Marketing is one of the most important activities of a business and is often called “the face of the business.” Marketing refers to the act by which an organization undertakes in order to engage its target market, build long-term relationships with customers to generate added value in return for the customer’s investment in the product or service, and create a recognizable face to deliver the organization’s message to prospects. Marketing is a broad category of advertising activities that use media to communicate a message to prospective customers. It can involve any number of channels and can be managed internally or externally. It has emerged as one of the important drivers behind organizations’ growth and competitiveness.
Marketing Message
The key to successful marketing lies in the identification of the marketing message, building a persuasive communication strategy, and executing it. A large part of this lies in understanding the customers’ needs, preferences, and buying habits. Keyword marketing is one of the most effective methods of finding this out. Keyword marketing can be performed through web search engine marketing, pay per click advertising, display advertising, and other channel marketing techniques.
What Is Influencer Marketing
Influencer marketing refers to any one who “pulls” information about your product, service or industry in order to influence a decision to purchase or not purchase based on personal knowledge of them. Becoming an influencer is considered a high income skill nowadays. Some of the major influencers are customers themselves who may have bought your product before or may have heard of your brand or services through friends or other contacts. Influencer marketing research can help you identify potential influencers in your target market. Customer insight provides an essential framework for identifying business opportunities and threats as well as the appropriate marketing strategies to deal with them.
Marketing Goals Should Be In Line With The Organization’s Strategy
Market research can show how consumers perceive various aspects of a product or service. Marketing goals need to be in line with the company’s products and services so that they can be marketed effectively. Marketing concepts such as advertising, selling, branding, distribution, research and development, and promotions form the foundation of a successful marketing plan. These concepts are often developed by marketing consultants.
Promotion Myopia
The marketing concept of promotion myopia refers to a tendency to focus too much on advertising rather than making an effort to publicize the product concept itself. When a firm adopts this myopic concept, it can lose sight of what the best marketing plan should be. If consumers feel that the product concept is not being promoted adequately, they will likely not purchase the product even if it is highly advertised. In addition, they may feel that the firm has failed to acknowledge the needs and requirements of consumers, resulting in inadequate service or poor quality.
Targeting Consumers
Marketing starts with an awareness of the target market and an understanding of consumers. Marketing myopia prevents firms from acknowledging the needs of prospective consumers. When marketing starts from the appropriate place, focusing on the appropriate consumer group, the firm can develop a marketing concept that is appropriate for its product and service. Marketing starts with appropriate selling concepts that form the basis of selling. These concepts need to be convincing enough to make consumers purchase the product.
Finding The Ideal Selling Concept
Marketing research helps identify the selling concept that is most suitable for a given firm’s product and service. Marketing research can also help in the identification of the selling concept that is best for a product that is currently being marketed. Marketing research also helps in the identification of concepts that will become obsolete quickly. Once identified, marketing research can help firms evaluate their marketing programs and measure their performance. Finally, marketing research allows firms to select the marketing concept that will yield the best return on investment.
Summary
Marketing research is important for firms engaged in product development. Through marketing research, firms can learn that selling approaches work and which do not. They can learn how to improve their selling approach by modifying their techniques so as to better accommodate consumer needs. Marketing research can help firms to develop an understanding of the marketing process and learn effective strategies for selling their products. Marketing research also helps firms understand the factors that affect the success of their selling efforts and how to incorporate these factors into their selling strategy. Thus, marketing research is vital for product development.
