Why we need marketing and how it can enhance your business chances in the business environment – read in this article.
Marketing as the Irreplaceable Element of any Business
Marketing is a process by which by a group of people or individuals obtain their needs and wants through exchanging products and services with others. It involves finding and evolving a product, determining its price, choosing a channel for delivery of a product, and developing an implementation of an advanced approach. It views the entire business process as consisting combined efforts to generate, stimulate, and gratify customers’ needs. In marketing, one has to start with a marketing plan that involves identifying client’s needs and knowing how best to reach customers who have those needs.
Marketing helps develop an ideal customer profile. Each business which was undertaken has customers, but through marketing, it is easy to find customers for one’s product. Customer profile includes the earnings level, age, their interest, and location. Marketing helps in building a famous trademark for a product or an organization. Excellent marketing makes a brand easy to remember. Also, it helps in increasing the sales of a particular product. It helps build the trust of customers for your product. To gain customers’ trust through marketing one has to produce a product in the right manner with the right content.
Marketing helps increase awareness about the product. The more sharing and exchange of information occurs, the more people get to know and understand a product well, thus leading to profitability and trust from customers. Marketing helps know one’s marketplace. One gets to know how people react and their perception about a product. Thus, one gets to understand the customer needs and therefore fits a product to the needs of customers. It helps improve sales. People get to know that your product exists, thus they are likely to become your customers. This process works depending on the type of product you have and it is the form of marketing one is involved in at any time.
In marketing, some factors are so crucial and need to be taken into account to ensure success. The budget set aside for marketing is necessary. This case involves money that is meant for various activities in the commercialization process. Technology to be used is another factor that should be considered. Marketing is technology-driven; thus, it greatly depends on information. One should take into consideration the amount of time and cost put into the technology chosen. The long-term vision and goals should also be considered. One has to look at the long-term consequence of the marketing struggles made.
Public relations as a process include the publicity that is obtained from statements and newsworthy action by a company, an organization, or an individual. It works in relation with promotions that involve supplying statements to the press to issue information and news, e.g. television and newspapers. Direct marketing is another form of marketing where a producer or manufacturer of a product deals with the consumer directly. There are no intermediaries involved.
Direct marketing takes place through internet and telephones. Another form of marketing is multi-level marketing. This process involves a series of networks through which a company employs salespeople to sell some product in different markets. Salespeople get a commission on products they sell. Street teams are another form of marketing where groups use personal interaction to express features of a product or service to possible customers. Guerrilla is another form of marketing that combines many other types, but it is characterized by just how it takes customers by surprise and leaves a long-term impression.
Another form of marketing is branding. Branding serves as a base for future advertising as it makes a product attractive and well-known. Branding involves logos graphics or giving unique names for a product or service. Broadcasting advertising is also a form of marketing where a company pays a television or radio station to publicize its product to probable customers. The point of purchase is another form of marketing that involves packaging. Packaging plays a significant role in recognizing a product and its safety to consumers. Another form of marketing is an online presence that includes the internet. Here marketing is done to cover a huge market using a great layout. That is, it can be from websites, social mass, or mobile phone applications.
Marketing helps promote one’s business. A product gains acknowledgment and consideration by potential customers. It helps enhance brand recognition. Over a period, potential customers start relating them to one’s brand, thus lifting your products. This process will increase the product’s sales and profitability.
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Marketing at times can have demerits. In commercialization of products, a lot of money is used. Lack of proper research practices leads to a lot of losses. Secondly, marketing is time-consuming. A lot of time is required to convince people about your product. That is, planning advertisement and having them produced involves quite a lot of time. Lastly, there is a competition where companies with products that are supplement may choose different methods of marketing. Depending on the potential customer’s preference, this may affect the product. Marketing means like television and radio stations are temporal when comparing to publications.