Marketing: Grow your business Fast
Marketing Let’s start with the basic.
What is marketing and why is it so important? Marketing is all about communicating. This communication is usually between the consumers or customers of a product, service or brand and the producer.
The manufacturer or distributors market their product for the purpose of promoting or selling that product, service, or brand. Marketing has a long history. It has been an important aspect of a business since quite some time. If you are an avid TV watcher, you are perhaps familiar with the mega hit television series‘Mad Men’. Set between the 1960’s and 70’s, it shows how marketing evolved during the era and is what it is today. What it showed was fiction but if one is to chart the rise of the field of marketing, one could realize the similarities in marketing orientations and how they evolved. Previously during the fifties and sixties era, the marketing orientation was basically about selling the product.
Firms aimed to apply promotion techniques through which they could register the highest sales possible. Not much thought was given to consumer tastes and trends. Then later on, during the 70’s a new approach was introduced that is quite common in contemporary is marketing in these times as well. The‘customer orientation’involves a firm essentially focusing its marketing plans around the marketing concept, and thus targeting their products to cater to new consumer tastes. For example, a firm would employ market research to determine consumer desires and enlist the aid of their R&D (research and development) department to develop a product according to the criteria of the revealed information.
They would then utilize promotion and marketing techniques to ensure that people know about their product. There is a process called Customization Maximization which that is applied by many firm in there R&D division that helps determining market and consumer trends. It basically is the measurable approach to more efficiently managing and sustaining specific customer needs, in effort to maximize the customization of the product or service offered to the consumer.
It is done by observing and analyzing data relating to responses, feedback, and elasticity of demand. The twenty-first century marketing is all about Holistic marketing, this basically means, marketing of everything.
The four marketing approaches that are involved in this marketing concept are; relationship marketing, internal marketing, integrated marketing, and socially responsive marketing. It is important to take into account how each of these levels of marketing can impact a business.
If a business owner neglects to incorporate one of these models into their current or future marketing strategy they may find themselves at a loss for new business. Relationship marketing is focused on the consumer, while business marketing or industrial marketing on an organization or institution and social marketing is about benefits to society.
With rapid technology advancements the newer forms of marketing are aided through the internet and are sometimes referred to as internet marketing or more generally e-marketing, online marketing, digital marketing, or desktop advertising. This is also a part of a marketing strategy called‘the segmentation strategy’used in traditional marketing and it attempts to make it more efficient. Then there is another approach to marketing that helps target its audience more precisely, and is sometimes called personalized marketing or one-to-one or marketing.
There is also 'Direct marketing' which is used by organizations that have a small regular clientele. Such as resorts or clubs that have defined customers or membership base they wish to develop strong, customer-seller relationships with. This is usually done through personalized communications; traditionally through direct or postal mail communications and more recently, via e-mail or nowadays through social networks like Facebook or Twitter.
Such organizations may also employ direct marketing to attract new customers through either print or television campaigns, or via social media. Social media advertising is all the rage these days. This is when businesses use networks such as Facebook, Twitter and Instagram to market themselves Online marketing is considered to be broad in scope, because it refers to marketing on the internet which takes it globally.
Not only that, it enhances personal communication as it can be done via e-mail and wireless media. It has only modernized marketing and diverted people from traditional marketing methods towards easy to access, user-friendly and detail-oriented methods. Marketing is all about catering to the customer’s need and understanding what the consumer wants. If the manufacturer is able to do that, then they can definitely ensure their success and growth. Consequently, ascertaining consumer demand is very vital for a firm's future sustainability, viability and even as an existential concern. Many of the companies today have a customer market orientation.
This implies that the company is focusing its services and products on consumer demands. Generally, there are three methods that define the customer-oriented approach; the customer-driven approach, the market change identification approach and the product innovation approach. In the consumer-driven approach, consumer wants are the catalysts behind all the strategic marketing decisions.
No strategy is developed or pursued until it passes the test of consumer research. Every aspect of what the firm offers on the market, including the nature of the product itself, is driven by the needs of potential consumers.
The starting focal point is always the consumer.
The rationale for this approach is that there is no reason to spend R&D
(research and development) funds developing products that people will not buy. History has shown that there have been many products that were commercial failures in spite of being technological breakthroughs, just because the consumer could not connect to them.
Marketing experts describe this customer-focused marketing as SIVA, which stands for solution, information, value and access. This system is basically the four Ps (product, price, placement, promotion) that has been renamed to provide a customer focus. The SIVA Model provides a demand and customer-centric element to the well-known four Ps supply side model of marketing management.
The SIVA model: Product = Solution Promotion=Information Price=Value Place (Distribution)=Access There are downsides to this as well. In a wholly customer centric approach, producers and distributers can many a times be misguided as well. According to the marketing mantra,‘The customer is always right’, the seller tries their best to match up to the customer’s demand. However this may not work every time. Sometimes even consumer trends can be misleading.
The extent to which what customers say they want does not always match their purchasing decisions. For example, some surveys of customers might claim that over fifty to sixty percent of a restaurant's customers want healthier choices on the menu, but only ten to fifteen percent of them might actually buy the new items once they are offered. This might be acceptable depending on the extent to which those items are money-losing propositions for the business.
A lesson that can be derived from this type of situation is to be smarter and cautious about the validity of instruments like surveys. An argument that could be put forth is that, truly understanding customers’needs and wants sometimes is about understanding them better than they understand themselves. It becomes more about expanding on the principle of customer focus.
To figure out what customers are currently ignorant about what they should want is tricky. There are varied choices, opinion, affordability personal preferences to keep in mind.
To market the product efficiently one must take all these into consideration and this is dicey because whether it can be acted upon depends on how soon the customers will learn, or be convinced, otherwise.
Computer hardware, software capabilities and automobile features are examples. Customers’who in the past decade were reluctant about the smartphone revolution like internet browsing capability on their phone, or modifications in their vehicle are saying something different today.
This is because the value proposition of those opportunities has undergone a dramatic change.
This should not deter a producer from following a customer centric model.
Just make them more careful about how to prevent and protect themselves from any pitfalls. One should not just wholly solely focus everything towards the consumers; in fact consumers should be treated as only a subset of one's corporate and marketing strategy rather than the sole driving factor.
This means that producers must also look beyond current-state customer focus and take other factors into account to make predictions regarding future trends. If they do that, they may be able to narrow the negative impact of these strategies and predict what customers will be demanding some years in the future. Businesses should be on the lookout for new opportunities at all times. Even venture into new markets when they are still small commercially or are subsidiaries.
There are other market orientations that help form marketing strategies. In an organizational orientation, a firm's marketing department is seen as an integral part of an organization’s functional level. Information from a business’s marketing department can be used to determine the actions of other departments within the firm.
As an example, a marketing department could ascertain through marketing research, the new type of product, or a new usage for an existing product that consumer’s desire. With this in mind, the marketing department along with the R&D
(research and development) department would work together to create a model or prototype of a product or service based on the consumers' new demands.
Testing could be carried out on a small focused group of consumers and if the product works with that, the production department then starts to manufacture the product. While the marketing department focuses on the promotion, distribution, pricing and packaging of the product.
Additionally, a firm's finance departments would be consulted in order to secure the required funding for the development, production and marketing of the products. Usually, firms intending to ensure effective marketing of their products allocate big budgets to their marketing departments.
This sometimes leads to inter-departmental conflicts.
Departments may feel undermined by the utmost importance being given to marketing. Production or finance departments could feel that the money being spent on marketing could have been utilized in manufacturing a new product or perhaps maintaining a steady cash flow.
One important aspect of marketing is Herd Behavior.
This is a term in marketing which is used to explain the correlation between the customers' mutual behavior.
There was a recent report in‘The Economist’about a conference in Rome on the subject of adaptive human behavior. There were mechanisms shared which informed people about ways to increase impulse buying and draw people out‘to buy more by playing on the herd instinct.’
The basic idea is that people will buy more of products that they see other people buying. Hence the term‘Herd’. Popularity is the key factor here. Products that seem to be popular will see a rise in consumer demand. There are several feedback mechanisms to monitor product popularity information.
Consumers can give feedback which is informatory to others regarding the quality or pricing of a particular product.
Technology has made this very simple.
There are websites, internet surveys, blogs and social networks where people can disseminate information which then attracts others towards a product or service.
Amazon.com has a feedback option where people can leave their feedback about a product that can help other buyers decided whether they are interested in buying that product or not. Then there are entire blogs dedicated to product reviews, for example, when something new related to technology is revealed like a phone or a tablet, tech reviewers write blogs or make v-logs(video blogging done via Youtube) detailing the specifications, pricing and packaging of those products.
There is another area of study that concerns internal marketing, which is the way how employees are trained and managed to deliver the brand in a way that has a positive impact on the acquisition and retention of customers. Marketing is just based on innovations and research that explores how and why people adopt new products, services, and ideas.
With consumers' short attention span and willingness to give time to advertising messages, marketing management is also turning to forms of permitted marketing such as branded content and custom media
Many articles has been changed to ensure the copyright, but full copy available on Amazon Kindle. com
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No marketing no business,