According to the Chartered Institute of Marketing, marketing can be defined as the management process that identifies, anticipates and satisfies customer requirements profitably. With this definition, we can see that marketing is essential to the success of a company.
To take this a step further, we can say that marketing even begins before the production process as it helps the entrepreneur identify what the customer needs and also to see to it that the production meets the demands in quantity as well as in quality. It can also be said that it also involves the promotion of the products as well as the distribution.
Therefore all the strategies that a business uses to boost sales and improve profits can be described as marketing. To be precise, we can say that marketing is composed of Advertising, Sales, Building and maintaining customer relations and business development strategies. Therefore in order to understand how marketing helps companies, it is imperative to understand the part that each of these processes affect a company. We have seen this with our Orlando marketing agency and hope it helps you.
The end point of every economic activity is not only to make sure that the final product or service becomes available to the consumers, but that the consumers may buy, use it and then come back for more. The people that are in direct contact with the consumers are the salesmen, and getting a good sales strategy can do a lot to put a company far ahead on competition and help it make profits.
Advertising is the process of making a brand known by giving information to people about the brand, as well as by creating it a place in the society. Good advertising will usually end up creating a jingle, a color, a picture or a lifestyle that becomes associated with the product or service and will trigger a response of recognition from the consumer once these triggers are seen or heard, even before seeing the product. Great advertising has been known to improve the performance of many businesses, and the most successful companies and products are usually recognized as such.
Good customer relations can set a company way above their competitors. This includes dealing with customers issues like follow up of orders as well as in answering their questions and calming their doubts. It may also have to do with troubleshooting with them to find solutions to problems they might have encountered in using your product or service.
The business development team identifies, proposes and overseas ideas that should help to give the company a bigger share in the market. They are usually concerned with product improvement and the creation of new products. The business development team usually studies the market, talk to customers to know what they need and try to create products that satisfy them better.
Sometimes, even well thought out marketing strategies may not work, and the company will need to change its tactics in dealing with either the product or the market. Adjustment is a marketing strategy that tries to identify what is going wrong, and to make proposals for addressing the problem and proposing new strategies.
In order to profit from these strategies, companies need to use a marketing section of their company that will apply and integrate all these different sectors of marketing and help the company apply them or consult with an external marketing agency that will bring expert help to work with them on all these sectors to ensure that they meet their target, become profitable and grow.
Need a little marketing expertise to kickstart your company’s brand? Contact our team today – we’re poised to help you develop strategies to move the needle!