In recent years, marketing has developed into one of the most critical components of sales management. As business managers struggle with limited budgets, marketing and promotion activities increasingly play a pivotal role in ensuring continued profitability. Marketing is an important tool that can allow a firm to promote and market its products and services while also increasing awareness and loyalty of existing customers. However, it is not always easy to gauge the true effectiveness of marketing. Various different techniques have been used to measure marketing efficacy including customer satisfaction surveys, market distribution studies, and focus group discussions.
While many firms would argue that marketing should be more focused on driving new sales rather than maintaining current levels, others argue that marketing and promotions activities are more effective when undertaken in a balanced manner. While a firm may want to implement all four Ps, it may not be possible to achieve these targets through the methods used. Firms must therefore choose the marketing mix that will allow them to achieve their goals and ensure a long-term sustainability of their business. Here are four Ps that businesses must incorporate into their marketing mix:
These four Ps are by far the most effective way to strengthen a firm’s marketing management framework, but there are other aspects of marketing management that need attention as well. Social media, for example, has proven to be a very effective marketing concept that allows a firm to not only drive greater levels of awareness, but also drive greater levels of sales. By taking social media seriously, a business can not only increase awareness of their brand and products but also drive significant levels of sales. Other marketing concepts, including creating a strong online presence and developing strong partnerships, are equally important and can help firms effectively leverage the benefits of their social media initiatives.