The field of marketing is more complex than most people realize. Marketing can be broken down into different components, including research, advertising and promotion. Marketing refers to the act an organization undertakes in order to engage its targeted audience, develop strong relations to create an incentive to buy, create value for the customer in order to obtain value in return and ensure the customer satisfaction. In order for a marketing strategy to be successful, it must have four primary elements: research, implementation, measurement and control. It is important that an organisation has a well-defined marketing plan in place. The plan should address the key issues such as:
The first component of a well-coordinated marketing strategy is research. Customers need to know what’s happening in their marketplace and how it affects them and their buying decisions. Understanding what customers’ needs are will help create new opportunities to serve their needs effectively. Marketing research can take many forms. Understanding what factors influence customer buying behaviour and their purchasing decisions is essential to developing effective marketing solutions.
The next element of a well-coordinated marketing plan is implementation. This includes setting out the marketing activities which will support the strategies set out in the marketing research. Some of these activities may include research and surveys to determine the selling potential of new products or services, launching new campaigns and providing information about the promise of current products or services. Other activities may be specific to a particular market segment such as event marketing, direct mail or TV advertising. These activities are designed to measure the success of the marketing activities and to identify any difficulties in implementing the plans or to gain a better understanding of what could be improved.
Measurement is essential to the success of any marketing program. This involves the measurement of results of the marketing activities and the success of the marketing strategy. Analysis of the data collected will help to establish the effectiveness of the marketing program and identify areas for development. Control is important to ensure that the objectives of the marketing campaign are being met by the use of the marketing strategies.
The concepts of social marketing, brand marketing, societal marketing and brand positioning are all important elements of marketing management. They deal with the psychology of consumers, using this psychology to promote products, services and positions in society. Marketing management seeks to promote the interests of consumers while also providing a platform for advertisers to showcase their products and services.
Social marketing myopia often results in ineffective marketing strategies because it tends to focus only on the consumers’ needs and wants and ignores other important factors that drive markets. For example, a marketing concept that concentrates only on how consumers feel about a particular product concept could actually prevent consumers from buying that concept or feeling strongly about it. Conversely, a marketing concept that recognizes the emotional needs of consumers can be more effective in engaging consumers in the process of purchasing a product or selecting a product. Marketing myopia can also result in a failure to acknowledge the important role that key stakeholders play in driving markets.