Marketing is one of the most important aspects of running a business. Marketing has become an increasingly sophisticated discipline, and even small companies now employ specialists to develop their marketing strategy.
However, there are still some simple steps that any business can take which will have a major impact on their success. The first step is to understand how different elements of marketing combine into an overall strategy.
Basically, marketers do two things to generate demand for their goods and services. First, they educate potential customers about the benefits of purchasing their goods. Next, they carefully orchestrate the process by which their goods are distributed to the market.
Different Marketing Channels
In order to make sales occur, a number of different marketing channels must be used. For example, a television advertising campaign will not work if it is not coordinated with a local newspaper article which reports on the advertisement. In addition to this, many businesses use publicity through social media such as Twitter and Facebook in order to draw attention to their business on a global scale. Therefore it is important for any business owner to understand how these various marketing channels work together in an integrated strategy.
An Important Part Of Any Marketing Strategy
An important part of any marketing strategy is the identification of target market. The target market is the group of people who are the most likely to purchase a business’ goods or services. Therefore, it is essential for businesses to identify their target market as precisely as possible in order to create an effective marketing strategy.
A customer’s choice of where to purchase goods and services will come down largely to the availability of different distribution channels for those goods and services. A customer may decide that they want to buy locally produced goods, or their may decide that they want goods which are available globally through easy access using internet shopping sites. Therefore, it is important for businesses to identify as precisely as possible the different distribution channels available to them.
A Customer’s Choice Example
For example, if a business with a retail outlet in a small town identifies that there is limited shelf space available locally, they may decide to open a second store in another town within the same county which has more ample facilities. On the other hand, an internet-based business may be able to publish products and marketing materials on their website and then supply their products around the world. Therefore it is important for businesses to identify as precisely as possible through market research exactly what distribution channels will be available to them in future.
The product or service offered by a business is the single most important element in terms of generating demand and sales and therefore is a crucial aspect of marketing.
For example, if a business is selling clothes, then it will be aiming to attract customers who want clothes. Therefore, the business must research the market carefully in order to identify what clothes consumers want and at what price they are willing to pay. It may also consider whether customers would prefer new clothes or second-hand clothing, and whether they would prefer high-street stores or specialized shops selling particular types of product such as designer gear. These questions need to be answered in order for the business to develop a successful marketing strategy.
The other part of the product or service is its price. Important questions need to be asked regarding pricing. Are they willing to pay more for a particular type of product? Is the current price set by the business competitive? How does this reflect on other similar businesses in their industry and therefore how will it affect their own sales and profitability?
Important For Managers And Entrepreneurs
Therefore, it is important for managers and entrepreneurs to consider both pricing and product design in order to develop a successful marketing strategy.
A business must also consider the distribution channels available to them. If they produce their products themselves, then distribution can occur directly from the retail outlet. However, if they find their products are not selling, then they may need to advertise to draw attention to the product. They may need to do this in order for people to be aware that their product exists and therefore make a purchase.
There are several different distribution channels which can be used for this purpose. For example, an internet-based business may place advertisements on websites such as Google AdWords; however, paid advertising on social media sites is also an important alternative. This can be done using Facebook or Twitter where potential customers will notice the advertisements and will therefore have been exposed to those advertisement via those social media mediums.
But if advertising is not working, then that business will need to consider other methods of getting the product into the market. For example, if their product is a book and they cannot afford to spend much on advertising and consequently do not sell many books, then they may need to consider distributing their product through other distribution channels such as libraries or schools.
Many different marketing channels can be used to distribute a product or service. For example:
Marketing Tools And Techniques
For more information on marketing tools and techniques please see: Linkedin – Marketing Tools and Techniques
A business owner should keep one simple but essential item in mind when setting up a marketing strategy for their own business or company. This item is simply called “time”. A business will always be limited in their time because there are so many different things that need to be done. As a result, it is important for them to understand that the most important factor in conducting a marketing strategy is time.
Another item is “space”. Businesses will always have limited space because they need to fit everything into the shop or building, whether it is the business premises themselves or products on display. Therefore, it is important for businesses to understand that they also need time and space when planning their marketing strategy.