In earlier days, business use to be solely concerned about the production of goods. The concept of marketing for business emerged in the early 1970s. The main objective of any company is to gain profits, which is achieved through marketing statistics.
Sometimes the product might be innovative and unique but if the marketing of the product is not up to the mark then the product can fail.
The Objectives of Marketing
Creating demand for products by understanding the needs and wants of customers. Under marketing, there are a lot of strategies programs that will help in creating demand. Increasing the market share of the organization- marketing efforts create product awareness in the market.
Building the goodwill of the organization in the market-the reputation of the organization will depend on the quality of products produced. Increasing profits and achieving goals through customer satisfaction-all the efforts revolve around customers. Marketing exists to increase product sales and increase profits.
- Identification and study of the consumer wants and needs
- Getting validation from customers regarding the product features, price, distribution outlet, etc.
- Matching firms offering and capabilities with consumer needs and wants
- Creating effective programs and communication channels, which should be cost-effective, and emphasis on mass advertising to ensure maximum people get to know about the product.
- Establishing resource allocation programs among various marketing components such as sales promotion, advertisement, distribution, product design, etc.
Importance of Marketing
Marketing for business is important because it helps to sell more goods and services. The bottom line of any business is to make a profit and marketing tools are essential for that.
Will a customer buy product, which he/she does not even know exists? To sell your products, the customer must have an understanding of the products. Marketing is the most effective way to convey your value proposition to customers.
Marketing Helps in the Transfer of Goods
Goods and services are made available to consumers via marketing. Without it, the consumers wouldn’t know about the availability of the product. Goods and services are made available to customers through various intermediaries like wholesalers/retailers.
Marketing Helps Business Grow
If a business successfully educates customers, builds a good reputation in their minds, and makes sales, your business is most likely to do well. Businesses thrive on the acquisition of new customers and marketing is the only way to attract new customers.
Marketing Establishes Credibility
The better known and reputed your brand is, the easier it is to sell the products. Marketing spreads the word about your business. The key is to ensure that the customers choose your product over your competitor’s product. This can be only achieved by fostering trust among customers.
The marketing mix is the combination of tools chosen by a firm to prepare its market offering. The 4 elements of the mix are product, price, place, and promotion.
These are the controllable variables, which are constantly reshaped by the marketing team to achieve marketing success. Marketing and selling are not the same as selling is only a part of marketing. Selling only involves the transfer of title while marketing also includes prioritizes satisfying customer needs.
A company may produce a good quality product, price it correctly, and make it available through distribution channels, which are convenient to customers. But despite all this, the product may not show the expected sales. There is a need for developing a proper communication channel with the market.
Promotion mix refers to all the activities, which aim to inform the customers about the product/services of the company and persuade them to buy the product.
Advertising is perhaps the most commonly used promotional tool. It is an impersonal way of communication paid by marketers to promote their goods and products.
Advertising helps in mass reach and enhancing customer satisfaction and confidence. Advertising can be done through various forms of digital media but the most effective form is word of mouth advertising. Satisfied customers are the best type of advertisement. It has almost little or no cost involved.
The advertisement must be memorable and should have a simple message.
It’s a personal form of communication where there is an oral presentation of a message to one or more potential customers. Salespersons are hired by companies to contact prospective buyers and create awareness about the product and create product preferences to make a sale.
Also, Personal selling allows a salesperson to develop a personal relationship with the buyer, which may become important in making a sale. Personal selling allows flexibility, and we can get direct feedback from customers.
They are short incentives that drive the buyers to make an immediate purchase of a product or service. Sales promotion activities include offering cash discounts, sales contests, gift offers, and free sample distribution.
It is a technique used to supplement other marketing efforts such as advertisement and personal selling. Sales promotion grabs the attention of the buyer and can be very effective in introducing a new product in the market. Commonly used sales promotion activities are rebate, discount, refunds, product combinations, quantity gift, lucky draw, usable benefit, sampling, contests, etc.
Managing the public opinion of an organization is an important task, which can be performed by the marketing department.
To increase sales business needs to communicate effectively with customers, dealers, and suppliers. It is important to ensure that the firm is presented positively in the press. The company can draw attention to new launches by conducting seminars, exhibitions, and news conferences.
Maintaining good public relations can build awareness and credibility, stimulate the sales force, and lower promotional costs.
The best way to gain the trust of buyers is by mock-ups that means showing the working of the product live in front of the buyer.
Make use of social media
It is a cost-effective way of marketing. According to Adweek, 80% of Instagram users follow a brand account. Today people spend over 30% of their time on phones to social media. Using hashtags and challenges has become a trend lately. Even social media influencers are asked to promote the product in a video or as a post on their account.
And, If you want to target a younger audience, social media is the best way to go.
Email newsletters are also an effective marketing strategy. For every $1 spent the firm earns $44 back. 89% of marketers say that emails are the primary channel for lead generation.
But, a one-size-fits-all won’t work like it use to work a decade back. You need to personalize the experience for the customer.
Including a chatbox on your website can help in retaining the customer. Answering the customer’s needs immediately will stop them from going to other options.
Some examples of company’s with successful marketing campaigns are Vodafone- zoo zoos caught the attention of all; it was unique and simple at the same time, which grabbed the attention of the audience. Maggi is a subsidiary of nestle that had a simple catchphrase called “2-minute noodles”. This delivered the message clearly and, now it dominates the instant noodles market.
An effective marketing strategy requires businesses to keep changing and evolving according to trends as we live in a dynamic environment.
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