Marketing is one of the most important activities of any business, big or small. However, the definition of the term marketing is being constantly redefined as newer businesses and industries are being formed. It therefore follows that the definition of marketing is also changing. The following article outlines some of the marketing trends being seen in the current day.
Marketing refers to various activities that a business undertakes to advertise the sale or purchasing of a particular product or service. In today’s competitive marketplace, marketers try to develop a strong marketing strategy to ensure maximum market penetration for their products or services. In the recent past, marketing was mostly focused on brand image development and customer loyalty program development. Today, marketing has become more sophisticated and includes many other activities such as public relation activities, media events, event promotions, corporate social responsibility programs and product positioning. These activities help develop a unique and powerful marketing strategy that is specific to the needs of the organisation. Marketing also includes development strategy, financial marketing strategy, distribution strategy, government policy, brand positioning, consumer behavior and entertainment strategy.
Developing a marketing strategy is the first step towards promoting your product/service. Every business organisation must have a set budget for marketing. It is through this budget that businesses develop a marketing strategy that ultimately helps them promote their products and services. The marketing strategy includes every activity and strategy that help promote the sales of the product or service and thereby increase the awareness of the customers.
An effective marketing strategy involves a comprehensive approach that encompasses all aspects of the organisation. A sound strategy helps the business reach out to potential customers, build a solid reputation in the marketplace, generate sales and improve service levels. The marketing techniques and strategies include advertising and promotions, which include both online and offline methods. Apart from these traditional forms of advertising, a more innovative approach can be adopted in order to capture new market segments.
Effective marketing strategies must ensure that customers are aware of the company’s existence, products and services. Effective marketing strategies should provide information about the company, its history, objectives, products and services as well as its competition and customer needs. A comprehensive marketing plan includes research and analysis of market trends, analysis of consumer behavior and social patterns, development of strategies aimed at achieving ideal growth and development of new sales opportunities.
Another aspect of an effective marketing strategy is advertising and promotions, which are another vital component of the plan. Advertising and promotions techniques involve various forms of media, including print, television, radio and Internet. These forms of advertising and promotion are commonly referred to as promotional or publicity media. For example, TV advertisements and magazine promotions are examples of advertisement and promotion media.