Marketing and its role in businesses
Every business follows various marketing strategies if it does have a product or a service to go into the people. Every company seeks profit whether it’s a cloth store, a restaurant, or any other firm. According to recent surveys an average person is exposed to over 3000 advertisements per day. And most of the ads directly indulge in marketing some product or service. So it is obvious that marketing is very important today. Still, we need to understand the meaning of marketing and its role in businesses.
What is Marketing? Definition
We had watched many movies and videos on youtube and motivators speaking about marketing. But in simple ways, marketing is something that companies do to make their product or service readily available to customers.
Walking into a supermarket, we generally find isles of food arranged by the food type. But there is a strategy in their placement so that the customers buy them readily. It is the reason why we often see gums and candy bars at the checkout stand and the expensive cereals at an eye-catching level. And the cheap ones will be at the bottom.
The word marketing encompasses a lot of things. Public relations, product placement, promotions, and advertisement are a few broad marketing strategies that attract consumers. Want to learn marketing? View this Udemy Course to learn more about marketing strategies, planning, and more.
Understanding the rules
It is more than a product that people buy. They buy the concept of its impact on them. For example, if someone signs up for a gym membership, they don’t just pay for using the equipment and workout. The person buys it with the expectation of losing weight and having a great physique. In the above example, the goal of marketing is to sell a good image and idea to the customers.
Product design is a very important step in its marketing. If the car company designs a bulky sports vehicle, it can be very difficult to sell no matter how good the advertisement and promotions are. The car design will have a great impact if the company knew what the consumer wants in a sports car.
Marketing determines the product’s price as it has a bigger influence on customers buying the product or not. Fast food companies like KFC, and Mcdonald’s offer “Value Packs” which has several foods for a lower price than they are, combined. Most of the time, the prices were set for a reason, not just because they want to.
Marketing and its importance in businesses
We learned a few examples of marketing strategies, now we shall see a few reasons why Marketing is critical for a business to grow.
Reviewing the sales fluctuations and understanding the analytics can give a better idea of the nature of any implemented strategy. Some products released into the market have a very high price resulting in people staying away from them. Sometimes, some products’ price is too low questioning their quality and worth. Comparing the competitor product’s sales gives ideas on how the product can be sold. The primary goal of marketing is to boost sales and customer traffic.
If the customers are familiar with the company’s product, it can build a brand loyalty base. It gives an advantage over the competitors. With this, prices can be raised as the demographics show that customers trust the brand name and are willing to pay more. This might readily increase sales and also can help establish a future customer base for the product.
Word of Mouth
Establishing brand loyalty tells that people are appreciating the product. A happy customer will always help grow your business in many ways. They promote the product to their friends and family. Many customers are distrustful of products through marketing they see, but when they hear positive feedback from someone they trust, they are more likely to believe it. And in a business perspective, the finest advertisements are those for which they do not have to pay.
In the past 20 years, marketing has changed dramatically. Newspapers and magazines are the old ways of marketing. The latest trend is an online advertising and social media. With a few clicks, mass emails with ads are sent to consumers. Facebook has become a den for marketing in social media. And recently, Instagram is gradually improving its presence. Social media has become the best and easiest way to advertise any product or service through the internet. Building a blog can generate traffic and easily sponsor ads.
Understand your marketing industry
You can understand your business and competitors better if you get into the market and its advertising strategies. You can utilize hit-and-trial methods to know the working ideas. It is very important to climb to the top in the race or else a quick fall can be the ultimate consequence. When you know your industry, you can understand your competitors and plan accordingly and step towards growth.
There are various courses to learn marketing and the market is in dire need of creative digital marketers to boost the company’s sales and reputation. Read this article to understand the roles of a digital marketing manager.