Marketing refers to the act of taking steps that influence the purchasing or selling of a particular product, service, or even good. In this modern era, marketing has become one of the most powerful marketing tools for business. The New York Times has defined it as “the art of conveying messages in such a way that the receiver perceives a need to buy or behave in a way that reflects the value the message provides”. This ability allows marketers to influence consumers to purchase a specific product or service.
In today’s marketing environment, a number of strategies are used for promoting products. A combination of traditional and new marketing techniques is applied to drive sales. Many companies now put up a marketing strategy that combines traditional and online advertising techniques, including email marketing, pay per click (PPC), social media marketing, and search engine marketing. They also use customer relationship management (CRM) to facilitate the sales process. A successful marketing strategy should include aspects such as identifying potential customers, building market share through various channels, and maintaining and increasing brand loyalty.
Traditional marketing includes television, radio, and print advertisements. These mediums offer advertisers the opportunity to communicate with a large number of buyers. They can also afford greater expenses than online promotion methods, such as search engine optimization and social media marketing. One advantage of traditional forms of promotion is that they can be targeted at specific audiences, unlike Internet advertising, which can be accessed by anyone.
Marketing professionals have to understand how the consumer mind works. For example, a psychologist who is tasked to study consumer psychology will conduct a study on the effects of television advertisements. He will record the responses of real viewers as well as surveyors. He will conclude with findings regarding which commercials created more interest and why. He will then use these findings as a basis for designing an appropriate marketing campaign.
Another concept gaining popularity among marketing professionals is the concept of the brand concept. This concept refers to the identification of a company’s unique selling proposition or brand name. This concept is relatively easy to identify because it involves consumers’ buying behaviors. Marketing professionals use consumer behavior and surveys to develop a marketing strategy. If a marketer’s idea of what makes his product unique is similar to that of the competing product, there is a high chance that the product will not be able to penetrate the market. On the other hand, a marketer who has identified a unique concept that is different from those of his competitors will likely succeed in the market.
Marketing professionals have to deal with all four Ps. However, effective marketing does not require one to fully grasp these concepts. Good marketers only need to know how to implement the four Ps into their strategies. They will make the necessary connections and adopt the right tactics to ensure that their marketing strategies to bring about positive results for the company. Ultimately, having an efficient marketing strategy will lead to more sales and a higher level of profitability.