Marketing Is a Viable Business Strategy?
Marketing is an extremely important component to business that helps business to grow and succeed in today’s world. Marketing is basically the process of deliberately stimulating consumer demand for products and/or services; and possibly including assortment of a target consumer’s demographic; choice of a certain channel, format or medium to advertise; and the creation of a favorable impression in the minds of consumers about your business. Marketing is very important because: (a) it can be a very effective way to reach potential customers and (b) it can help you to build your brand recognition, reputation, or credibility with your target consumers. Basically, marketing is a communication tool and an innovative strategy used by businesses to promote and introduce their new products or services to the market. The objective is to create awareness, loyalty, and interest in the customer and motivate him to make a purchase or at least visit the company’s website.
Today, marketing through social media websites, internet marketing and traditional marketing techniques are used to boost the visibility of a business in the global market. In fact, they have become so effective that the term marketing has been termed to cover all three components of the business objectives, i.e., increasing sales, building brand and reputation, and influencing the consumer behavior. Marketing is a very important part of any business; therefore, it should not be ignored and should be utilized to its full potential. The company’s marketing strategy should include a comprehensive plan with its primary elements; these are: (a) marketing objectives, (b) target audience, (c) channels, (d) measurement tools, and (e) contingency plans. Marketing is a very broad concept and it can involve a variety of activities, but the primary objectives listed above are critical to the success of marketing.
In the current business environment, there are various marketing strategies that can be implemented to achieve business objectives. Marketing is a tool that can be used to build customer awareness, response, and loyalty, and influence behavior. Therefore, the marketing manager should have a clear understanding of his company’s goals, as well as those of the customers. The primary marketing goal is profit or the attainment of profit for a company; however, there are other equally important objectives that must also be achieved to ensure long term profitability. Marketing through social media, online advertising, mobile marketing, video marketing and internet marketing are all tools that can assist a business meet its marketing objectives.