategy will be able to deliver clear benefits.