Marketing refers to various activities that a business undertakes in order to advertise or sell a product, service, or asset. In today’s world, marketing has become so important that one must have a strong marketing strategy. The following are some aspects of marketing that any business must master.
Marketing is usually defined as an attempt by a firm or organization to persuade others to respond to its offerings and buy a particular product or service. Marketing therefore includes various activities, such as research, development, marketing, advertising, sales, and distribution. In today’s market, there are increasingly more sophisticated ways by which businesses can reach out to potential consumers. Marketing therefore refers to the art of conveying a message so compelling that individuals lose interest in the other things that are going on in the marketplace. There are various kinds of marketing activities.
One of the four Ps for a successful marketing strategy is to be focused. Marketing should be directed towards pre-existing interests. This means that firms should research their target audience and determine what would be the most appropriate way of reaching out to them. For example, if a firm markets its services through a website, the website would be the best place to place advertisements.
Another aspect of a successful marketing plan is market penetration strategy. The market penetration strategy refers to the ability of a firm to effectively market new products to existing customers. Firms should develop comprehensive marketing activities plan that will take into consideration not only the current marketplace but also the market of the future. In addition, firms should take into consideration the potential of developing new products, which require additional research and development activities.
The fourth component of marketing is new products. Before marketing new products, it is important to have a concept of the product and how it can be marketed. The marketing activities that are carried out to test a new product will help in determining the success rate of the product. It is advisable to conduct several pilot projects before introducing a new product into the market. It is also important to keep track of customer’s feedback during the testing phase and take appropriate corrective measures to overcome a customer’s objections and improve customer satisfaction.
The fifth component of a marketing plan is the tracking and measurement of results. Tracking allows a firm to measure the effectiveness of marketing activities. Each marketing plan will have a tracking system that will record the number or numbers of visitors to a website, the number of sales and the number of leads generated by marketing activities. This will allow the monitoring of progress by assessing the performance of the firm over time. The data gathered can be used for research purposes. The information gathered from the monitoring activities can be used to fine tune the marketing plan and implement appropriate changes where necessary.