Introduction
Depending on the organization’s functional characteristics, a company’s marketing process may or may not be exclusively concerned with sales. Unlike other company functions, marketing does not fall under the purview of any specific department. On the other hand, marketing has a complicated strategy implemented throughout the organization. Marketers must first understand and then act on the genuine perceptions of consumers to satisfy the needs of the target market on both local and international markets if they are to be successful (Grzegorczyk, 2017). This article will focus on the most critical marketing principles and how they are applied within an organization’s internal environment, considering the company’s current and future situations and prospects.
Marketing and 7 P’s
Explain what is meant by Marketing?
The term “marketing” refers to all activities when a company meets its target market. Marketing as a discipline seeks to ensure that clients interact with the marketer’s company rather than competitors. Marketing is the process of finding, predicting, and satisfying client demands efficiently. Marketing comprises making items, pricing them competitively, advertising them broadly, and distributing them to customers and other companies (Fuciu and Dumitrescu, 2018).
The 7Ps
The marketing mix comprises the various tactics and marketing strategies that organizations use to reach out to their potential customers (Loo and Leung, 2018). The picture painted by the marketing mix determines the appropriate delivery of products to customers at the appropriate time, place, and price.
Product: The product must suit the demands of the intended audience, perform as promised, and adhere to the promises given to them for them to be satisfied (Kotler et al., 2019).
Place: The items should be sold in any location where the firm’s target audience enjoys doing their shopping. In this case, it may be a physical store, a catalog, or even door-to-door shipping and receiving service.
Promotion: The firm’s message should be communicated so that it is both informative and emotionally engaging to the target audience, and this should be accomplished via the use of any of the communication channels available to the organization (Chitty et al., 2017).
Price: Consumers are often prepared to spend more money on a product that meets their needs. This does not necessarily indicate that it should be the most affordable option.
People: Restaurant waiters, for example, are a vital part of the customer experience. Individuals provide almost all services. The waiter is an essential part of the customer’s experience.
Process: Because services are frequently supplied in front of the client, the mode of delivery is generally included in the price. For example, a silver service meal and a hamburger are very different. Customers seeking a quick lunch go to fast-food restaurants, while those seeking a more leisurely meal go to restaurants.
Physical Evidence: A dinner at a restaurant is a physical thing, even if most of the cost is spent on intangibles. Likewise, most services include physical components (the decor, the atmosphere, the waiters, and dishwashers).
Marketing and competitiveness
Marketing is essential for the company to have a competitive advantage in the highly competitive environment (Quaye and Mensah, 2019). Marketing plays a significant role in strengthening the organization’s relationship with current and potential clients. The reputation of the company determines its long-term performance and success. The marketing strategies used by organizations significantly impact how it performs in the market.
SWOT analysis
SWOT analysis will help the organization identify the four most critical business characteristics. This section addresses the company’s strengths, weaknesses, opportunities, and threats. Internal factors like people and money are also considered when assessing a company’s strengths and weaknesses. External forces include market and economic trends and political and economic rules that govern markets (GURL, 2017). Here are a few examples:
Strengths: These are what set the company apart from the competition. Brand image, consumer base, and unique technological elements are just a few to consider.
Weaknesses: Weakness is a structural issue within a company. It will give the organization a critical perspective on the most critical market improvement area. Taking the same steps will allow the company to address current issues while increasing its commercial expansion potential.
Opportunities: These are external circumstances that the business chooses to exploit to grow. However, a company can better use existing resources to remain competitive and sustainable.
Threats: Threats are external variables that can negatively impact the organization’s overall functioning. Due to market trends, financial downturns, and other factors, the supply chain can shift.
Growth strategies
Ansoff’s Growth matrix
Market/product growth Ansoff’s Matrix is a complex tool used by businesses to examine and plan their growth strategy. This matrix includes four major approaches that might help the firm grow, as well as risk assessments for each.
Explain Ansoff’s matrix can be used by an organization to analyze their growth strategies
Ansoff’s matrix is a robust and complex strategic planning framework that may help a corporation come up with innovative development ideas (Gurcaylilar-Yenidogan and Aksoy, 2018). Aside from that, it gives four main strategic options and highlights the firm’s risk.
Market penetration
The company’s market penetration strategy aims to increase present market use. The company’s main purpose is to increase sales value. Telecommunication companies apply the market penetration strategy by offering low initial costs thus increasing distribution and promotion (Rahab).
Product Development
Using this strategy, the corporation develops new products to fulfill market demands. To maintain a competitive advantage, the corporation performs substantial research and development on new product lines (Hosseini et al., 2018). For example, automakers are developing electric vehicles to meet shifting consumer expectations. As a result, today’s car customers are more environmentally conscious than previous generations.
Market Development
This method may be used to enter a new market using current products. In this situation, new consumers and sites are part of the expansion process. Companies operating on the current market deliver the same goods and services to a younger clientele.
Diversification
Diversification involves introducing new products to the market (Oladimeji and Udosen, 2019). The firm’s market strategy is deemed the most dangerous. To remain competitive and viable in the industry, the firm will require a solid product and market development plan. The company’s bottom line will benefit from additional market income streams. Unconnected diversification is when a company that makes leather shoes decides to develop a phone business.
Explain how digital marketing may improve a company’s performance.
Digital marketing is an important aspect of a company’s overall marketing plan to increase revenue (Kaur, 2017). Web marketing targets “prospective leads and high-value consumers.” Here are some instances of the value of a solid digital marketing strategy:
Cost-Effectiveness: The costs of advertising in newspapers and television are greater. Digital media marketing is the most cost-effective and long-term technique of advertising a business.
Creating a reputable brand for the firm: The current market’s competition has increased the amount of altering market techniques. Moreover, the company’s main goal is to develop strategies for future competitiveness (Vieira et al., 2019). Digital marketing may help the company build a strong brand image and make consumers emotionally connected to the products.
Increases the number of potential clients: Many businesses use campaigns to promote their products. The short-term savings are outweighed by the long-term costs. Digital marketing may assist the organization to improve the efficiency of its advertising campaigns. In this paradigm, feedback may be used at any time to enhance strategy performance.
Conclusion
To recap, marketing is a systematic approach to delivering information to clients. A strong marketing plan keeps the organization abreast of consumer trends. Additionally, marketing is a systematic means of informing clients. This will help consumers grasp the products and their benefits. To compete in the present and the future, a company’s productivity and earnings must be boosted digitally.
References
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