Marketing strategy is the section of one’s business plan that outlines the overall game plan for finding clients and customers for one’s business. Marketing refers to the activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in companies’ marketing departments try to get the attention of target audiences using slogans, packaging design, celebrity endorsements and general media exposure. Slogans are taglines or jingles that a company utilizes to make the customers understand a gist of what the company wants to achieve. The packaging design plays a vital role in attracting the customers towards the product. Packaging in its self is a deep component that involves various features from deciding the quantity to the shape of the container. Celebrity endorsements give the business a major leap since the customers would not just recognize your company with its logo or product but also with a known face. Influencer marketing is a part of celebrity endorsements which involves celebrities marketing the products through their social handles.
Look around. Everything that you utilize or walk around is brands. How do we recognize these logos or companies irrespective of their importance? A logo is an important part of your company’s brand, and makes a significant impact on a company’s public perception. In fact, a logo is one of the most important branding investments a business can make. A logo can be described as the face of a company. Beyond just a memorable logo, good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier. A brand represents the sum of people’s perception of a company’s customer service, reputation, advertising and logo. Brand value of a company refers to how well the company is recognized among the people for the service it provides. The basic amenities of life are food, shelter and water, but how do companies succeed in increasing the want and demand for various products? Marketing plays a vital role when it comes to creating demand for a product among the people. Gone are the days where only the CEO (Chief Executive Officer) and CFO (Chief Financial Officer) of the company were considered crucial. Leading companies now have a CMO (Chief Marketing Officer) who is equally important.
Marketing consists of various features among which the most crucial are the seven elements of marketing. These are product, price, promotion, place, packaging, positioning and people. In marketing, a product is a system made available for consumer use; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded to as a type of product. A price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services. A price is influenced by both production costs and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. In marketing, promotion refers to any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue. The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty. Place branding is the process of image communication to a target market. It is invariably related to the notion that places compete with other places for people, resources, and business.
Marketing is an important strategy to ensure the growth of your business. Marketing is important because it helps you sell your products or services. Customer engagement is the heart of any successful business. Essentially, marketing is meant to sustain a company’s presence and not remedy a lack of engagement. Modern marketing is a less expensive game than ever before. Social media platforms and email campaigns have made reaching out to consumers a much more finance-friendly possibility. With marketing being such a booming industry companies, especially startups need to start focusing on growth through the marketing perspective and not just by their sales.
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