Five Key Aspects of Marketing

I have been asked to run a quick overview on marketing because many people seem to be confused on what marketing is and what it isn't,  While many people have different definitions here are  5 Key aspects of marketing that I find to have the most value. In later blogs I shall cover additional Key aspects.

Companies of all sizes depend on marketing strategies to help build brand awareness and name recognition in the target marketplace in which they sell.  Marketing is the means through which companies create programs that align customer preferences and competitor awareness with organizational manufacturing and service standards.  The strategies include, but are not limited to, advertising/PR, product development, pricing strategies, target market development, and competitive analysis. 

Once you’ve achieved a clear message that is delivered concisely and consistently, and drives customers to engage in purchasing the product/service your company offers, you’ve mastered effective marketing.

Advertising/PR:  Advertising and PR are the communication vehicles of the company or organization, and are the means through which your message is told.  Advertising drives a customer’s perceptions about your organization, its products and services, its employees, and its practices.  Effective advertising and PR campaigns can be a powerful tool in driving ongoing market share, as the more prospects know about you; the more likely they are to listen when salespeople call. 

Product Development:  Product Development is defined loosely as the research and analysis necessary to ensure your product will sell successfully.  Questions to ask yourself in developing new products or services include:  Is there a perceived need?  Is the market already saturated with like products?  Cost vs. Return on Investment?  Appropriate staff involvement?  “Go to market” strategy?  Product beta testing?  Product launch?  Post-launch strategy?

Pricing Strategies:  These strategies determine whether or not your products or services are priced competitively. To understand how to price your products/services, it is important to understand the perceived value that products/services provide to the end buyer.  For new products, it is important to understand your market position and competitive products to set a price that will capture the attention of potential customers. 

Target Market Development:  The key to effective target market development is understanding of your actual target market and developing key marketing strategies that will drive results.  Identifying Competitors, developing in-demand products/services, developing a strong marketing campaign and strategy that effectively supports your sales team, understanding your industry through extensive research, and tapping into market resources are all keys to understanding your target market.

Competitive Analysis:  There are several things to consider when sizing up the competition and determining your current offering in the marketplace:  price, product, placement, presence, customer base, and focus.  Studying your competition is healthy.  Knowing where you stand vs. them in the marketplace gives you an advantage in both marketing and sales efforts.  However, it is important to remember that too much study and not enough action can result in lost marketing and sales efforts. 

In understanding the basics of marketing, it is important to remember that a company will only be known in a specific marketplace if a strong marketing program is in place, promoting the company’s products and services.  It is critical to your company’s revenue stream that your marketing efforts remain concise and consistent so as to drive the same message throughout the company and marketplace.

I am yours in success,

Randall

Comments

[International Marketing Paper Seller]

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[Jacquelyn Edgeston]

I am in the process of starting a promotional Co.
Great information/Thanks A Million!

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